Zurich Insurance said Wednesday it is launching supply chain insurance to companies in Hong Kong and Singapore after providing the same service to businesses in Europe and North America for six years.
The insurer said it is offering customers risk assessment services and protection against risks to supply chain management disruptions, delays and failures.
“Asia is a major global manufacturing hub and home to some of the world’s largest extractors, producers, exporters as well as outsourced service providers. With outsourcing playing a vital role in modern business models, supply chain exposure is a fundamental concern for risk managers,” the company said.
Sourcing productivity and safety are hot topics within the fashion industry, especially as costs rise in China and more and more companies shift their production to other countries and regions, such as Southeast Asia and the Indian subcontinent. The 2013 collapse of Bangladesh’s Rana Plaza factory, which killed more than 1,100 workers and shed new light on the dangers and risks of manufacturing in developing countries.
“In today’s increasingly interconnected world, the risk of supply chain disruption is regularly cited as one of the top concerns among senior management and risk managers from leading global companies,” Zurich said.
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