A method to categorize hazard events. A single hazard event is categorized as a primary type (e.g. flood or drought), which in turn can be disaggregated in subtypes (e.g. riverine flood or coastal flood). Different hazard events, if occurring within the same spatial and temporal domain, may form a compound event, such as a a flood and a drought, or subtype of those primary types, interacting within a specified area.