Secondary perils are increasingly making up the majority of natural catastrophe losses. These events, such as thunderstorms, floods, and wildfire, generally cause low-to-medium sized losses, compared to the more destructive ‘peak’ perils of hurricanes and earthquakes – and as a result, are often overlooked in comparison, in terms of resilience measures and insurance coverage.
However, these secondary perils are becoming a primary concern as they grow more frequent, more intense, and more costly. Individual events are causing more damage than ever before, while losses can quickly accumulate as a result of their more frequent nature. Their impact on your organization should, therefore, not be underestimated.
With climate change leading to more and more unprecedented weather events, how can you ensure your business is prepared?
In this report, we look at the changing nature of secondary perils, the growing losses they’re causing, and how you can build resilience against their impact, including:
- Severe Convective Storms
- Heatwaves
- Extreme Cold
- Drought
- Wildfire
- Intense Rainfall and Flash-Flooding
