Published: August 23, 2010 | Country: United States
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Heavy monsoon rains triggered floods in Pakistan last month, affecting about one-fifth of Pakistan’s total land area, including Khyber Pakhtunkhwa, Sindh, Punjab, and parts of Balochistan.
The United Nations and Pakistan's National Disaster Management Agency (NDMA) estimate about 1,500 deaths, and more than 20 million people displaced. The total economic losses are estimated at USD 43 billion, due to extensive damage to infrastructure and crops.
Insured property loss has been minimal to date, and local insurer retentions may be at a tolerable level, according to local Marsh representatives.
Organizations with interests in Pakistan should review their business resiliency options and assess their ability to respond effectively to natural disasters, in order to prevent — or mitigate — impact on the organization's people, finances, operations, or reputation. Business continuity management (BCM) and crisis management are crucial factors for all businesses to consider when preparing for, or trying to recover from, any type of crisis.
Marsh will continue to monitor the situation and update clients of developments.
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