A string of costly earthquakes and extreme weather, including the acceleration of the Pacific typhoon season, has prompted new action in APEC to enhance economic security in the world’s most natural disaster-affected region.
More than 200 cases of locally transmitted Zika virus infections have been confirmed in Singapore. Operational and workforce disruptions could result if the outbreak becomes an epidemic. Here are the courses of action companies can take
The China Insurance Regulatory Commission cited insurance claims payouts representing less than 2.0 percent of the economic cost, with most of the claims from lost agriculture, according to Aon Benfield.
The two major earthquakes that struck southern Japan during April, causing massive devastation and killing at least 66 people, with more than 4,000 others injured, are expected to result in total economic losses that could exceed JPY1.12 trillion (USD10 billion), which includes physical damage to residential and commercial structures, vehicles and infrastructure, and business interruption, according to the monthly Global Catastrophe Recap report released by Aon Benfield's catastrophe model development team.
The latest Veeam Availability Report showed that 84 percent, a two percent increase on 2014, of senior IT decisions-makers (ITDMs) across the globe admit to suffering an ‘Availability Gap’ costing businesses up to $16 million a year in lost revenue and productivity.
Total economic losses from all disasters, including both natural and man-made events, were US$92 billion in 2015 (vs US$113 billion in 2014). Around US$80 billion were due to natural catastrophes, with the earthquake in Nepal causing the most damage.
According to the Bath, a UK-based company, South Asian governments have struggled to translate record levels of economic growth into improved resilience against natural hazards, leaving investors open to disruption to economic outputs, risks to business continuity and threats to human capital.
An enhanced North East Monsoon – almost certainly impacted by current El Niño conditions – brought weeks of torrential rainfall to southern India and Sri Lanka for much of November and early December, killing at least an estimated 386 people in the heavily impacted states of Tamil Nadu and Andhra Pradesh. The Chennai metropolitan region in India was particularly damaged by the event.