Research from the British Standards Institute (BSI) has found that global supply chains gained a combined $56bn in extra costs last year, incurred by crime, extreme weather, terrorist threats and the migrant crisis that swept across Europe.

Most of us take the weather report with a grain of salt. How many times has the meteorologist on the evening news told us that rain is coming later in the week, yet we find ourselves soaked to the skin by the time we get home from work the next day?

Analyst Insight: Companies are starting to look at climate change more scientifically. Rather than making judgments based on their own experience, they are using external data to drive models to gauge the potential for disruption to their own supply chains - from singular events such as hurricanes to longer-term effects such as crop migration. This process helps them to understand how truly resilient they are in their ability to source, manufacture and distribute their products. - Glen Goldbach, Principal, PwC; Christoph Hahn, Director, PwC; Kelvin Harris, Director, PwC

Claims related to the massive explosion at the port of Tianjin, China, may grow to as much as $6bn, says the International Union of Marine Insurance (IUMI). More than half of the claims reportedly fall within marine insurance or reinsurance lines - potentially making it the largest single marine disaster (by claim value) in history, surpassing Hurricane Sandy.

Goldman Sachs Group Inc., Coca-Cola Co. and 73 other companies that together buy more than $2tr of goods and services are unprepared for climate shocks because suppliers are ignoring requests for data on their exposure to rising temperatures and climate regulation.