Allianz Global Corporate and Specialty (AGCS), Allianz’s industrial insurer, has prepared a new concept to cover business interruption without a property loss—but is yet to bring it onto the market as demand seems low.
The European Union has imposed import controls on food and animal feed from areas of Japan potentially affected by the troubles at the Fukushima nuclear plant, to further limit any potential risk to its food chain.
Multinational companies that rely on Japanese manufacturers for parts and services need to prepare for a global supply chain disruption that could last up to several months—and, therefore, should conduct a multi-tier analysis to identify the risk, according to international brokers.
The natural catastrophes in Japan have impacted upon German industry, with a number of German companies forced to reduce operations because Japanese companies cannot deliver components in time.
A mix of the economic crisis, regulatory changes, international political instability and natural catastrophes has highlighted the increasing risk exposure of Spanish companies who transport goods, experts have said.
With the Rhine still closed to ships travelling downriver companies and ship owners alike have been hit with business interruption and delivery problems. Concerns now mount as to whether insurance coverages are in place to cover the losses.
Most UK risk managers will be relieved to hear that the UK government has confirmed that it has ordered a review of wide-ranging anti-bribery laws that are planned for April of this year.
An unexpected rise in the UK’s inflation figure on the back of energy and fuel price hikes has brought into sharp focus warnings made last week in the World Economic Forums Global Risk 2011 report that business and governments alike face a new age of commodity price volatility, which will have serious consequences for both.
Multinational companies will have to deal with an increasing volume of security risks as they look for growth in emerging markets, many of which suffer from political or social instability. But they have no choice other than to make inroads into places like the BRIC countries or even Iraq, as the economic situation in the western world is set to remain bleak for quite some time.
The first meeting of the High Level Forum for a Better Functioning Food Supply Chain took place on Tuesday. It kicked off the forum’s efforts to adopt a work plan to boost competitiveness and to promote best contractual practices in the European food sector.