Earthquake Risk Transfer for Critical Manufactures
The Critical Manufacturing Sector processes raw materials and produces highly specialized parts and equipment that are essential to primary operations in industries—particularly transportation, defense, electricity, and major construction. Manufacturing industry would be the eighth-largest economy in the world.
Critical Manufacturing Sector products form the backbone of energy and transportation infrastructure. Many Critical Manufacturing Sector facilities also produce key elements or products for defense and are a part of the Defense Industrial Base Sector. A major failure or disruption in the sector could result in significant national economic impact and lengthy disruptions that cascade across multiple critical infrastructure sectors or regions. This Sector Profile describes key characteristics of the Critical Manufacturing Sector that influence its security and resilience.
Primary Metals, Machinery, Machinery, Transportation
Critical Sector Independencies
Manufacturers process raw material and produce specialized equipment for other manufacturing operations.
Energy and Water
Essential manufacturing operations require large, uninterrupted supplies of energy and water.
Communications and IT
Communications networks and IT systems underpin supply chain coordination and control system processes.
Multiple modes enable the global movement of large and specialized products.
Processes require regular supply of a range of chemical products.
Sector Components and Assets
Primary Metals Manufacturing
- Iron and Steel Mills & Ferro-alloy Manufacturing
- Alumina and Aluminum Production & Processing
- Non-ferrous Metal Production & Processing
- Engine & Turbine Manufacturing
- Power- Transmission Equipment Manufacturing
- Earth Moving, Mining, Agricultural, & Construction Equipment
Electrical Equipment, Appliance, and Component Manufacturing
- Electric Motor Manufacturing;
- Transformer Manufacturing
- Generator Manufacturing
- Vehicles & Commercial Ships
- Aerospace Products & Parts
- Locomotives, Railroad and Transit Cars, & Rail Track Equipment
Significant Critical Manufacturing Sector Natural Risks
Increasingly natural disasters increase the vulnerability of facilities and employees in certain geographic regions. Yet the sector’s assets, suppliers, and customers are dispersed globally, making operations susceptible to natural disasters across the globe that can trigger cascading disruptions in affected supply chains. Disasters can also interrupt critical Energy, Water, and Transportation Systems Sector services and cause delays or manufacturing shutdowns.
Affordable Risk Transfer
Once a loss occurs, it is too late to revise an insurance policy. Consequently, the policyholder must be extremely diligent during policy purchase and renewal. Understanding specific insurance requirements, carefully calculating the property and business interruption values, outlining contingency plans, and anticipating the potential losses at each location are all key steps in maximizing future insurance recoveries. In sum, paying close attention to the potential impact of a loss at the insurance procurement stage will help to minimize issues and maximize recovery when a loss does occur.
Now that revising insurance policies once a loss occurs is too late, Earling helps to know the best time to transfer risk through new policies or extending the current coverage for a limited priod of time for example only for 10 days and not for 365 days of year.
Maximizing insurance coverage after a catastrophic loss is difficult for any company but Earling Earthquake Preparedness Alerts assists to do it before a catastrophe occur.
Well Known Risk Takers
Tackle your risks with our solutions to the big players. We propose enterprise companies as well as SMEs and individualizes the best time to purchase a new earthquake policy or extending the current coverage to make it inexpensive.
Currently, Japan, New Zealand, Greece, Turkey, Caribbean, Chile, Ecuador, Taiwan, Romania, Indonesia, California are the regions, which Munich Re accepts their risks. In addition, South Africa, Oklahoma and Utah are subject to further work.
In the regions that Earling issues Earthquake Preparedness Alerts, Japan, New Zealand, Caribbean, Chile, Ecuador, Taiwan, Indonesia and US (California, Utah) are undercover by Swiss Re to take the risks.
How we can help?
In general, Earling has a global seismic monitoring network and specialists that are subject matter experts. Regarding the challenges mentioned above, Earling is been able to deliver support.
- In the pressure on profitability, performance management and key performance indicator settings.
- In the entrance of parametric insurance markets and issuing alternative products, Earling can deliver independent advice by our global resources.
- To keep control on the impact of catastrophic events, Earling can assist in optimizing, validating on Cat and reinsurance programs modelling.