The hurricane preparedness session at RIMS 2009 featured Dave Cocchiarella, Orlando’s own Central Florida News 13 meteorologist.

Also speaking were Graeme Harper of Risk Strategies USA and Mark Yarmolich, vice president of risk management for Hercules Offshore, a provider of offshore drilling.

Dave Cocchiarella provided this forecast for the upcoming hurricane season as of April 7:

12 named storms
6 hurricanes
2 major hurricanes
54% probability of major landfall along U.S. coastline
32% east coast storms
31% gulf coast storms

Hercules Offshore pointed to the various business impacts such storms could have, such as:

Offshore — platforms, rigs vessels
Property — coastline, inland
Business income — direct, contingent, other
Production — coastal, inland, other losses

It was noted that as water temperature continues to increase, the next 10 to 20 years will see more hurricane activity, which brings the attention of risk managers to the topic of preparedness. Key questions every risk manager should consider are:

• Are you a 501(c)(3)?
• Are you aware of new federal insurance requirement regulations that could also impact your FEMA recovery?
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• If a major business interruption occurs, are you going to pay your employees? For how long?
• Have you given additional thought to how you might prepare/respond to a loss during these times of economic downturn?
• Has the downturn impacted your suppliers?
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  Your supply chain?

“When dealing with hurricane preparedness, business continuity management is absolutely crucial,” said Graeme Harper. “Make sure you get the right leadership and have backup for that leadership.”