COVID 19 and Its Impact in the Insurance Industry

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As of April 7th, 2020, the world continues to reel from the impact of Covid-19 (Corona Virus disease) caused by the new Corona Virus that spreads person to person. This has impacted more than 200 countries and resulted in greater than 81000 deaths. Almost all the countries have implemented various degrees of quarantine and social distancing measures to mitigate the spread and impact of the disease.

This has resulted in severe disruption of the economy with impacts across the board.1This paper attempts to summarize the overall impact on the insurance industry while outlining the various short term and long term areas of focus. While the short term focus is on Business continuity, conserving cash, reacting to legal, pricing and service implications, it is also important to look at the “new normal” for the industry during and post-recovery. Despite the difficult situation and the obvious challenges, this will also be an opportunity to roll out new models, products and ecosystem to engage customers.