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Markets in Focus :: Advanced Industries Manufacturing

Two and a half years into the global pandemic known as COVID-19, manufacturing firms are still grappling with staff shortages, supply chain issues and a shift towards pandemic-focused goods and supplies. The United States Government is becoming increasingly interested in how a robust supply chain supports a healthy economy and has responded within the past 3 months with Executive Orders, the Rescue Act and a collaborative, multi-sector Government approach to strengthen security.

The United States Department of Defense has recently found a deficit of skilled workers in the manufacturing sector after decades of offshoring manufacturing firms. Labor shortage woes combined with an ever-increasing list of risks for manufacturers has created challenges for finding the right risk management solutions for commercial entities as well as those who service the Defense Industrial Base sector.

There is hope, however. With improved risk management practices and innovative Artificial Intelligence & Predictive Maintenance, combined with a well-written insurance portfolio, manufacturing firms are on the front lines to secure the future of the United States economy.

To learn more about the state of the insurance market for advanced manufacturers and how to get the best out of your upcoming renewal, please read the latest edition of Markets in Focus – Advanced Manufacturing.

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The views and opinions expressed within are those of the author(s) and do not necessarily reflect the official policy or position of Parker, Smith & Feek. While every effort has been taken in compiling this information to ensure that its contents are totally accurate, neither the publisher nor the author can accept liability for any inaccuracies or changed circumstances of any information herein or for the consequences of any reliance placed upon it.