With the coronavirus pandemic creating havoc to countries’ economies worldwide, the 2020 FM Global Resilience Index arrives at an opportune moment.
The 2020 FM Global Resilience Index states that the coronavirus pandemic risk “is not explicitly measured” in the resilience of a country’s business environment or a reliable platform for businesses trying to rebound from the impact of the coronavirus.
2020 FM Global Resilience Index compiles 12 economic, risk quality and supply chain drivers to gauge the business resilience of nearly 130 countries.
“This data supports important business decisions – such as where to site business operations, contract with suppliers and select customers – all of which constitute informed choices to be resilient,” stated FM Global, one of the world’s largest commercial property insurers.
Norway continues to occupy the top spot in the 2020 FM Global Resilience Index due to its strong economic productivity, a stable political environment, low corruption, high natural hazard risk quality and robust corporate governance.
“Norway is investing heavily in reducing its carbon emissions, and has the highest density in Europe of fast chargers for electric vehicles,” stated the 2020 FM Global Resilience Index.
“Also coming in the top five European countries for fast chargers, are Switzerland and Denmark, ranked second and third in the Resilience Index. Switzerland rose one position this year, as it continues to be one of the most politically stable in the world, with high quality infrastructure and good supply chain visibility. Denmark scores consistently well for its control of corruption and supply chain visibility.”
The 2020 FM Global Resilience Index’s top-ranked countries are Norway, Switzerland, Denmark, Germany, Sweden, Finland, Luxembourg, Austria, Central US and Eastern US (both the US and China comprised three regions with differing natural hazard exposure).
The bottom-ranked countries (in descending order) were: Nicaragua, Nepal, Mali, Mozambique, Iran, Lebanon, Chad, Ethiopia, Venezuela and Haiti.
The 2020 FM Global Resilience Index warned of the risk of cyber attacks on businesses globally.
“The risk of cyber attack continues to loom large, as perpetrators find ever more inventive ways to penetrate information systems. While Norway leads the index, no country is entirely resilient. The ransomware attack on the global aluminium producer, Norsk Hydro, highlighted all too clearly the threat to manufacturing facilities when malicious hackers gained a foothold in a company’s industrial control systems. In addition, regulators are catching up with recognition of the harm inflicted by a breach of personal data,” said the 2020 FM Global Resilience Index.