Markets in Focus
Advanced Industries: Manufacturing
Two and a half years into the global pandemic known as COVID-19, manufacturing firms are still grappling with staff shortages, supply chain issues and a shift towards pandemic-focused goods and supplies. The United States Government is becoming increasingly interested in how a robust supply chain supports a healthy economy and has responded within the past 3 months with Executive Orders, the Rescue Act and a collaborative, multi-sector Government approach to strengthen security.
The United States Department of Defense has recently found a deficit of skilled workers in the manufacturing sector after decades of offshoring manufacturing firms. Labor shortage woes combined with an ever-increasing list of risks for manufacturers has created challenges for finding the right risk management solutions for commercial entities as well as those who service the Defense Industrial Base sector.
There is hope, however. With improved risk management practices and innovative Artificial Intelligence & Predictive Maintenance, combined with a well-written insurance portfolio, manufacturing firms are on the front lines to secure the future of the United States economy.