"The food and beverage sector is natural resource and energy intensive, due to its high dependence on animals, crops, water and refrigeration," Christopher Strong, head of environment for WTW, said. "These dependencies mean businesses are both at risk of negatively impacting the environment, and vulnerable to those impacts, from climate-related weather to depletion of natural resources." (Credit: Mars, Inc.)
Although food and beverage manufacturers have policies in place to cover their main risks, many lack specific coverages to address the risks rated as the biggest threats to success, according to a survey of sector executives by Willis Towers Watson (WTW).
Environmental risks ranked as the biggest external threat to food and beverage companies, with 40% of global respondents and 51% of U.S. respondents seeing it as the greatest threat to success. Further, 79% of U.S. food and beverage manufacturers cited concern over natural resources as the top environmental risk. However, 68% of respondents said they had no specific coverage for environmental risks, but thought it might be covered by another policy.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
