Evaluate exposure to external threats and develop effective mitigation strategies
Natural hazard disasters cause damage, casualties, and financial losses. Climate change, raising catastrophe insurance premiums and increasing liability drive the importance of natural hazard analysis for businesses. TÜV SÜD Global Risk Consultants’ trained engineers gather accurate data regarding critical construction and building envelope elements, as well as site-specific equipment and features. With this collected data, accurate loss potentials can be developed across a portfolio of properties.
Disasters sparked by natural events such as wildfires, hurricanes, floods and earthquakes are high-impact risks that cannot be overlooked. In 2016 alone, natural disaster losses totaled in an estimate of USD $175 billion, the highest amount of loss in four years. This number is likely to increase as we face challenges such as climate change, urban expansion, and growing populations.
With this in mind, awareness and concern for natural hazards has increased significantly in recent years, both from internal risk management as well as insurance liability perspectives. TÜV SÜD GRC risk engineering services regularly help companies identify these exposures, evaluate their severity and potential impact, develop action plans, and implement cost-effective mitigation strategies at the local site and corporate levels.
An effective natural hazard analysis and risk management program is based upon simple, basic data. TÜV SÜD GRC acknowledges the importance of this and collects both primary and secondary building and site data, which can then be imported into hazard modeling programs. Using this collected data, accurate loss potentials can be developed across a portfolio of properties.
TÜV SÜD GRC has the capability to go beyond modeling with detailed site-specific analysis by licensed structural engineers specializing in natural hazards risk analysis. Site-specific analysis is essential for primary/critical sites or highly protected risks; contents and/or equipment-intensive facilities; countries where design, construction and inspection practices are weak or more variable; and when accurate property and business interruption loss estimates are needed for important insurance decisions.
Risk Managers who use TÜV SÜD GRC’s natural hazards specialists to evaluate and mitigate these risks will be better prepared for a natural catastrophe and have lower losses and faster recovery following a disaster.
TÜV SÜD GRC`s engineers are trained in natural hazard analysis and identification, allowing them to gather accurate information regarding critical construction and building envelope elements, as well as site-specific equipment and features. Each assessment will identify key structural and non-structural vulnerabilities and remedial actions needed to minimize the potential property loss and subsequent impact on ongoing operations. Depending on disaster severity, natural hazards losses may fall under the deductible of your insurance program, so risk reduction benefits may directly accrue to your company’s bottom line.
Identify, assess, and mitigate tropical storm risks
Understand the business risks caused by natural hazards, 3 key aspects of risk mitigation and management and more
Mitigate your hailstorm risks