Disaster Preparedness; Natural Catastrophes Are Becoming More Common and More Expensive, But Human and Financial Losses Can Be Greatly Reduced Through Incentives to Purchase Insurance and Install Protective Measures (People Get Ready) (Essay‪)‬

In recent years, we have witnessed a dramatic increase in the economic cost and human impact from hurricanes, earthquakes, floods, and other natural disasters worldwide. Economic losses from these catastrophic events increased from $528 billion (1981-1990) to more than $1.2 trillion over the period 2001-2010. Although we are only halfway through 2011, an exceptional number of very severe natural catastrophes, notably the March 2011 Japan earthquake and tsunami, will make 2011 a record year for economic losses. In the United States, the southern and midwestern states were hit by an extremely severe series of tornadoes in April and May, and at about the same time, heavy snowmelt, saturated soils, and over 20 inches of rain in a month led to the worst flooding of the lower Mississippi River since 1927. Hurricane Irene in August caused significant flooding in the northeast and is responsible for at least 46 deaths in the United States. Global reinsurance broker Aon Benfield reports that U.S. losses from Irene could reach as high as $6.6 billion; Caribbean losses from Irene are estimated at nearly $1.5 billion.