The Impact of Trends in the Food Industry on Risk Management [Presentation]
Economies of scale, automation and industrialization are just some of the trends affecting the food industry. In this sector's focus on remaining competitive in a fast-changing environment, while also facing stricter regulation, the need for fire protection and adequate business continuity plans is often neglected until it is too late.
Fire is one of the biggest risks that food production facilities face today. For example, in Germany only 2% of the food production facilities considered at risk of fire are equipped with sprinklers, according to a study by the German Insurance Association (GDV). Our research shows that large losses are increasing and single claims are getting larger.
This Slideshare, which examines a worrying trend in the food industry, provides insights on what insurers need to keep in mind when underwriting fire risk in this sector.