Companies recognize potential risks posed by natural catastrophes yet have insufficient mitigation plans in place. This is the key finding of a survey on Â«Natural catastrophes: business risks and preparednessÂ», presented today by Zurich Insurance Group (Zurich).Â
The study, conducted in January 2013 by the Economist Intelligence Unit and sponsored by Zurich, continues the Group's research into understanding and mitigating risks.
The research polled 170 executives from medium-sized and large companies around the world, and confirms a widespread perception among organizations that natural catastrophes are becoming both more frequent and more severe, and that commensurate importance is assigned to assessing and mitigating the associated risks.
Survey respondents say that business disruption from a natural catastrophe would encompass multiple aspects of the enterprise, with the most severe threats confronting continuity of IT support, business-critical functions and supply-chain logistics.Â
The research suggests that there is significant room for improvement in company planning and continuity endeavours. This is true for business-critical functions and is a serious concern for IT functions in particular.Â
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