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July 22, 2010 — Torrential rains hit Monterrey, Mexico earlier this month, flooding the town, killing at least 30 people, and shutting down border bridges, according to local newspaper reports.
"A natural hazard can have a profound effect on a business, and result in economic loss, insured and uninsured loss, as well as loss of life," noted Fletcher MacGregor, Global Natural Hazards and Emergency Response Practice Leader.
Companies should 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.
"The Marsh office in Monterrey has been available to help clients recover from the situation," said Julio Ricaud, Managing Director, Marsh Mexico. "The Forensic Accounting and Claims Services (FACS) team recommended immediate actions to resume activities, to minimize interruption of the business, and provided support with claims reporting requirements."
To date, an estimated amount of USD $15 million in compensation claims has been reported, and more is expected in the coming weeks, according to Marsh Mexico.
Marsh will continue to update clients of developments.
For real-time research and forecasts of natural catastrophes, please refer to Guy Carpenter's Cat Central bulletins.
For more information, please contact us at:
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Related Information
Risk Issue: Floods
Business Continuity Management
Marsh Risk Issue: Business Interruption
Marsh Natural Hazards
Marsh Property
Risk News Archive
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