Increasingly severe and frequent weather events have devastated new regions of the country and no longer seem to follow a formal seasonal pattern.Risk Management
In fact, NOAA’s National Centers for Environmental Information characterizes 2020 as a ‘historic year of extremes,’ reporting a record 22 weather or climate events that together reached $95 billion in damages in the United States.
The pressure for risk professionals to be prepared for multiple natural disasters at once (expected or not) highlights the need to evolve the way the industry helps organizations around the globe plan for, manage, respond to and recover from natural disasters.
Most risk professionals already know how important it is to have all their insurance policy information and summaries of coverage available and accessible at all times. But experts advise that having a deep understanding of how the various policies come together are key to putting plans into successful action.