It is possible for Latin America to mitigate the impact of natural disasters by increasing the level of preparedness against them, according to a report released?in Brazil?Thursday at the World Economic Forum on Latin America.

In order to do so, an alliance needs to be formed between the public and private sectors, said the document, which was written in collaboration with private companies and academic institutions such as ARUP, Deloitte, HSBC, Swiss Re, the Wharton School of the University of Pennsylvania and Zurich Financial Services.

The report argued that by correctly determining where are the risk areas and what is the level of danger they present, it is possible to make preparations, inform the public, and change risky practices.

In addition, it said it is necessary to invest in more materials for construction and to make urban planning projects which include the knowledge and expertise of engineering and insurance experts, in order to ensure that new structures are built in lower risk areas and adhere to sufficient codes for physical resilience.

The report also recommended that financial preparedness against disasters is raised, in order to cover up for events which cannot be predicted by regular insurances.

In that aspect, the private sector's skills are underused, said Andrew Chan, Group Deputy Chairman of the ARUP Group which contributed to the report. According to him, better communication between the public and private sectors would increase the available resources and enhance the efficiency in building preparedness.

"It would prove quicker response and faster recovery during the various phases of a disaster," he said.

"Recent events in Japan have shown the difficulty in preparing for and managing secondary risks," added Elaine Dezenski, Senior Director, head of Risk Initiatives of the WEF. He added the coordination between the public and private sectors requires a strong risk management body.

Meeting participants agreed that the discussion on the impact of disasters is especially relevant to Brazil which is prone to deadly floods and mudslides.

The most recent storm left some 900 people dead in the Rio de Janeiro state alone, with 300 others still unaccounted for.