Emerging supply chain risks could drive higher insurance claims

March 11, 2024

Disruptions in global supply chains, exacerbated by geopolitical tensions, are expected to challenge businesses and insurers, leading to higher business interruption claims. Paul Burgess, global head of Multinational claims at Sompo, highlights the importance of resilience and innovation in both supply chain management and the insurance industry in a recent Insurance Business article. He points out ongoing challenges such as natural disasters, geopolitical tensions, and recent Red Sea attacks affecting shipping routes and leading to disruptions exposing vulnerabilities in the supply chain network.

“Global supply chain issues and insurance claims are closely intertwined, and addressing these challenges requires a multifaceted approach,” he said. “By embracing the practice of risk management, fostering collaboration across the supply chain, and evolving insurance solutions to meet the needs of modern businesses, we can work towards building more resilient and agile supply chains that are better equipped to weather the storm’s disruption.”

Read the full interview published in Insurance Business magazine.

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