Terror tips corporate security procedures

With France reeling in the aftermath of the terrorist attacks in Paris last week, which killed at least 129 in a series of planned assaults, security concerns have hiked safety policy implementation in businesses world-wide.

As France remains under a nation-wide state of emergency, with neighbouring countries on high alert, corporations are likely to experience hiked security measures for travelling personnel.

Association of Corporate Travel Executives Executive Director Greeley Koch says that many businesses will be cancelling their employees work-related travel plans, while others will be adhering to strict approval processes for senior staff.

“Sadly, we’ve been through this before in Paris,” Koch says.

“Most business travel managers have an emergency contingency plan they can activate right away. A certain percentage of companies will automatically cancel trips to a city in crisis and evacuate their travellers quickly.

“Some companies are requiring senior-level management approval to travel into a current crisis area, while others are leaving the issue to traveller discretion.”

However, business interruption claims, both from the attacks and related losses, are unlikely to impact the viability of terrorism reinsurance pools.

Australian Reinsurance Pool Corporation CEO Dr Christopher Wallace says that the losses following the Paris terrorist attacks will not be large enough to affect reinsurance pools.

“Clearly, any insurance losses are secondary to the tragic loss of life which has occurred as a result of the [13] November Paris terror attacks,” Wallace says.

“However, the level of property and business interruption losses in Paris are unlikely to be large enough to materially impact terrorism pools.”

“Terrorism pools work well to provide economic resilience, which forms an important part of the recovery from a major terror event,” Wallace adds.

Wallace says that although there won’t be any significant shifts in the way reinsurance pools will operate in the wake of the attacks, the experience will add to government know-how regarding terrorism fallout.

“The Paris attacks will add to the collective knowledge of pools, including case studies, of how recent terrorist attacks have been organised and carried out, as well as their impact,” Wallace says.