Study: Manufacturers May Not Be Fully Prepared for Emerging Risks
WHITEHOUSE STATION, N.J. — A study from Chubb and The National Center for the Middle Market (NCMM) finds that though manufacturing is experiencing growth, there are many interconnected challenges leading to new risks.
The research also suggests that manufacturers may not be fully prepared to confront some of these new and emerging risks, including financial and competitive challenges, cybersecurity exposures, regulatory uncertainties, advanced manufacturing techniques and workforce development issues.
The report, titled, "Middle Market Manufacturing: How to Thrive in a Transforming Environment," presents key findings and shares valuable insights and best practices for manufacturers.
"Middle market manufacturing has seen steady growth in recent years with an improved business climate," said Mike Williams, executive vice president and manufacturing industry practice leader, Chubb North America. "But with this growth also comes challenges that are causing manufacturers to rethink and evolve nearly every aspect of their operations. Manufacturers need new strategies to manage and mitigate risks so they can free-up their resources to take better advantage of opportunities. This report explores some of the more significant emerging risks and provides insights to help mitigate against these exposures."
By better understanding the increased potential for growth and how to manage and mitigate new risks, U.S. middle market manufacturers can position their businesses to excel and achieve new levels of performance.
"The manufacturing environment is much more complex today than it was five years ago, largely due to the competitive challenges of talent, trade and technology," said Thomas A. Stewart, executive director of NCMM. "The midsized manufacturers best-positioned for success are adept at turning these challenges and risks into new opportunities."
According to the NCMM, within the U.S., manufacturing represents approximately 17% of middle market companies, compared to about 12% of the economy as a whole. This underscores the importance of manufacturing's success as a driver of a healthy economy.
Chubb has launched a new resource center to share the study results and offer new tools to agents and clients to help them better understand emerging risks. The site features an interactive risk survey, a benchmarking report and a whitepaper summarizing the study's findings. For more information, visit the resource center here.
For more information, visit www.chubb.com.