This document defines key concepts related to disasters and disaster risk. It begins by defining a natural hazard as a natural event that poses a threat to people, structures, or economic assets. A hazard only becomes a disaster when it affects a vulnerable populated area. Disaster risk is defined as the potential losses caused by a hazard and is a function of hazard, exposure, and vulnerability. The magnitude of a disaster depends on the severity of the hazard, the quantity of exposure of elements at risk, and the vulnerability level. Minimizing disaster risk involves reducing exposure and vulnerability through measures like keeping people and property away from hazards and relocating communities.