“The cost-of-living crisis, shaped by record inflation, is escalating civil unrest, and travel disruptions are constant,” said Ms. Ruuska. She presented at Riskworld, the Risk & Insurance Management Society Inc.’s annual conference in Atlanta.
In addition to political unrest, business travelers need to brace for major outbreaks of diseases. Some are caused by changing weather patterns and wetter conditions that can create greater risks of mosquito-borne illnesses and pathogens that come with flooding.
Other risks include organized crime in the Americas, more military checkpoints, possible escalation of the war in Ukraine. Increasing worldwide tensions with China — all of which can lead to cybersecurity issues that affect travel. One recent example is a Russia-linked hacker that targeted air traffic control in Europe in April, causing travel delays and disruptions, Ms. Ruuska said.
Seamless international travel is unlikely, she said, and preparation is essential, with travel insurance no longer an option.
Planning ensures companies “can be ready to respond with an integrated approach,” she said, adding that better data is helping create risk and insurance strategies.
“There is data and information available for risk modeling, and with this we can identify threats and potential impacts,” she said.
Seamless international travel is unlikely, she said, and preparation is essential, with travel insurance no longer an option.
Planning ensures companies “can be ready to respond with an integrated approach,” she said, adding that better data is helping create risk and insurance strategies.
“There is data and information available for risk modeling, and with this we can identify threats and potential impacts,” she said.
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Unrest makes business travel insurance essential: Expert on Business Insurance
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