Securing the 21st century corporation

Lord Levene , Chairman of Lloyd’s, this week called on Texan business leaders to do more to prepare to meet 21st century risks. He said that while Hurricane Ivan is a timely reminder of the risks posed by natural catastrophes, Texan businesses must not lose focus on the security risks they also face in the 21st century. While the insurance industry was encouraged by the Department of Homeland Security’s focus on Texas, more needs to be done. He pointed to a recent industry survey that revealed that only 46 percent of US companies are buying terrorism coverage. With its strong influence in the US economy, the state’s ports, energy industry, high rise buildings and people all contribute to a complex security environment which needs to be managed in a careful and planned way. Although the good news is that awareness amongst companies both around the world and here in Texas has improved significantly since 9/11. There is much that remains to be done. But what can Texas do to manage its risks better? Below is an edited extract from Lord Levene’s speech at the Houston Forum to the Texan business community.