The automotive industry is currently experiencing a significant transformation, with major players prioritising the electrification of vehicles and the development of self-driving cars. This shift towards new and exciting frontiers presents a range of risks and challenges that automotive businesses must navigate. From supply chain disruption to the threat of cyberattacks, the need for expert risk management has never been greater.
At Marsh, we have a deep understanding of the unique risks and pressures faced by automotive businesses. Our team of experienced risk management advisors is committed to assisting companies in thriving amidst disruptive innovation. Utilising our expertise and global insights, we seek to provide customised solutions to alleviate the specific risks associated with the automotive industry.
One of the most urgent issues confronting the automotive sector is the growing threat of cyberattacks. As vehicles modernise and technology becomes more integral, automotive businesses have become prime targets for malicious hackers. From automotive dealerships managing sensitive customer data to manufacturing companies depending on IT systems, the potential impact of a cyberattack is significant. Marsh’s cyber risk solutions are designed to help organisations strengthen their resilience and mitigate the risks of such attacks.
Another area of concern for the automotive industry is product recalls, which have the potential to cause significant reputational and financial harm. The increasing complexity of modern vehicles’ onboard systems has led to a longer list of potential issues that may necessitate a recall. However, the use of technology also presents new opportunities for managing recalls, such as implementing software updates to address vulnerabilities. This underscores the importance of staying ahead of the curve and embracing technological advancements to manage risks effectively.
In addition to these emerging risks, automotive businesses also face more traditional challenges such as supply chain disruption and product recalls. With recent data revealing a substantial increase in automotive recalls in Europe, it is evident that organisations need to be prepared to confront these challenges head-on. Marsh’s automotive practice combines industry knowledge, global experience, and local expertise to deliver the appropriate insurance and risk management solutions for businesses of all sizes within the automotive sector.
Ultimately, the key to thriving in the automotive industry lies in being agile and adaptive in the face of evolving risks. By leveraging expert risk management and staying informed about industry trends and best practices, automotive businesses can position themselves for success in this period of transformative change. If you are curious to learn more about how Marsh can help your organisation navigate the risks and opportunities within the automotive industry, we invite you to explore our expertise and insights.