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Survey Report | WTW Research Network Newsletter

Rethinking transportation and logistics supply chains

Lloyd’s/WTW report

January 10, 2024

Practical perspectives on supply chain challenges facing transportation and logistics.
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The transportation and logistics sector has proved resilient, switching modes to keep goods moving, recognising how any disruption can have significant ripple effects on all other sectors of the economy.

Lloyd’s and WTW have collaborated to survey 100 transportation and logistics companies and conduct a further 79 interviews with industry professionals, insurance practitioners in the Lloyd’s market and WTW specialists. Combining these perspectives with proprietary data and reports, thought leadership and third-party analysis, Lloyd’s is publishing On the move: Rethinking transportation and logistics supply chains through its Futureset platform to help build further resilience in this critical sector.

Rethinking transportation and logistics supply chains seeks to understand the sector’s risk drivers and where insurers might fill protection gaps, providing practical perspectives on overcoming the supply chain challenges facing transport and logistics today.

On the move: Rethinking transportation and logistics supply chains – Key findings

Transportation and logistics companies want a global supply chain insurance product or end-to-end supply chain policy, with 92% of transportation and logistics companies saying insurance for supply chain risks was either mission-critical or necessary.

The risk drivers of most concern to the sector include: sustainability, decarbonisation and environmental, social and governance (ESG), technology, labour, business model, regulation, and global trade, geopolitics and geoeconomic risk.

Decarbonisation and ESG are crucial factors shaping the landscape of the transportation and logistics industry, presenting an immediate opportunity for insurers and brokers to play a role in addressing uncertainty and supporting transition efforts.

Transportation and logistics businesses have heavily invested in risk management practices and are increasingly partnering with third parties to provide new data sources in the face of ongoing global change.

Rapid advancements in technology, such as automation, artificial intelligence, and the Internet of Things (IoT), offer significant opportunities for efficiency, connectivity, and innovation, while the integration of autonomous vehicles and drones introduces new liability and safety considerations for the sector.

The latest transport and logistics findings follow two earlier reports in the Lloyd’s/WTW supply chain research series, Rethinking food and drink supply chains: the food and drink industry and Loose connections: Rethinking semiconductor supply chains.

Download your free copy of Rethinking transportation and logistics supply chains by completing the short form at the top right of this page.

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