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Insurers Unprepared for Climate Risks
Insurance companies have a lot to lose from the effects of climate change, yet only about half of property/casualty insurers are comprehensively addressing climate risks, according to the “Insurer...
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Lightning Strikes on the Rise?
By 2100, lightning strikes in the continental United States will increase by 50% as more explosive thunderstorms accompany a warming climate, according to a new study published in the journal Science....
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Thirsty Business
Water does not generate the respect or anxiety it deserves. While floods and droughts may get considerable attention, another, perhaps more critical threat is much more subtle: the lack of available...
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The Insurance Industry Responds to Climate Change Risk
Insurers and reinsurers have been looking at global climate change for some time now. In a 2014 Sigma report on natural catastrophes and other disasters, Swiss Re stated, “Climate change is widely...
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Natural Catastrophe Losses Below Average in 2014
Global natural disasters in 2014 combined to cause economic losses of $132 billion, 37% below the 10-year average of $211 billion, according to Aon’s “2014 Annual Global Climate and Catastrophe...
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Big Easy Resilience
In 2005, Hurricane Katrina killed nearly 2,000 people and caused up to $250 billion in economic destruction. The city is still navigating a long road to recovery, but as we approach the tenth...
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Drones Take Flight
The Association for Unmanned Vehicle Systems International predicts that, between 2015 and 2025, drones will create up to 100,000 new jobs and about $82 billion in economic activity worldwide. Also...
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Emergency Planning for Animals
Despite the havoc Hurricane Katrina wreaked on New Orleans, many people refused to leave their homes, some because shelters would not meet one critical need: protecting their pets. Fueled in part by...
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The Disaster Detectives
Whenever a natural disaster occurs, whether natural, accidental or intentional, a special squad of forensic investigators is soon on the case. Known as Mitigation Assessment Teams, these groups are...
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Gauging Supply Chain Resilience
As countries around the world face a wide range of risks, global businesses have a vested interest in understanding which regions are the most resilient to supply chain disruptions so that they can...
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Hurricanes and Climate Change
While the earth’s climate is changing, this has so far had no measurable effect on the North Atlantic hurricanes that drive catastrophe market losses. Additionally, the loss potential of the cat...
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Assessing Canadian Flood Preparedness
In 2013, the Canadian province of Alberta experienced the worst floods in its history, resulting in more than $5 billion in property damage and $1.7 billion in insured losses. The catastrophe...
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Q&A: Taking a Broader Risk Perspective
For Bret Ahnell, executive vice president at FM Global, research and assessment are a critical two-way street for insurers and risk professionals. To that end, FM Global has dedicated significant...
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Texas Floods Highlight Urban Vulnerability
Between May 23 and 30, record rainfall and severe thunderstorms caused significant damage across Texas and Oklahoma, with overflowing rivers and flash floods killing at least 32 people and inundating...
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Taming the Beast: Will Insurance Market Cycles Become a Thing of the Past?
Commercial insurance in the United States in 2015 is a buyer’s market. Led by commercial property, rates are decreasing in all lines, and the softening cycle that began in early 2014 is expected to...
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Managing Social Media During a Crisis
In today’s world of citizen journalists and social media, we can learn of an event in seconds or even watch as it happens live. This shift has had an effect on how we communicate in times of crisis or...
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Year In Risk 2015
Every year brings with it new risks as new challenges require businesses to adapt. Risk managers are often at the forefront of this process, tasked not only with identifying issues that can threaten a...
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Record Heat Fuels Climate Change Concerns
In December, representatives from 195 countries convened in Paris for a United Nations climate conference, ultimately producing an agreement heralded by many as one of the most significant...
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Climate Change Tops Global Concerns
The increased globalization of business has brought new opportunities, including lower production costs and a larger customer base. But internationalization also increases companies’ exposure to...
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Under Fire: Planning for Wildfire Risk
Forests comprise nearly one-third of the total land area of the United States. Although beautiful and serene, forested terrain can turn deadly when wildfire season strikes. According to the U.S....
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