Industrials and Manufacturing

Industry Overview

Industrials and Manufacturing

Transforming to Address Both Old and New Challenges

As global demand for goods surged following the initial shock of the pandemic, businesses across the industrials and manufacturing industry struggled to keep up due to materials shortages, supply chain failures, and challenges in attracting and retaining key talent. Against this backdrop, managing inventory was near-impossible at times, with cost fluctuations, rising cyber threats and geopolitical uncertainty compounding issues.

To move forward with clarity and confidence, companies across the sector must adopt more holistic risk management and workforce strategies that cover both physical and human assets, take into account expanding environmental, social and governance (ESG) expectations, and reflect the industry’s rapidly rising insurance needs.

At Aon, our teams have deep experience across all segments of the industrials and manufacturing industry—including advanced manufacturing, aerospace and defense, automotive, and heavy industry firms—and we partner with these clients to provide both catastrophic risk and daily cost-of-risk management, implement novel risk transfer solutions by harnessing powerful modeling tools, and build dynamic and resilient workforces.

Top 5 Future Risks

Looking ahead to 2024, predicted risks for the industrials and manufacturing industry include:

  • 01

    Commodity Price Risk / Scarcity of Materials

    The global commodity market continues to suffer from wild mood swings following the pandemic.

  • 02

    Economic Slowdown / Slow Recovery

    Despite a fast economic rebound from the initial depths of the pandemic, uncertainty, fueled by inflation, rising interest rates and bank closures, still reigns.

  • 03

    Cyber Attacks / Data Breach

    Cyber attacks are, and will remain, a top risk across all geographies and industry sectors. All leaders need a cyber game plan.

  • 04

    Business Interruption

    Previously, clients planned for isolated events. We now know business interruption can be systemic across an entire organization.

  • 05

    Accelerated Rates of Change in Market Factors

    As risks become more complex and interconnected, organizations must find new ways to achieve operational and workforce resilience.

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