For companies with operations in Texas, Florida or Puerto Rico, last year’s hurricane season brought not only catastrophe to their communities, but also a wake-up call on how to better manage this type of risk going forward.
To explore what happened last year and found out how to improve going forward, FM Global, a commercial and industrial property insurance company, conducted a survey of surveyed senior financial executives at Fortune 1,000 U.S.-based companies with operations in Texas, Florida or Puerto Rico.
One conclusion of the survey was that executives admitted they were not totally prepared and are making improvements for the future.
“These candid admissions drive home a fundamental truth about catastrophe,” said Dr. Louis Gritzo, vice president, manager of research at FM Global. “People routinely fail to understand or acknowledge the magnitude of risk until they’ve experienced a fateful event.”