The United States Geological Survey estimates that there are 500,000 detectable earthquakes in the world each year and 100 of them cause damage. (Credit: Adem Altan/AFP/Getty Images/AP)
The human toll of the catastrophic earthquake that hit Turkey and Syria on Feb. 6, 2023, is difficult for most of us to fathom. When a horrific event such as this occurs, it underscores the devastation that such natural risks exact on our world.
It is no wonder that natural catastrophes (Nat Cat) consistently rank in the top ten of global business risks in Allianz's annual Risk Barometer. In 2023, Nat Cat fell three positions to the sixth spot, overshadowed by seemingly more pressing developments on the risk landscape such as the war in Ukraine and the aftermath of COVID-19.
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