Hospitality, Travel and Leisure

Industry Overview

Hospitality, Travel and Leisure

An Industry Under Pressure Requires a Proactive Approach to Risk and People

As the hospitality, travel and leisure industry continues to rebuild from the devastating effects of the pandemic, it faces both new and familiar challenges. Economic uncertainty, rising costs and talent shortages make day-to-day operations more difficult, while emerging risks, such as climate change and cyber attacks, present emerging threats.

Going forward, focusing on novel human capital strategies and the total cost of risk, alongside effective risk management and risk transfer strategies, will be vital. For example, the use of new risk financing strategies and captive or protected cell captive insurers is likely to accelerate.

Our experience enables us to provide human capital, risk management, risk mitigation and risk transfer advice tailor-made to the industry. Whether it’s better equipping your organization to deal with external business interruptions, attract and retain key talent, or helping to ensure you’re protected against data breaches, our advice is designed to enhance your ability to pre-empt and respond to the challenges you face.

Top 5 Future Risks

Looking ahead to 2024, predicted risks for the hospitality, travel and leisure industry include:

  • 01

    Cyber Attacks / Data Breach

    Cyber attacks are, and will remain, a top risk across all geographies and industry sectors. All leaders need a cyber game plan.

  • 02

    Pandemic Risk / Health Crises

    While Covid-19 brought pandemic risk into sharp relief for all, other viral threats continue to loom, including bird flu, Ebola, SARS, MERS and Zika.

  • 03

    Business Interruption

    Previously, clients planned for isolated events. We now know business interruption can be systemic across an entire organization.

  • 04

    Weather / Natural Disasters

    Fueled by climate change, weather-related disasters are growing more intense and generate more damage and disruption.

  • 05

    Economic Slowdown / Slow Recovery

    Despite a fast economic rebound from the initial depths of the pandemic, uncertainty, fueled by inflation, rising interest rates and bank closures, still reigns.

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