Category Archives: Natural Catastrophes

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Q&A: Resiliency in India

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The 2018 Lloyd’s City Risk Index was analyzed during the RIMS Risk Forum India in Mumbai, and it notes a possible turning point for the subcontinent’s cities regarding resiliency. In short, Indian cities were rated as weak, but recent government and public investments and campaigns that focus on strengthening infrastructures and people may strengthen those assessments.

During a November 14 morning session, “Assessing the Impact of Natural and Man-made Threats on India’s Economy,” Shankar Garigiparthy, country manager and CEO of Lloyd’s India discussed how much economic output (GDP) cities in India could lose annually as a consequence of various types of rare risk events – such as the Kerala floods this past July – or from more frequently occurring events such as cyberattacks.

He discussed with Risk Management Monitor reasons why he is hopeful for a resiliency turnaround in India and how the combined wills of the government, media, public and business can strengthen the country’s infrastructures and ultimately, its risk ratings.

RMM: How do India’s cities rank in Lloyd’s City Risk Index?

SG: Lloyd’s City Risk Index was published three months ago and we researched 279 cities. We found that a vast majority of cities within the subcontinent of India have been rated as very weak from a resilience point of view. They are at high risk for flood, geopolitical security, market crash, just to name a few.

RMM: What steps are being taken to improve the collective resiliency?

SG: What we have seen in last three or four years is a significant level of investment from the government in terms of building infrastructure. It’s been in the form of roads, bridges, railways, ports, and airports, there has been a significant level of investment. And it seems there is more to come. In the budget, the government has announced more – which is encouraging to see from an infrastructure-building point of view.

However, where we still see a bit of lack is in the area of insurance penetration in the country. That’s where I think insurance companies can be a useful partner and tool to mitigate some of the level of these risks.

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RMM: Could this be a chance for insurers to get in on the ground floor of India’s improvement projects?

SG: Yes.

RMM: What incidents have influenced the government to act?

SG: The Chennai floods [in 2015] and the floods in Kerala [in July]. That was a once-in-a-hundred-years occurrence. The entire state was flooded, which I think was the first of its kind. It was completely underwater.

Similarly, the Chennai floods marked another major event. Since then, monsoon has happened but the level of flooding has been managed pretty well.

In the session, we examined the Mumbai floods in 2005. And even last year, there was flooding here for a day, but within a day the water receded pretty quickly and was pumped out. The machinery kicked in and we were able to get out of it pretty well.

RMM: What led to that success?

SG: It was a combination of low tide and the government investing in the necessary pumping mechanisms to actually pump the water back into the sea, and unclog some of the stormwater drains as well. Steps are being taken, slowly but steadily.

RMM: What other institutions are taking measures to build resiliency?

SG: There are a few companies [which I won’t name] that are leading the way and it is encouraging to see that.

The media is also equally playing a fairly significant role as well. That’s also helping because public awareness is something that is critical. The media is raising awareness in terms of the importance of protecting your infrastructure and environment and the need for trees and planting.

RMM: Would you agree that the will to change and improve existing infrastructures is as important as the funding?

SG: I think it’s all there. The government has shown willingness to improve infrastructure. The people have demanded it, so there is a push and a pull coming from both sides. And we are seeing that development happen. Compared to where we were five or ten years ago and where we are now, there’s been a massive change.

There is still more that can be done. I’m not saying that we’re there yet. But it’s not an easy thing, as well.

Given India’s geography and how the political scenario is within the country, we will always be exposed to natural catastrophes.

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Flooding is going to be a constant phenomenon for us.

There is investment being done but it’s patchy. In some states there has been fantastic infrastructure investment and in others, less so. I think that has got to be addressed and that’s where the public [should be] demanding more actions there, where infrastructure investment has not been up to the mark.

RIMS Risk Forum 2018 India Kicks Off In Mumbai

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MUMBAI – The inaugural RIMS Risk Forum 2018 India launched on November 13, and leading risk professionals from India and Asia-Pacific countries met for two days to address the challenges facing companies in the region. In a country of 1.3 billion people, expectations are for India’s risk management profession to grow, though some presenters acknowledged the proactive need to fill a potential talent gap.

During the opening keynote address, Dr. Viswanathan Ragunathan, CEO and general manager of the Varalakshmi Foundation said that examining the role of risk in Indians’ behavior and culture will initiate the dialogue among students and aspiring professionals.

“We are obviously a contradiction,” he said. “We are, at once, eternal optimists and fatalistic. At one level you can relate to what I’m saying in that Indians do not take too much risk in their day-to-day lives. Yet anyone who has taken the Mumbai trains knows…it’s almost as if we have a death wish.”

Ragunathan also discussed approaches he tends to use to assess risk, including viewing them in a VUCA environment (volatility, uncertainty, complexity and ambiguity), where one weighs how much of a situation is known against the results of controllable actions and their predictability.

“The management of volume,” he said, is ultimately at the heart of India’s challenges, and that issue is exacerbated by interconnected risks, such as a dense population and struggling infrastructure. He proposed transparency and broad communication within the Indian risk management community as starting points for solutions.

“The risk manager who understands the risk but does not share it widely does not help,” he said.

As the forum progressed, ISO31000 implementation, natural disasters and resilience, infrastructure, risk frameworks, data storage and diversity hiring practices were some of topics that received special focus on Tuesday.

“The State of Risk Management in India” was a Marsh-led panel on the findings from the newly-released, India-wide survey on risk management practices co-conducted by RIMS. The report found that risk managers are a crossroads in India, where they can assume greater leadership roles that transcend just compliance and insurance matters and can expand their knowledge base, hone their skillsets and gain access to best practices, tools and technology.

During “Thinking About Thinking in Risk Management,” Peter Young, PhD of the University of St. Thomas’ Opus, discussed the major questions facing risk managers today. He discussed how, according to his findings, experience rises dealing with uncertainty – as opposed to risk – as one looks further up on the corporate ladder.

“Risk is uncertainty when you have the capacity to measure it, and when you get to the executive suite you hardly ever deal with risk at all because you’re responsible for the strategy,” he said. “I would submit that’s broadly true among organizations at all levels. We are little ships bobbing in a big sea of uncertainty.

“[Executives] can bring a level of comfort operating in an environment of uncertainty. That turned out to be only partly true, but we think it’s an abiding truth that is slowly revealing itself.”

“Diversity in Corporate India” inspired some spirited discussions about how women’s voices and the concept of assumption are emerging as integral parts of hiring practices throughout organizations in India. Panelists were Ragunthian, Praveen Gupta, CEO of Raheja QBE General Insurance Co., and Carissa Hickling, Talent Acquisition Strategy and Technology Global Consultant for Siemens Technology India.

They spoke of how efforts to better represent women have progressed. Additionally, gay and lesbian communities are experiencing a new level of acceptance now since September, when the Supreme Court of India ruled parts of Section 377 – which was introduced in 1864 – was unconstitutional for criminalizing homosexuality. The panel agreed that while talent itself should win above all else, they acknowledged that it was a sign of progress for the nation and should be thought of as such by its corporate sectors. Hickling explained how Indian companies can now use be more open-minded in their hiring and promotion practices.

“When we look at onboarding plans and organizations, these are the moments of truth,” she said. “We can have conversations about making a small change to our HR system because this is an opportunity to change the first impression of our organization.”

She added that Siemens leadership is taking the initiative to recognize same-sex partners when discussing health benefits and taking the progress a step further extending the welcoming to transgender workers. “This is all happening very fast,” she said, “but it is a time when an organization can demonstrate that this is a time when this does matter.”

For more coverage of the forum, visit Risk Management Monitor’s Q&A with Shankar Garigiparthy.

Live RIMScast coverage of the forum is also available. Download Speaking with Leaders in Risk Management Part I and Part II.

And exclusively for RIMS members, download Peter Young’s audio live from Mumbai: Thinking about Thinking in Risk Management: New Skills for the Future.

Q&A: California Businesses Prepare for the Next Quake

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On October 18, more than 10 million Californians participated in The Great Shakeout to prepare for the next catastrophic earthquake and bring awareness to earthquake preparedness across the state. The United States Geological Survey (USGS) predicts a 99% chance of a magnitude 6.7+ earthquake in the Bay Area within the next 30 years, preparation is essential.

Kate Stillwell is a structural engineer and founder and CEO of Jumpstart, a new earthquake insurance provider which helps families and individuals following a disaster via text. As a business owner and lifelong Californian, Stillwell took part in the Shakeout and shared her experience and insight for earthquake preparedness.

Risk Management Monitor: How difficult is it to get businesses to take part in an event like the Shakeout?

Kate Stillwell: The trick is to make it fun. It only takes a few minutes, and if you can get some good laughs out of it, all the better. Also, for the San Francisco Bay Area, the anniversary of the 1989 Loma Prieta earthquake is always the same week as ShakeOut, so people remember and talk about it around the proverbial water cooler.

RMM: How beneficial is it for them to take part?

KS: It builds muscle memory. You need to know what to do without thinking because you won’t be thinking.  Just as important is that the drill strikes up a conversation about other ways to get prepared, not just at work, but at home, too.

RMM: What did you take away from this year’s event?

KS: We got a great video of ourselves and since we’re in a co-working space, we did it in front of all the other startups, which reminded them they need to practice and get prepared, too. 

RMM: What are some commonalities that small, medium and large businesses share when preparing for earthquakes?

KS: Businesses of all sizes must keep their employees safe. Employees need to know how to react, to “Drop, cover, and hold on,” like we emphasize during the ShakeOut, and to climb under desks or other sturdy objects and stay put. Businesses also generally face the challenge of convincing employees to take preparation seriously and review preparedness plans, that’s why national events like the Great ShakeOut are such an effective tool.

RMM: How do small, medium and large businesses differ when preparing?

KS: Small businesses have the advantage of all co-workers knowing one another and being able to physically look out for each other in the event of a disaster. For homeowners, we always say that neighbors are the people you’ll rely on in the event of a disaster, and it really is similar at work. Colleagues are able to look out for each other in the event of an earthquake, and this is much easier for smaller teams. In a larger business, you can replicate these positive effects by grouping people by team.

RMM: How have preparedness plans changed in recent years? What significant improvements, if any, have you noticed or instituted?

KS: The rapid development and improvement of earthquake sensor networks have been the most significant improvement in earthquake preparedness recently. The USGS ShakeAlert system began Phase 1 operations just a couple days ago, providing hospitals, transit systems, and other institutions the earliest possible earthquake warnings so they can initiate life-saving operations. It’s not enough time to evacuate a building, but it is enough time to stop the elevators and open the doors, so people don’t get trapped. These kinds of full-system improvements are making huge strides in helping us prepare and stay one step ahead of the next big earthquake.

RMM: What are some difficulties California businesses – or businesses with operations there – face, that differ from those in other high-risk areas?

KS: One of the biggest factors is downtime. There are so many externalities outside of a business’ control, which affect how soon an operation can get back up and running. The prudent approach for a business with operations in California is to locate any operations requiring continuous uptime, such as out-of-state data centers. Also, consider designating a secondary location for executive operations until the home facilities can be occupied.

RMM: What are the most effective safety drills businesses can perform?

KS: No matter what type of emergency, a really important drill is to practice an alternative chain of command with a command-and-control style of making decisions.  This is so foreign to the normal style of making decisions. In emergency situations, the best person to be in the “command” position is usually not the day-to-day business leaders; it’s someone with emergency response training.

Visit here for more information about Jumpstart.

Hurricane Michael Death Toll Reaches 29 As Water Risks Emerge

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With experts estimating weeks-at-least before normalcy can return to Florida’s Panhandle coast, Hurricane Michael—a category 4 storm which destroyed thousands of houses in Florida and Georgia—has so far caused at least 29 deaths and numerous injuries in four states. Upon its touchdown on Oct. 10, Michael became one of the strongest ever to hit the U.S. mainland with wind speeds of up to 155 miles per hour. Reports indicate that dozens of people are still missing in the U.S. and up to 35 people remain unaccounted for in hard-hit Mexico Beach.

Boston-based Karen Clark & Company, a risk-modeling firm, estimated that Hurricane Michael caused about $8 billion in insured losses. It includes the privately insured wind and storm surge damage to residential, commercial and industrial properties and automobiles. The figure excludes losses covered by the National Flood Insurance Program.

Brian Wooley, vice president of operations for Interstate Restoration, a Texas-based emergency response and general restoration contractor, said the damage outcomes appear similar to major storms that occurred over the last two hurricane seasons.

“With Michael, we have seen far more wind-related damage as opposed to the kind of flooding damage that we saw with Hurricane Florence last month and Hurricane Harvey last year,” Wooley said. “Numerous businesses were completely wiped out and some were left only with standing walls, but no roofs; leaving all of their contents and structures exposed to the environment…they will have to completely rebuild and restock. As devastating as Hurricane Katrina was, Michael caused more widescale wind-related damage. And even with forceful Hurricane Irma, it didn’t destroy entire communities like Michael was able to do.”

More than 158,000 power customers didn’t have electricity yesterday, demonstrating that progress is being made, as 237,000 were reported Monday without power in the southeast as a result. This is a problem exacerbated by the stifling heat, with the hardest-hit areas receiving air-dropped food and water to survive.  The State of Florida said 3 million ready-to-eat meals, 2 million gallons of water and 2 million pounds of ice are being distributed in storm-impacted areas.

Wooley said that many businesses have proven resilient but others are recovering “in a limping manner.”

“Other projects will take months, and still others might take as long as a year-and-a-half depending on the severity of damage, insurance process complexities,” he said.

Environmental Risks

Another risk that residents and businesses in Florida and Mexico will have to contend with is that of grey water, which contains significant chemical, biological, or physical elements.

“[Grey water] may quickly become hazardous to human exposure as microbes and other contaminants begin to grow to dangerous levels when water has been standing in excess of 48 to 72 hours,” Wooley said. “These types of contaminants typically require a special remediation process and careful handling to safeguard against serious health dangers. This issue of harmful algae is an example of why people should be sure to hire a trusted restoration company with extensive experience dealing with these types of storm situations.”

Emergency Orders and Policyholder Protections

On Oct. 14, Florida Gov. Rick Scott directed Florida’s insurance commissioner to take every action authorized pursuant to Executive Order 18-276 to provide additional protections to support recovery efforts in the areas of the state impacted by Hurricane Michael. Gov. Scott and other state legislators made it clear that the expectation for Florida’s insurance companies is to expeditiously respond to policyholders’ needs and to treat families fairly. The quick response of insurance companies is critical to the recovery of Florida families following Hurricane Michael.

Gov. Scott said: “Hurricane Michael absolutely devastated Florida’s northern Gulf Coast and Panhandle and the recovery of every family impacted by this storm is our top priority. Today… we are mobilizing even more resources and staff to provide additional protections for consumers. Our state will never tolerate anyone taking advantage of the families recovering from this storm.”

Gov. Scott directed additional protections for Florida policyholders in the impacted area:

  1. Provide an additional 90 days to policyholders to supply required information to their insurance company. Many Floridians were displaced during this dangerous storm, and providing additional time to submit information to insurance companies gives them needed flexibility.
  2. Require all non-renewals or cancellations issued to policyholders in the days leading up to Hurricane Michael be rescinded for 90 days. This gives policyholders 90 days to either renew their insurance policy, or find a new policy; and
  3. Freeze any and all efforts to increase rates on policyholders for 90 days. Due to the devastating effects of Hurricane Michael, Floridians should be focused on getting back to their normal lives without their insurance premiums being increased.

During the weekend before landfall, Gov. Scott declared a state of emergency for several counties from the Gulf Coast to Navarre on the Panhandle to the Suwanee River.