Zurich

126 Hagley Rd Birmingham, West Midlands, B16 9PF +44 121 456 1999
+44 121 456 1999
http://www.zurich.co.uk/broker
  • About Zurich

    Zurich is a leading multi-line insurance provider with a global network that spans more than 170 countries. Working closely with customers and brokers alike, Zurich is proud to offer a spectrum of life insurance and services and general insurance to personal lines, SME, mid-market and global corporate customers.  When it comes to brokers, Zurich is not only focused on offering the best products but practical expertise, tools and knowledge that they can pass on to their clients too. Our key online resource and newsletter Insider allows UK brokers to enjoy free access to the latest expertise, thoughts and opinions on the insurance industry.

    Simply register online to start getting the latest industry insights from Zurich’s Insider newsletter and information hub> www.insider.zurich.co.uk

    For more information on Zurich’s products and services please visit www.zurich.co.uk/broker

The impact of extreme weather on interconnected risks

The-impact-of-extreme-weather-on-interconnected-risks

Much like the captain of a ship, a captain of industry doesn’t have the luxury of assuming his or her enterprise will prove itself seaworthy in challenging conditions. Last year was the most expensive hurricane season on record, especially in the United States, which was pummeled by three high-impact storms (Harvey, Irma and Maria) in less than a month. The damages ran to a staggering $US 202.6 billion, according to Bloomberg Businessweek.

The 2017 Atlantic hurricane season was a costly stress test for global businesses, since the impact of each hurricane was felt far beyond its landfall. For example, Harvey shut down the concentrated energy infrastructure that sprawls along the Gulf of Mexico, bottling up at least 13 percent of U.S. refining capacity and raising energy prices in Europe and Asia. In Puerto Rico, Maria disrupted the U.S. biomedical industry, as 8 percent of the medicines Americans take are manufactured on the island, according to the FDA.

The shift toward global supply chains and just-in-time inventory has reduced corporate costs and inefficiency, but it has also reduced the buffer between extreme weather events and corporate boardrooms.

To read the full article from Zurich with commentary from Chief Risk Officer for Commercial Insurance Eugenie Molyneux, click the link below…

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