A natural disaster is the highly harmful impact on a society or community following a natural hazard event. Some examples of natural hazard events include: flooding, drought, earthquake, tropical cyclone, lightning, tsunami, volcanic activity, wildfire. A natural disaster can cause loss of life or damage property, and typically leaves economic damage in its wake. The severity of the damage depends on the affected population's resilience and on the infrastructure available.
A disaster is a serious problem occurring over a period of time that causes widespread human, material, economic or environmental loss which exceeds the ability of the affected community or society to cope using its own resources. Disasters are routinely divided into either "natural disasters" caused by natural hazards or "human-instigated disasters" caused from anthropogenic hazards. However, in modern times, the divide between natural, human-made and human-accelerated disasters is difficult to draw.
Disaster risk reduction (DRR) sometimes called disaster risk management (DRM) is a systematic approach to identifying, assessing and reducing the risks of disaster. It aims to reduce socio-economic vulnerabilities to disaster as well as dealing with the environmental and other hazards that trigger them.
Marine insurance covers the physical loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though marine insurance also includes onshore and offshore exposed property, (container terminals, ports, oil platforms, pipelines), hull, marine casualty, and marine liability. When goods are transported by mail or courier or related post, shipping insurance is used instead.
Financial risk management is the practice of protecting economic value in a firm by managing exposure to financial risk - principally operational risk, credit risk and market risk, with more specific variants as listed aside. As for risk management more generally, financial risk management requires identifying the sources of risk, measuring these, and crafting plans to address them. See for an overview. Financial risk management as a "science" can be said to have been born with modern portfolio theory, particularly as initiated by Professor Harry Markowitz in 1952 with his article, "Portfolio Selection"; see .
