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Unrest makes business travel insurance essential: Expert

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Eeva Ruuska

Global inflation has led to greater political unrest, which calls for companies to pay more attention to the dangers, delays and disruptions that can hamper business travel and, in worst cases, endanger workers, according to an expert in travel risk.

In the current environment, interest in travel insurance and risk management is increasing as never before, especially following the global upheaval caused by the COVID-19 pandemic, said Eeva Ruuska, Mexico City-based head of intelligence, covering the Americas for Riskline, a provider of travel risk assessments and other services for companies.

“The cost-of-living crisis, shaped by record inflation, is escalating civil unrest, and travel disruptions are constant,” said Ms. Ruuska, who 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 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, and 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.