Studies from Union University in the Area of COVID-19 Described (The Impact of Covid-19 on the Business of Insurers and Reinsurers): Coronavirus – COVID-19

2022 MAY 24 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Data detailed on COVID-19 have been presented. According to news originating from Union University by NewsRx editors, the research stated, “According to the impact, infectious diseases are a critical risk for 2020 and the following years in the Global Risk Report.”

Our news correspondents obtained a quote from the research from Union University: “The realization of the Covid-19 virus set the pandemic as a crucial global risk for humans, the economy, and society. The main idea of this paper is to give insight into the global socio-economic consequences of the actual Covid-19 pandemic, with a specific view of the business of insurance and reinsurance companies, who are responding to the widening of the COVID-19 pandemic on multiple fronts-as claims payers, employers, and investment managers. Considering that both individuals and businesses face high costs and losses regarding disruption of travel, business interruption, and supply chains, many expect insurers to reimburse some of these costs and losses.”

According to the news reporters, the research concluded: “Insurance companies are also significant investors in financial markets and will face losses due to equity and fixed income market losses regarding decreasing interest rates as an attempt of central banks worldwide to support their economies. The current crisis can also be considered the possibility of improving the insurance coverage related to pandemics by establishing (re)insurance schemes and pooling arrangements for other catastrophic risks and developing public-private partnerships to support the insurability of pandemic risk.”

For more information on this research see: The Impact of Covid-19 on the Business of Insurers and Reinsurers. Economic Themes, 2021,59(4). The publisher for Economic Themes is Walter de Gruyter GmbH.

A free version of this journal article is available at https://doi.org/10.2478/ethemes-2021-0025.

Our news editors report that more information may be obtained by contacting Vladimir Njegomir, Union University, Faculty of Law and Business Studies, Novi Sad, Republic of Serbia. Additional authors for this research include Jelena Demko-Rihter.

(Our reports deliver fact-based news of research and discoveries from around the world.)