Acts of God: how the motor industry insures against global disasters
In the last six months alone, the motor industry has had to contend with the tsunami in Japan, earthquakes in New Zealand, Argentina, China, Chile and Indonesia, tornadoes in America, and most recently a second volcanic ash cloud emanating from Iceland, all impacting operations.
Although the catastrophe in Japan was felt most severely by its domestic businesses (Honda, Toyota and Mazda all had to cease production to varying degrees), there's been an impact on the supply chains of any manufacturer reliant on parts from the region. When it comes to insuring against these kinds of risks, how should brokers and insurance providers be positioning and adapting their services to reflect the sector's needs?
Pearlfinders spoke to some of the largest global players to find out how global events are informing their purchasing decisions and expectations from suppliers. We spoke with Volkswagen, Honda, BMW, Aston Martin and General Motors.
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