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Navigating Supply Chain Volatility
December 01, 2022

450 words…about a two minute read

In the U.S., railroad workers threatened to strike, citing the need for better working conditions. The U.S. Senate passed legislation to prevent the strike, which could have had a severe impact on the supply chains of countless industries and both the U.S. and global economies.

It is why Aon is helping clients understand supply chain volatility – and how to mitigate risks – by providing resources that help companies make better decisions as they navigate this increasingly volatile dynamic.

  • Aon recently published insights highlighting how supply chain volatility affects the food, agriculture and beverage (FAB), natural resources, and transportation and logistics industries in North America. The piece highlights that in the FAB industry, supply chain delays are especially problematic given products often rely on bringing together many ingredients and the delay of one product can impact several others. Learn more here.
  • Microchip shortages resulting from supply chain issues, combined with the emergence of numerous pieces of destructive malware, are creating ideal conditions for cyber attacks. Find out how these shortages are causing concerns for cybersecurity here.
  • In collaboration with Lloyd’s, Aon released a two-part report about the impact of the conflict in Ukraine, which has caused significant supply chain disruption leading to transportation challenges and material shortages. Read the first and second parts of the report to learn more.  
  • The 2022 Canadian Insurance Market Report reflects on the state of the Canadian insurance market and how supply chain volatility is impacting the insurance market across all segments through both pricing and capacity.
    • “Geopolitical uncertainty, ongoing supply chain issues stemming from the residual impact of the COVID-19 pandemic, economic volatility and climate change continue to weigh on the Canadian market and underwriters are closely monitoring their exposures and deploying capacity based on careful risk selection,” says Russ Quilley, head of Commercial Risk, Canada and chief broking officer at Aon. “There is a significant lack of availability of contractors, supplies and equipment, which is extending the recovery periods for business interruption claims.”
  • The impact of the COVID-19 pandemic on the supply chain in 2020 was primarily focused on food supply chains. A recent article in The One Brief highlighted how retailers saw record sales once there were shelter-in-place orders, but when schools and restaurants halted, the institutional market for many food packagers had to pivot their business models.
  • Climate change has many impacts on our world, and it’s expected to exacerbate supply chain disruptions causing more severe consequences and heightened ongoing risk. Read more from Aon about strengthening resilience amid growing climate risks.
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