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You can’t insure against the second most significant risk, which is existential risk. (But think of the annual premiums if you could.)
Litigation trends, including ever-rising jury awards, are amplifying new and emerging liability exposures across the board.
The rapid-fire advances and increased adoption of smart technology will change the way manufacturers detect and respond to product recalls.
The condition of uninsurability can vary from week to week and from exposure to exposure. Here are 5 manufacturing risks that could be deemed uninsurable.
Technology in the form of blockchain, co-bots, and “smart facilities” pose new and emerging risks for the manufacturing sector.
Pyrex cookware has been known to explode, leading to liability litigation in which consumers say they weren’t adequately warned.
Economic pressures are leading to thieves becoming more innovative, particularly in the theft of food and beverage cargos.
Laws governing sales and consumption of cannabis are a patchwork. This creates substantial legal liability exposures for growers and sellers.
For small to mid-sized businesses operating abroad, risks multiply fast and could become an existential threat.
The American Tort Reform Foundation identified a total of 15 jurisdictions where plaintiffs win big in liability lawsuits.
Food recall costs billions in waste and lost inventory. Experts say blockchain could reduce the losses by increasing transparency and making it easier to trace the source of contaminated food.
Climate change and volatile weather events are turning once-arable land into inhospitable environments for a number of crops.
California’s Insurance Commissioner Dave Jones is pleased with what his department has achieved so far but encourages more carriers to enter the cannabis market.
Drug manufacturers face legal, regulatory and technology-related challenges every day.
Robot co-workers may bridge talent shortfalls and improve productivity, but only if manufacturers anticipate the risks.
AI has potential, but it comes with risks. Mitigating these risks helps insurers and insureds alike, enabling advances in almost every field.
The absence of international compatibility standards in automation is just one risk to consider in this new era of manufacturing.
Underwriters now use the Internet of Things to help determine whether their agriculture and supermarket clients have adequate processes in place.
Nationalistic policies aim to boost American wealth and prosperity, but they may do long-term economic damage.
Manufacturing’s return will require re-evaluating insurance programs, challenging underwriters to analyze new risks.