The Integrated Climate Risk Management (ICRM) approach was developed, based on existing conceptual frameworks, to help governments, businesses, and individuals better manage these ever-increasing climate risks and natural hazards. The ICRM approach has five (5) phases, which are as follows: Prevention, Retention & Transfer, Preparedness, Response, and Recovery. These phases can all be developed simultaneously, and work best when all stakeholders are involved in the planning and implementation of the different steps. Through this integrated approach to climate and disaster risk management and possible risk transfer mechanisms, natural hazards can be prevented from turning into natural disasters and catastrophes.