According to Lessons Learned from the Catastrophes of 2011, the scale of the catastrophes experienced in 2011 exceeded previous loss-modeling predictions and has challenged established thinking on the nature of risk. Companies now need to re-examine their risk management strategies and introduce new methodologies to strengthen their operational and financial resilience.

We identify five major risk and insurance topics in the context of the New Zealand and Japan earthquakes, the civil unrest in Egypt and the United Kingdom, and severe weather in Australia.

• How do insurers treat denial of access when it last for weeks, months or even years?
• What distinguishes strike, riot, civil commotion and terrorism from one another for insurance purposes?
• How do carriers determine whether damages were caused by a flood or a storm?
• What challenges do insureds face when presenting a contingent business interruption as opposed to a direct business interruption claim? 
• How does a 72-hours clause work, and is it advantageous to policy holders?