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  • Keeping an eye on natural hazards: Lessons learned to become more resilient

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Keeping an eye on natural hazards: Lessons learned to become more resilient

Source(s):  Zurich Insurance Group Limited

The number of disasters and their magnitude are growing at an unprecedented rate. While there has been a decline in disaster mortality (in relative terms) over the last decade, in most places there has not been significant success in halting the substantial increase in economic losses. This results in profound knock-on effects to economic growth and development as well as to the general well-being of society. Learning from past events in a systematic and deep manner is highly relevant. This paper addresses compound risks and explains why a multiple-risk radar is more important than ever. It provides a glimpse of wildfire reviews and updates the extensive series of post-flood studies. The COVID-19 crisis is another reminder of the need to constantly update the risk radar and reflect on what’s changed or is about to change and how the world can better recognize the early indicators in order to prevent, prepare for, and respond to an event.

Summary of risk management recommendations:

  1.  Focus on prevention as a more effective risk management approach than recovery. Preparing for disasters by reducing the exposure while developing strong response and building continuity plans makes businesses more resilient to the threat of potential shocks.
  2. Understand high-value supply chain vulnerabilities and interconnected risks. In managing these risks, companies lessen the chance that a disaster will cause unexpected ripple effects that could shut down operations.
  3. Stress employee preparedness at work and home. This ensures employees remain safe and are in a position to help keep the business running from a remote location if needed.
  4. Review insurance coverage. Proper multi-hazard coverage will speed recovery and allow businesses to be up and running faster, which means retaining a customer base rather than re-attracting one.
  5. Conduct a post-event review if disaster strikes. Lessons from what worked and what didn’t will better prepare the organization for the next disaster, should it occur.

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  • Keeping an eye on natural hazards: Lessons learned to become more resilient
  • Publication date 2020
  • Number of pages 15 p.

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