Disruptions in global supply chains, exacerbated by geopolitical tensions, are expected to challenge businesses and insurers, leading to higher business interruption claims. Paul Burgess, global head of Multinational claims at Sompo, highlights the importance of resilience and innovation in both supply chain management and the insurance industry in a recent Insurance Business article. He points out ongoing challenges such as natural disasters, geopolitical tensions, and recent Red Sea attacks affecting shipping routes and leading to disruptions exposing vulnerabilities in the supply chain network.
“Global supply chain issues and insurance claims are closely intertwined, and addressing these challenges requires a multifaceted approach,” he said. “By embracing the practice of risk management, fostering collaboration across the supply chain, and evolving insurance solutions to meet the needs of modern businesses, we can work towards building more resilient and agile supply chains that are better equipped to weather the storm’s disruption.”
Read the full interview published in Insurance Business magazine.
About Sompo
Sompo Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Through its operating subsidiaries, Sompo writes agriculture, professional lines, property, marine, energy, casualty and other specialty lines of insurance and catastrophe, property, casualty, professional lines, weather risk and specialty lines of reinsurance. Sompo companies are wholly owned subsidiaries of Sompo Holdings, Inc., whose core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market. We maintain excellent financial strength as evidenced by the ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard and Poor’s on our principal operating subsidiaries. Sompo’s headquarters are located at Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Sompo, Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda.
For more information about Sompo, please visit www.sompo-intl.com.