The frequency and magnitude of catastrophes - especially weather related catastrophes - has increased significantly in recent years. Climate change is expected to exacerbate this further, and by 2050 mega-catastrophes like Hurricane Katrina, which used to occur every 100 years, are predicted to happen every 25.Yet research Lloyd’s conducted last year with global CEOs and directors showed that only one in four companies have changed their risk management strategy as a result of increasing weather-related catastrophes. Businesses need to prepare for the prospect of growing natural hazard risks now. And that’s why the first series of the 360 risk project is focusing on catastrophe trends and what we can do to anticipate and respond to the mounting threat of catastrophe risk.
