Studies in the Area of COVID-19 Reported from Beijing Normal University (The Impact of COVID-19 on the Insurance Industry)

2020 AUG 25 (NewsRx) -- By a News Reporter-Staff News Editor at NewsRx COVID-19 Daily -- Investigators publish new report on coronavirus. According to news reporting originating from Beijing, People’s Republic of China, by NewsRx correspondents, research stated, “This study investigated the impact of COVID-19 on the insurance industry by studying the case of Ghana from March to June 2020.”

Our news correspondents obtained a quote from the research from Beijing Normal University: “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 C112 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.”

According to the news reporters, the research concluded: “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.”

For more information on this research see: The Impact of COVID-19 on the Insurance Industry. International Journal of Environmental Research and Public Health, 2020,17(5766):5766. (International Journal of Environmental Research and Public Health - http://www.mdpi.com/journal/ijerph). The publisher for International Journal of Environmental Research and Public Health is MDPI AG.

A free version of this journal article is available at https://doi.org/10.3390/ijerph17165766.

Our news editors report that more information may be obtained by contacting Pius Babuna, School of Environment, Beijing Normal University, Beijing 100875, People’s Republic of China. Additional authors for this research include Xiaohua Yang, Amatus Gyilbag, Doris Abra Awudi, David Ngmenbelle, Dehui Bian.

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