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1、From farm to fork:Rethinking food and drink supply chainsPart 1:Executive summary 01Executive summaryFrom farm to fork:Rethinking food and drink supply chains01 Executive summary03From farm to fork:Rethinking food and drink supply chains1 https:/ World Population Prospects 2019:Data Booklet,https:/p
2、opulation.un.org/wpp/Spotlight on supply chains Businesses have always relied on suppliers to get their products and services from producers to customers.But in the last six decades the era of globalisation these supply chains have grown in size,volume and complexity.In tandem the associated risks h
3、ave also increased.Supply chain risks:a proven threat The food and drink industry has been a key proponent of this global connectedness.The resulting supply chains have enabled businesses to provide cheaper,more efficient services to their customers by hedging the risk of food supply issues and glob
4、al price fluctuations.However,reliance on the global trading system has also come at a cost.Complex supply chains have increased vulnerability to both natural perils(adverse weather)and manmade shocks(cyber-attacks or market volatility),allowing risks to transfer between organisations,sectors and co
5、ntinents.The effect can be seen in recent global price rises for basic food items,triggering protests in countries like Argentina,Indonesia and Greece1.Supply chain risks are the manifestation of those knock-on impacts-both the individual impacts on a business in the chain,and the ripple effects see
6、n across the whole system.As the world population continues to grow from 7.7 billion people in 2021 to an estimated 8.5 billion in 20302,food and drink supply chains will play an essential role in facilitating global progress and building societal resilience.The sectors sensitivity to changes in nat
7、ural climate cycles and weather patterns also places it at the heart of global efforts to build sustainability into our economic systems.A resilient and thriving food and drink industry is therefore key to the worlds economic recovery and prosperity in the wake of successive global shocks.The comple
8、xity of global supply chains alongside the absence of high-quality data for the sector makes it difficult to ascertain the potential costs of supply chain risks,which can vary between events and industries.While the Thai floods of 2011 provided an indicator of the vast potential impacts,less visible
9、 events can be equally costly:fires in a producers factory;suppliers with two degrees of separation facing liquidation;or construction delays in a suppliers new premises.However,unlike the direct impacts of natural disasters,the effects of supply chain shocks are not confined to a geographical regio
10、n.The global nature of the food and drink industry means their impacts are felt much further afield.More recently,the conflict in Ukraine has exposed fragilities in supply chains and identified the need for global economies to diversify.As outlined in our report,Ukraine:A conflict that changed the w
11、orld,Ukraine and Russia are significant exporters of raw food ingredients such as wheat:so in the short term,nations reliant on exports from these two countries are seeking alternative suppliers,for instance in North Africa and South America.The impacts of the conflict on global food supplies may al
12、so be exacerbated by droughts(especially in the Americas),leading to insufficient ingredients and materials being produced.The compounded effects of the conflict and drought have led a number of food and drink organisations to invest in new supply chain risk management tools,alongside procedural cha
13、nges to help their businesses adapt.From farm to fork:Rethinking food and drink supply chains01 Executive summary04Mounting an effective response In our fast-paced business environment,risk managers are increasingly finding the window for responding to supply chain disruption has been shortened.COVI
14、D-19 and the conflict in Ukraine demonstrated how quickly risks can spiral;and how immediately businesses must adapt to contain the damage.Trusted partnerships with the insurance industry have therefore become more important,enabling business to react quickly while building proactive resilience acro
15、ss their chains.Entirely eliminating the potential risks will never be possible,but with increasingly sophisticated modelling and insurance solutions available,the ability to analyse outcomes and mitigate impacts is also expanding.This report explores three key areas for action to increase awareness
16、,availability and uptake of supply chain insurance in the food and drink industry and beyond:1.Product innovation opportunitiesAs this report makes clear,there is significant scope for increased collaboration between the food and drink industry and insurers as part of the financial services ecosyste
17、m.A number of solutions are already available;however these are not often well understood by customers.Extensive conversations and data can be required for underwriters to sufficiently understand the underlying risk.There is an opportunity to develop new targeted supply chain insurance solutions to
18、address existing protection gaps in the food and drink industry.These gaps include:The loss of Tier 2 suppliers(and potentially further along the supply chain)Shortfalls in the yield or quality of crops due to extreme weather The disruption caused by notifiable pests and diseases,for example avian i
19、nfluenza The impact of transit delays on perishable goods Price volatility of commodities such as fertilisers or grain;or in energy and fuel costs Reputational damage,as scrutiny of ESG responsibilities across the supply chain increasesAccess to quality,timely and usable data on supply chains has be
20、en a longstanding barrier for both businesses and insurers,but that is changing.Recent supply chain disruption has led to more companies investing in their risk management efforts-such as resource-planning software,business continuity planning,and deeper conversations with their own suppliers.As a r
21、esult,more food and drink businesses than ever are now using technology to help map and manage their supply chains.At the same time,the quality of accompanying data is improving.Reliable,granular data underpins underwriters ability to accurately quote for a risk.Insurers can therefore draw on improv
22、ements in industry practices to assist their own product innovation efforts whether thats designing new products,or enhancing existing offerings.Clear guidance from insurers can also highlight what data is needed for different products and where the burden of information on customers can be reduced.
23、Looking further ahead,partnerships with technology providers responding to operational efficiencies,alongside market tools such as risk management and supply chain diagnostics could support a more efficient translation and transmission of this data.2.Enhancing supply chain dataFrom farm to fork:Reth
24、inking food and drink supply chains01 Executive summary053 https:/ food and drink businesses feeding into this research have called for a deeper partnership with their insurers,and Lloyds will work across the industry to find opportunities to respond to this challenge,including the recent announceme
25、nt of an Innovation Forum to support the commercialisation of new solutions that address customer needs emerging from the conflict in Ukraine,including the disruption to food and drink supply chains.At the same time,through our leadership of the Sustainable Markets Initiative Insurance Task Force,we
26、 will explore the adaptability of current crop insurance models to the emerging economies that underpin global food security.Collaboration across the industry is already helping mitigate global supply pressures and market volatility:as seen in Julys agreement securing the recovery of grain from Ukra
27、ines ports,facilitated by Turkey and the United Nations and backed by Lloyds insurers.The deal demonstrated the ability of industry to support societal objectives,in this case the easing of market volatility and supply pressures in the midst of difficult global economic conditions.This collaboration
28、 between businesses,insurers and policymakers alongside the analysis and mitigation of emerging threats will be essential to build societal resilience in the face of uncertainty.3.Increasing communication to move the dial Supply chain cover does exist today,but it can often be complex to underwrite
29、and costly to buy.Additionally,these products will need significant development to support supply chain resilience against future systemic risks.Having affordable and accessible product and service solutions will be key to instilling confidence in businesses when facing the future.As an industry we
30、need to develop a wider range of solutions that can fulfil this growing need,but to do this we will need the data to understand the complex supply chain networks that exist and the risks to which they are exposed.I see this as a great opportunity for our industry to work with all stakeholders,busine
31、sses,and governments around the world,to develop a greater level of certainty on supply chain resilience amid a world filled with challenges.John Ludlow,Former Airmic CEO,Lloyds Futureset supply chain masterclass,March 20213Resilience through knowledge This report a collaborative effort between Lloy
32、ds Futureset and WTW aims to highlight the supply chain challenges facing the food and drink industry in order to boost the resilience of our global systems and societies.Over the past four months,we have surveyed and interviewed over 275 risk,supply chain,and insurance practitioners.These perspecti
33、ves have provided real-life,practical insights into the challenges that companies across the food and drink industry are facing as a result of the highly interconnected world we live in and a historic though evolving reliance on just-in-time business models.In addition to these interviews,we have co
34、mbined proprietary data and reports with a range of thought leadership and third-party analysis to develop insights that can help build common understanding between the industry and insurers to build resilience into our ever-more uncertain and complex world.From farm to fork:Rethinking food and drin
35、k supply chainsTwitter LloydsofLondon LinkedIn Facebook Lloyds 2022 All rights reservedLloyds is a registered trademark of the Society of Lloyds.This document has been produced by Lloyds for general information purposes only.While care has been taken in gathering the data and preparing this document
36、,Lloyds does not make any representations or warranties as to its accuracy or completeness and expressly excludes to the maximum extent permitted by law all those that might otherwise be implied.Lloyds accepts no responsibility or liability for any loss or damage of any nature occasioned to any pers
37、on as a result of acting or refraining from acting as a result of,or in reliance on,any statement,fact,figure or expression of opinion or belief contained in this document.This document does not constitute advice of any kind.This report offers a general overview of its subject matter.It does not nec
38、essarily address every aspect of its subject or every product available in the market and we disclaimer all liability to the fullest extent permitted by law.It is not intended to be,and should not be,used to replace specific advice relating to individual situations and we do not offer,and this shoul
39、d not be seen as,legal,accounting or tax advice.If you intend to take any action or make any decision on the basis of the content of this publication you should first seek specific advice from an appropriate professional.Some of the information in this publication may be compiled from third party sources we consider to be reliable,however we do not guarantee and are not responsible for the accuracy of such.The views expressed are not necessarily those of Willis Towers Watson.