The paper starts with an overview of four models developed for assessing and mitigating the impact of natural hazards. Two models are then described in more detail, with particular attention to how they address issues related to transport network reliability. The paper then describes research which shows that a cost-reliability relationship, used by Nicholson (2007) in a study of transport network reliability improvement, is consistent with relationships developed from empirical data and implemented in natural hazards risk management models. The paper concludes with comments on the value of greater collaboration and cross-fertilization between the transport network reliability area and the natural hazards risk management area.