The exposure of infrastructure assets to climate risks is rising as extreme weather events such as storms, floods, landslides, heat waves, and droughts are increasing in frequency and intensity. The United Nations Environment Programme (UNEP) and the Bank for International Settlements (BIS) have found that natural catastrophes resulting in significant financial losses have become more frequent over the past three decades, with the year 2011 marking the highest-ever amount of catastrophe-related losses ($386 billion).