The manufacturing landscape has become increasingly globalised as a result of digitisation and the adoption of a more customer-centric mindset.
Although this rapid digital transformation has helped manufacturers capture new cost efficiencies and pass value throughout the supply chain, it has also heightened risks related to geopolitical tensions, sustainability and climate resilience, cybersecurity weaknesses, environmental, social, and governance (ESG) concerns, and supply chain chokepoints.
For manufacturing companies, creating a comprehensive risk management program can help with effectively leveraging technology for productivity, while also safeguarding people and property from adverse events, such as bodily injury, damages, or other business interruptions.
Our team of risk management specialists, with their deep industry knowledge and best-in-class data and analytics capabilities, can help you reduce your total cost of risk and minimise volatility across your operations.
Issues such as the war for talent and increasing cyber threats are causing more disruption in the Manufacturing and Automotive sectors. Watch the video to see what these risk issues are, and how Marsh is working on solutions to manage these risks moving forward.
Although specific insurance requirements for manufacturing companies vary by their specific operations and business models, most companies will need to consider:
Although manufacturers will need to plan for vulnerabilities inherent to the industry, including workplace safety, supply chain interruptions, and product recalls, they will also need to consider emerging disruptive trends such as:
You should consider implementing proactive risk management plans to address these and other evolving risks to mitigate their impact and have appropriate insurance coverages designed to reduce your total cost of risk.
By collaborating with an expert in risk management, manufacturers can minimize their risk exposures including risk of worker injuries, cyberattacks, and the impacts of severe weather and business interruption.
At Marsh, our manufacturing risk specialists understand your industry's unique risk-related challenges and can provide the guidance you need to help navigate risks. We combine our expertise with our data-driven analytics to provide you with insights that can help lead to better business outcomes and reduced risk.