Volcano Risk (3)

Adverse events are all learning labs for risk managers.  We should not look at the event and say “We do not fly to Europe so we are not involved” and change the channel when it is being discussed.  We should be very actively listening of reports of how the event develops and what the impact on various businesses and markets has been.

One big thing that many of us are learning is that we have not been imaginative enough in our emerging risk scenarios.

Many are busy learning that their business interruption insurance policies do NOT pay out for this event.  Business interruption is usually triggered by physical damage to a business.  (Seems like a perverse incentive – if preventing physical damage causes business interruption, the business interruption is not covered because the physical damage did not happen?)

Learn about health risks from Volcanic Ash .  As well as preparation:

  • Essential items to stock before an ashfall
  • Actions to be taken in preparedness
  • What to do if volcanic ash is falling
  • Why should we clean up the ash?
  • What precautions should be taken before cleaning up ash?

Seems like a very good list.  Not just for Volcanic Ash.  For any emergency situation.  How would you fill it in for each emerging risk that you envision?

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