In this engaging piece, Brian Rainbow, UK Property & Package Segment Leader at CNA Hardy, explores the implications of the circular economy on the insurance industry in his article for Insurance Post.
The circular economy, founded on the principles of "reduce, reuse, recycle," is rapidly reshaping manufacturing practices worldwide. Brian shines a light on how this transformation, exemplified by companies such as Primark, not only presents challenges but also offers substantial opportunities for insurers.
Key highlights from Brian's article include:
- The central focus is on textiles and plastics within the circular economy.
- The influence of regulatory changes and initiatives on corporate behaviour.
- The intricate journey manufacturers embark on when transitioning to circular production.
- Insurance prospects and risks associated with the circular economy, spanning coverage for stored recycled materials, liability concerns, and cyber risks.
- The importance of collaborative efforts among underwriters, risk management professionals, and claims specialists.
Read the full article here: How the circular economy will change insurance - Insurance Post (postonline.co.uk)