The growing loss burden from natural disasters calls for a holistic risk management approach which encompasses the elements of risk identification, risk evaluation, risk control and risk financing. Financing and controlling the growing risk can be achieved by a cooperative effort from all parties involved which aims at mitigating and reducing the losses from future events. Under the heading of "risk partnership" the roles played by the persons and entities affected, the financial sector and the state are described from an international perspective based on actual business practice. The specific challenges made by extreme natural hazards like tsunami and submarine slides to risk management are discussed and exemplified by the South Asian megatsunami of Dec 26th, 2004.
Natural catastrophes: causes, trends and risk management. The challenge of submarine mass movements – an insurance perspective