For the past few days, the vibrant city of Mumbai has been the scene of what's now being referred to as India's "Nine Eleven".

On Wednesday, Islamist radicals launched attacks against the financial hub, killing over a hundred people and leaving hundreds more injured.

Late in the week, troops and security forces were still trying to bring the situation under control with operations entering a critical stage in two-five star hotels near the business district.

These terrorist attacks underline the political risks facing emerging markets already grappling with the economic crisis.

To discuss the situation for tourists and business travelers, Raphaël Kahane met Martin Vial. He's the chief executive officer at Europ Assistance, the world's second largest provider of travel insurance and assistance.

Watch the interview by clicking 'Play Video' above.