Risk has been defined, for management purposes, as the potential economic, social and environmental consequences of hazardous events that may occur in a specified period of time. From the perspective of this paper, risk requires a multidisciplinary evaluation that takes into account not only the expected physical damage, the number and type of casualties or economic losses, but also the conditions related to social fragility and lack of resilience conditions, which favour the second order effects when a hazard event strike an urban centre. The proposed general method of urban risk evaluation is multi hazard and holistic, that is, an integrated and comprehensive approach to guide decision-making. The first step of the method is the evaluation of the potential physical damage (hard approach) as a result of the convolution of the seismic hazard with the physical vulnerability of buildings and infrastructure. Subsequently, a set of social context conditions that aggravate the physical effects are also considered (soft approach). According to this procedure, the physical risk index is evaluated for each unit of analysis from existing loss scenarios, whereas the total risk index is obtained by multiplying the former index by an impact factor using an aggravating coefficient, based on variables associated with the socio-economic conditions of each unit of analysis. Sensitivity analysis has been performed using Monte Carlo simulations to validate the robustness of this risk evaluation method based on composite indicators. Results are shown for Barcelona (Spain), Bogota (Colombia) and Metro-Manila (The Philippines).

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