The likelihood of catastrophes--tornadoes, hurricanes and earthquakes, as well as flooding from busted levees and record rainfall--means risk managers have a lot of potential disasters to plan for, yet many are unprepared, a recent study warns.
What's more, most companies are not very concerned about the potential impact of a disaster, according to a survey of financial executives representing the largest corporations in North America, commissioned by FM Global.
The findings of the "2008 Natural Disaster Business Risk Study" are based on the responses of 100 financial executives from U.S.- and Canada-based corporations with at least $1 billion in annual revenue.
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