Physical Factors:

Location - For example, areas around the Pacific Ocean in particular are susceptible to tectonic hazards due to their location near the Pacific Ring of Fire. Location also plays a large role in determining climate.
Population - A larger population will mean more people are vulnerable to natural hazards.
Nature of settlements and the buildings within - durability of buildings within a settlement will often determine the amount of damage after an earthquake or eruption.
Telecommunications - though lines may be damaged in an event, good telecommunication networks in an area can affect responses to an event

Human Factors:

Economic Development - The level of development in an area is one of the most substantial factors in determining the severity of a natural hazard. Development will not only determine some physical factors of vulnerability, but also the amount of money that can be used on hazard mitigation and recovery after an event. Overall, poorer areas are much more vulnerable to disasters.
Education - Education in an area will often bring improvements in science and technology, and thus, mitigation strategies.
Governance - Governance will directly impact the decisions made in mitigation and responses to natural disasters.
Gender - In poorer countries, women are often more vulnerable to natural hazards; they are often unskilled, unemployed, and politically marginalized. Women are usually the caretakers of families in these situations are often the ones tasked with protecting children and the elderly during disasters.