Risk management: Businesses must weather the storm

Around the world weather is changing and the results are having a serious impact on lives, businesses and property. Rising temperatures are causing weather patterns to deviate significantly from those we have come to expect.

The evidence is clear. Australia's 2012/13 summer was the hottest on record. And the US and Africa saw long periods of hot, dry weather, resulting in wildfires, crop failure and higher demand for water, both for drinking and irrigation. Increasing numbers of extreme weather events mean companies must adopt new practices to improve resilience.

This article studies the cost of extreme weather and global trends.