Climate volatility can affect “business as usual”
October 23, 2017
A record-breaking year of wildfires and hurricanes highlights growing risks to businesses and the importance of steps they can take to build resilience.
Raging wildfires in California and Hurricanes Harvey, Irma and Maria made 2017 a record-breaking year for property damage. Hurricanes Harvey and Irma alone cost an estimated $290 billion over just a 10-week stretch.
While the 2017 impacts were extreme, severe weather is becoming an increasingly common threat. Failure of climate change mitigation and adaptation was identified as the most impactful risk on the 10-year horizon in the 2016 Global Risk Report.
From coast to coast, across every industry, the march of severe weather events is challenging companies to redefine “business as usual.” Is your workplace taking steps to build resilience to severe weather events? Here are some ways to do so:
- Increase awareness among your employees and customers.
- Assess vulnerabilities.
- Manage risks and pursue risk management opportunities.
- Assess and review the risks of physical impacts.