Managing the ripple effect: a year of catastrophe

Managing the ripple effect: a year of catastrophe 1920 1080 adapt ready

As 2023 drew to an end, we closed the book on a year characterised by global turbulence and disruption. 2023 currently holds the unhappy accolade of being the most expensive year on record for climate change and weather-related disasters, exceeding the previous record set in 2020. Overall global economic losses for natural catastrophes total $110bn, and insured losses were estimated at $43bn at the halfway point of the year, with estimates from Munich Re suggesting these could have topped $300bn.

Major events this year have included a devastating earthquake in Turkey and Syria, the ongoing Russia / Ukraine war and fresh conflict in Israel and Palestine, Hurricanes Otis and Idalia, Storm Daniel and Typhoon Doksuri. These events have caused significant and lasting economic repercussions beyond borders.

It would be tempting to think that the fallout of man-made events and natural catastrophes only impacts those businesses and individuals in their immediate vicinity, but in reality, our increasingly interconnected world makes it inevitable that if an earthquake strikes in one country, its aftershocks will reverberate around the world.

We recently launched our annual Event & Disaster Report, which highlights how the interconnected nature of our world is creating a ‘new normal’ for the mitigation and management of global supply chain and energy risks.

The report details the far-reaching consequences of some of the costliest disasters that hit the world in 2023 and gives us insight into the true economic cost of these events.

Russian invasion of Ukraine ($151.2bn)

The conflict, which has been ongoing since the invasion of Ukraine in February 2022 has cost $151.2bn as of November 2023 and directly impacted 1,045 companies in the region. Tellingly, we also believe 1,468 companies across continental Europe have been indirectly impacted by the conflict.

Supply chains around the world have been significantly impacted by this war, particularly those relating to palladium and semiconductor-grade nickel, critical resources for the automotive and electronics industries.

Over a third of the world’s palladium comes from Russia, the conflict has caused prices to soar, and stoppages and delays in the supply of the metal to major manufacturers such as Toyota, General Motors and Volkswagen. Russia is also the second-biggest supplier of semiconductor-grade nickel and disruption forced Apple, Samsung and Sony to reduce production of electronic devices.

Hurricane Idalia ($10bn)

When Hurricane Idalia ripped through parts of the Southeastern United States in August, it had an enormous impact on the energy sector.  Chevron, the third-largest producer of oil in the US Gulf withdrew staff from three of its platforms in the area, the resulting disruption in crude oil supply affected ExxonMobil, Shell, BP, Valero and Marathon Petroleum.

Turkey and Syria earthquake ($163.6bn)

The 7.8Mw earthquake that struck Turkey and Syria in February was the deadliest in the country’s history claiming over 50,000 lives. The devastating event cost $163.6bn and destroyed a significant proportion of the country’s infrastructure including 446 bridges, 1,275km of railway lines, the Iskenderun Port, a hub for transit automobile trade was forced to close for three months leading to significant losses for automotive companies.            

Canadian Wildfire – Northwest territories ($770mn)

Canada has experienced an unprecedented year for wildfires, with one fire historian likening the widespread event to the ice age, but instead of a creeping drop in temperature, Canadians are living through what he calls the “pyrocene”

The country experienced a significant drop in oil and gas output as the flames forced the sutdown of several gas production plants.  This has led to an increase in prices from $1.96 to $2.54/MMBtu, the impact of which has been felt predominantly across North America.

Typhoon Doksuri ($15.7bn)

Typhoon Doksuri, which swept across the Philippines, Taiwan, China and Vietnam in the Summer is likely to have continuing repercussions around the world.  The region is a major producer of semiconductors which are used in most electronic devices, companies likely to have been impacted by this event include Huawei and the Alibaba Group.

This is a just a very small sample of the vast and connected effects of the events of 2023 on the global supply chain and energy sectors but serves as a reminder to risk managers and underwriters that they need to be in the loop on all major events and be aware of the potential consequences for their own businesses.

Our stats highlight the massive ripple effects of these events, it’s clear that natural catastrophes and man-made disasters on this scale should be a concern for risk managers wherever they’re located. They need to have the data and tools to anticipate, monitor and mitigate these effects in order to grow and remain resilient. We can provide those tools.  Adapt Ready’s highly sophisticated risk intelligence platform aggregates trillions of data points from open and closed sources using our own proprietary correlation engine. The deep global insights we can provide allow underwriters, brokers and risk managers to answer complex questions about the global supply chain, optimise risk selection and pricing and solve accumulation and reinsurance issues in their portfolios.

Greater interconnectivity leading to a ‘new normal’ for global energy and supply chain risk

Greater interconnectivity leading to a ‘new normal’ for global energy and supply chain risk 150 150 adapt ready

Adapt Ready’s annual Event & Disaster report reveals the impact of man-made and natural catastrophes in 2023

19 December 2023 – Adapt Ready, the risk intelligence platform provider, has published a major new report analysing the impact of key man-made and natural catastrophes on businesses within the global supply chain and energy sectors in 2023. The report reveals that increased global connectivity is leading to wider and greater impact on risk and warns that insurers and risk managers should be prepared for this ‘new normal’.

The ‘Annual Event & Disaster Report’ gives an economic overview of all major global events in 2023 and their impact on these sectors, as well as in-depth case studies demonstrating the ripple effects of the ongoing Russia/Ukraine conflict, and four of the costliest natural catastrophes of this year; Hurricane Idalia, Canadian wildfires, Typhoon Doksuri, and the earthquake affecting Turkey and Syria.

The report reveals that the automotive, construction, energy and chemical sectors were hit hardest in 2023, but none more so than the infrastructure sector, which saw economic losses of over $151B USD. The majority of infrastructure losses were recorded in Ukraine, which saw over 27,000 km of roads damaged.

The risks presented by increasing global interconnectivity are laid bare in the report, one example being the production of rare metal palladium and semiconductor-grade nickel, both of which are essential for global electronics industries. Russia is the world’s largest producer of palladium and the second largest of semiconductor-grade nickel. The disruption in the supply of these two metals had already impacted the production of General Motors, Toyota and the Volkswagen group and this continued in 2023. It also had potential impact on the production of goods from Apple, Samsung and Sony. 

The five disaster events all impacted local energy industries to some extent, the report details. The Turkey and Syria earthquake for example significantly impacted the region’s energy industry. The 7.8 magnitude quake destroyed two sections of gas transmission lines, whilst other infrastructure damage caused the shutdown of the Ceyham oil terminal in southern Turkey, which in turn affected crude oil exports from Iraq and Azerbaijan.

Adapt Ready CEO and Co-Founder Shruthi Rao said: “Our report clearly shows that greater global connectivity is leading to further reaching and more complex supply chains. In turn, this is leading to increased complexity when it comes to understanding and managing the potential risks they are exposed to. In an era of heightened geo-political uncertainty and evolving natural catastrophe risk due to climate change, insurers, brokers and corporate risk managers are facing a challenge to oversee and navigate this.”

“Adapt Ready is focused on not only providing deeper insight into global supply chain and energy sector risk but also helping corporate risk managers and their broker/insurer partners take steps to manage and mitigate this increasingly complex challenge.”

Notes to Editors:

Adapt Ready’s Event and Disaster Report 2023 can be found at

About Adapt Ready

Adapt Ready offers a ground-breaking risk intelligence platform that delivers data insights and fills in key gaps with external data, enabling clients to better manage operational and financial risks. The platform transforms trillions of external data points into risk intelligence.

For more information please visit

Adapt Ready Wins Zurich Innovation Championship

Adapt Ready Wins Zurich Innovation Championship 600 600 adapt ready

Adapt Ready on the Cutting Edge of Risk Intelligence for Commercial Insurance

New York, May 3, 2022 — Adapt Ready announced today that the company won the coveted Zurich Innovation Championship. Zurich Insurance Group Ltd specifically cited Adapt Ready’s award-winning risk intelligence platform that provides insurers 360° risk insights in naming the technology company a winner in its 2022 Insurance Innovation Championship.

“We’re thrilled to be chosen out of thousands of contenders for this partnership. The accelerator will take our existing relationship with Zurich to the next level,” said Adapt Ready CEO Shruthi Rao. “This recognition comes at an opportune time as we enter a growth stage funding round. Be it a pandemic or climate change, it is crucial to address supply chain impacts; we look forward to working with Zurich on solving some of the biggest challenges for the industry.”

“The lack of data with context is the biggest hurdle in understanding supply chain risk,” says Adapt Ready CTO Sandeep Chandur. “Adapt Ready uses proprietary technology and comprehensive data about the global supply chain to identify companies and assets at the most significant risk from business interruption.”

“This is especially true when planning for climate change,” says Adapt Ready Advisor Chris Walker. “Modeling for the climate is only as good as the data underneath. Adapt Ready’s platform fills a huge knowledge gap in understanding the complexity to help with climate adaptation and measuring climate risks.”

“Investors who understand the real backbone of our technological advantages are aware that our intellectual property strategy, coupled with the complexity of the problems, creates solid entry barriers,” says Rao. “Similarly, insurers ready to adopt the latest tech can address these challenges and help close the coverage gap for Contingent Business Interruption by unlocking $63 billion in opportunities. Adapt Ready will equip them with best-in-class tools and insights.”


US-based Adapt Ready’s ground-breaking risk intelligence software platform is designed for commercial insurers, brokers, and corporate clients. Our patent-pending technology optimizes external data and delivers insights that enable our clients to manage risk better and enhance their growth and profitability.

Zurich partners with Adapt Ready

Zurich partners with Adapt Ready 600 600 adapt ready

Zurich Insurance Group (Zurich) has selected 12 startups to collaborate on novel ways to serve customers, create more frequent meaningful touchpoints with them, and challenge the boundaries of insurance.

Click here to read more on the article.

Living with increasing US nat cat exposure

Living with increasing US nat cat exposure 600 600 adapt ready

Climate change is having a major impact on natural catastrophes in North America, in terms of location, severity and frequency. Losses are growing and modelling is becoming increasingly important, finds Tony Dowding.

Click here to read more of this article.

Should insurers lead the climate march?

Should insurers lead the climate march? 600 600 adapt ready

If the politicians won’t go to battle against climate change, maybe insurers have the power to drive behavioural change

Click here to read more of this article.

Hurricane Ida devastation continues

Hurricane Ida devastation continues 600 600 adapt ready

Deadly flash floods have left a trail of further devastation, with energy and chemical sectors among those exposed to supply chain disruption

Click here to read more of this article.

Screenshot of the COVID-19 IRT App

Adapt Ready builds free Covid-19 resources tracker in response to India pandemic crisis

Adapt Ready builds free Covid-19 resources tracker in response to India pandemic crisis 600 531 adapt ready

Press Release

For Immediate Release

Bengaluru, INDIA and New York, NY. 20th May 2021.

While our team in India is fortunate enough to work from home and remotely, not everyone has that kind of flexibility. COVID-19 cases continue to climb at an alarming rate across India – just this week, the country recorded the highest single known daily death toll.

As the cases rise, so do the searches for healthcare amenities. From basic ones to sophisticated ones, the populace has turned to social media for requests, responses, and suggestions. The majority of searches and requests are for the key resources which are becoming increasingly hard to find such as oxygen.

As a small but focused organization, with an expertise that lies in technology, and a prevalence for GIS (Geographical Information Systems) in particular, we decided to see if there was anything we could to help the situation in any way. By using our risk intelligence platform’s ability to capture data and apply machine learning, we have been able to create a COVID-19 resources tracker app.

With less than 1.3% of the population having a Twitter account and considering that at the time of distress it is not easy to scroll through tweets to find the most relevant information, we built this app so that people could access information about the latest available resources (be it oxygen cylinders, ICU beds, ventilators or remdesivir) from vendors closest to them, along with their contact details.

This is an app for social good, which we have made free to use and publicly available at and the app data will be updated frequently.

We are seeking partnerships with government/NGOs and influencers to amplify the communication regarding the tracker – and welcome all to reach out to us for more information.

Please share this with your network and help spread the word, so we can collectively have an impact on fighting COVID-19 and rising to the growing challenge in our country.

Shruthi Rao, CEO of Adapt Ready said “What is happening in India is tragic. As a company, we seek to use our capabilities and add value in any which way we can wherever there is a need – whether it is helping societies, governments or people: all it takes is the will to do it.”


COVID-19 India Resource Tracker is here