One of the benefits of insurance - as an instrument, and as a methodology - is that it allows individuals, businesses and cities to understand the financial benefits of investing in preparing for the worst. When looking at major cities' vulnerability to a variety of perils, Lloyd's estimates that if they all improved their resilience to natural and man-made disasters to the level of the best then they'd reduce the impact of disasters by as much as USD 73.4bn.

This underlines the financial case for investing in measures like flood prevention, building standards, cyber protection, and, of course, insurance itself.

This focus on building broad and deep resilience to the range of threats faced by municipalities is increasingly important, as more people than ever are moving to cities, and as the threats facing them become more frequent, increasingly more severe and more wide-ranging.