The global transport and logistics industry, which supports $89bn of global trade and boasts a market value of $9.7trn USD, is increasingly aware of the supply chain risks it faces. Disruptions caused by the COVID-19 pandemic and ongoing geopolitical conflicts have underscored the need for robust risk management and resilience.
A recent report from Lloyds, produced in partnership with WTW, reveals that over 90% of surveyed transport and logistics companies see insurance for supply chain risk as crucial. However, 77% of these firms also express concern over insufficient access to such insurance solutions, as well as a dearth of data to comprehend these risks.
While some supply chain risks can be managed internally, others—like geopolitical uncertainties or severe weather conditions—present systemic challenges that exceed the capabilities of any single institution.
Source: strategic-risk-europe.com