When businesses assess risks, they often consider factors such as data breaches, operational disruption, compliance or reputational risk. Natural catastrophes aren’t likely at the top of the list, but increasingly, extreme weather events are disrupting business operations and impacting the bottom line.
According to a recent report from Allianz Global Corporate & Specialty (AGCS), natural catastrophes are the largest driver of corporate insurance losses in the US. And with climate change increasing the frequency and severity of extreme weather events—such as hurricanes, floods, wildfires and heatwaves—businesses would be wise to consider these factors as part of their corporate planning and risk assessment.
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