key: cord-277558-w2srv5em authors: Babuna, Pius; Yang, Xiaohua; Gyilbag, Amatus; Awudi, Doris Abra; Ngmenbelle, David; Bian, Dehui title: The Impact of COVID-19 on the Insurance Industry date: 2020-08-10 journal: Int J Environ Res Public Health DOI: 10.3390/ijerph17165766 sha: doc_id: 277558 cord_uid: w2srv5em This study investigated the impact of COVID-19 on the insurance industry by studying the case of Ghana from March to June 2020. With a parallel comparison to previous pandemics such as SARS-CoV, H1N1 and MERS, we developed outlines for simulating the impact of the pandemic on the insurance industry. The study used qualitative and quantitative interviews to estimate the impact of the pandemic. Presently, the trend is an economic recession with decreasing profits but increasing claims. Due to the cancellation of travels, events and other economic losses, the Ghanaian insurance industry witnessed a loss currently estimated at GH Ȼ112 million. Our comparison and forecast predicts a normalization of economic indicators from January 2021. In the meantime, while the pandemic persists, insurers should adapt to working from remote locations, train and equip staff to work under social distancing regulations, enhance cybersecurity protocols and simplify claims/premium processing using e-payment channels. It will require the collaboration of the Ghana Ministry of Health, Banking Sector, Police Department, Customs Excise and Preventive Service, other relevant Ministries and the international community to bring the pandemic to a stop. Abstract: This study investigated the impact of COVID-19 on the insurance industry by studying the case of Ghana from March to June 2020. With a parallel comparison to previous pandemics such as SARS-CoV, H1N1 and MERS, we developed outlines for simulating the impact of the pandemic on the insurance industry. The study used qualitative and quantitative interviews to estimate the impact of the pandemic. Presently, the trend is an economic recession with decreasing profits but increasing claims. Due to the cancellation of travels, events and other economic losses, the Ghanaian insurance industry witnessed a loss currently estimated at GH Coronavirus disease, scientifically reclassified as COVID-19, has assumed global pandemic proportions [1] . It attained a pandemic status declared by the World Health Organization (WHO) on 11 March 2019 [1] . The current spread of the virus at a fast rate compared to previous pandemics has resulted in a total lockdown of nations, ban on travels, public gatherings and closure of offices. There has been global closure of businesses as well as the loss of jobs and lives. The general economic situation is a global recession. In most instances, the insurance industry and governments all over the world have become the beacons of hope to which people look for rescue from total annihilation. However, due to the fast increase in infection cases greater than the recovery of infected people, the pandemic has overwhelmed many governments and financially weakened some insurance companies. The impact ȩ Coronavirus Disease (COVID-19) Dashboard Cost efficiency of insurance firms in Ghana Efficiency, productivity and returns to scale economies in the non-life insurance market in South Africa Evaluating the cost efficiency of insurance companies in Ghana Backyard poultry flocks and salmonellosis: A recurring, yet preventable public health challenge The impact of the Antonine plague The Black Death and its Effect on Fourteenth-and Fifteenth-Century Art The Black Death: The Great Mortality of 1348-1350. 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