Argo US: Keeping clients switched on during a blackout
Insurance Business America | April 15, 2019
Venezuela is in the grips of political turmoil. In recent weeks, an electricity crisis has resulted in extended blackouts and power cuts across the country, causing chaos in major hubs like Caracas, Maracaibo, Valencia, Maracay and San Cristobal. The blackouts, which the Venezuelan government has claimed are the result of sabotage in an effort to force President Nicolás Maduro from office, have hit hospitals, public transport, water, food and other services – and a quick fix does not seem to be lurking around the corner. One sector to be hit hard by the power outages is Venezuela’s grocery and food retail business. Supermarkets and restaurants are experiencing huge problems around food spoilage and ultimate loss of revenue. While such power outages as a result of potential political dispute are unlikely in the US, the country is vulnerable to extreme weather, with hurricanes, floods and wildfires all causing various localized blackouts in recent years. Rooney Gleason, president of Argo Group’s US grocery and retail division, spoke to Insurance Business about what supermarkets and restaurants can do to mitigate their exposures to power outages.