There are three risks associated with business travel, according to a report by Risk Outlook. So frequent flyers should consider this before booking their next trip.
The report delves into possible risks, from geopolitical disruption to increasing mental health issues and socio-economic challenges. The information was based on a global survey of more than 1,200 senior risk management professionals.
“The drivers for unrest will be numerous in 2023, and accounting for the impact of social unrest is going to be a key task for businesses in 2023,” said Sally Llewellyn, global security director at International SOS.
Read more about the risks below.
Health Risks:
The report details the ongoing plight of COVID-19 and other factors and risks. The report states that there will be an “increased health risk as a result of climate change, such as an acceleration in the emergence of new and old infectious diseases, and the increase of mosquito-borne diseases.”
Geopolitical uncertainty:
The impact of the Ukraine war is still being felt across industries, and travel is one of them. “The war in Ukraine was identified as the defining security issue of 2022. In addition, the report forecast increased geopolitical volatility as increasing fissures between Russia and the West will impact other conflicts and exacerbate long-standing geopolitical tensions.”
Socio-economic challenges:
With the plight of inflammation and rising costs of just about everything. One risk that can impact business travel is finances. The report said that 40% of people would feel strained by the rising cost of living. In addition, the report states, “rising levels of social unrest are expected to negatively affect productivity. Forty-eight percent of experts surveyed predict that cost of living pressures will impact domestic employees, while 33 percent expect civil unrest will impact business travelers.”