The generally soft global commercial property insurance market and reduced number of major natural catastrophes during the past year may help corporate insurance buyers stay on budget. It may also give them an opportunity to improve risk management programs and prepare more effectively for potential disasters.
One lesson learned from the series of large-scale natural disasters that occurred in various parts of the world in recent years is that managing catastrophic risk requires more than effective planning and crisis management. Good management also requires a thorough knowledge of a company's most significant risks. For example, businesses that depend on complex international supply chains cannot underestimate the implications of a regional disaster event or the potential downtime of a key supplier.
To prepare for such events, risk managers and supply chain and operations executives must take great care in quantifying exposures and then prioritize them based on magnitude and probability
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