Pandemic overdue, warns Marsh

The catastrophic impacts of a long-lasting pandemic are not only likely to happen, but overdue, and will likely exceed what most corporate and governmental leaders have imagined, or are prepared for, says a report from Marsh and The Albright Group.The scientific consensus is that an avian flu pandemic could sicken 20% of the worlds population, result in absenteeism of 40% of the global workforce, and kill tens, if not hundreds, of millions of people, a release from Marsh says. Researchers also said that outbreaks will likely move along modern transportation and distribution chains, with transportation hubs being especially vulnerable.We found very few companies adequately prepared to protect their people or ensure the continuity of their business in the event of a pandemic, John Merkovsky, president of Marshs risk consulting unit, said in a statement.Marsh officials say discussions with global companies reveal the majority of them believe its unlikely that a pandemic could strike their operations, the release says, adding that one in four businesses in Asia has a plan to keep operating when a pandemic happens. But the fallacy in this thinking is found in a narrow view that does not take into account the global interdependence of todays economy, the statement says.Said differently, a pandemic outbreak in Dubai could easily have far-reaching effects in Dublin and Dallas.