UN Chief Says COVID-19 Is Worst Crisis Since World War II - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
March 31, 2020 Newswires
Share
Share
Post
Email

UN Chief Says COVID-19 Is Worst Crisis Since World War II

Associated Press

UNITED NATIONS (AP) — U.N. Secretary-General Antonio Guterres warned Tuesday that the world faces the most challenging crisis since World War II, confronting a pandemic threatening people in every country, one that will bring a recession “that probably has no parallel in the recent past.”

There is also a risk that the combination of the disease and its economic impact will contribute to “enhanced instability, enhanced unrest, and enhanced conflict,” the U.N. chief said at the launch of a report on the socioeconomic impacts of COVID-19.

Guterres called for a much stronger and more effective global response to the coronavirus pandemic and to the social and economic devastation that COVID-19 is causing.

He stressed that this will only be possible “if everybody comes together and if we forget political games and understand that it is humankind that is at stake.”

“We are facing a global health crisis unlike any in the 75-year history of the United Nations — one that is killing people, spreading human suffering, and upending people’s lives,” the report said. “But this is much more than a health crisis. It is a human crisis. The coronavirus disease (COVID-19) is attacking societies at their core.”

The secretary-general told reporters: “The magnitude of the response must match the scale of the crisis — large-scale, coordinated and comprehensive, with country and international responses being guided by the World Health Organization.”

He stressed that “we are still very far from where we need to be to effectively fight the COVID-19 worldwide and to be able to tackle the negative impacts on the global economy and the global societies.”

First, he said, many countries are not respecting WHO guidelines, with each tending to go its own way in dealing with the pandemic.

“Let us remember that we are only as strong as the weakest health system in our interconnected world,” he said. “It is essential that developed countries immediately assist those less developed to bolster their health systems and their response capacity to stop transmission.”

Secondly, he said, while $5 trillion has been mobilized, most of that money was by the developed world — including $2 trillion in the United States — to support their own economies from the consequences of the pandemic.

“We are far from having a global package to help the developing world to create the conditions both to suppress the disease and to address the dramatic consequences in their populations, in the people that lost their jobs, the small companies that are operating and risk to disappear, those that live with the informal economy that now have no chance to survive,” he said. “Massive support to the developing world is still required.”

The report also cites International Labor Organization estimates for 2020 that between 5 million and 25 million jobs will be lost, with a corresponding loss of between $860 million and $3.4 trillion in labor income. It also cited an estimate by the U.N. trade and development organization UNCTAD of a 30-40 percent “downward pressure" on global foreign direct investment flows this year.

Guterres announced the establishment of a COVID-19 Response and Recovery Fund to support efforts in low- and middle-income countries, with the aim of swiftly enabling governments to tackle the crisis and promote recovery.

He expressed hope that there will be “a positive response” from the international community to help vulnerable people including the tens of millions of refugees and internally displaced people, those in the slums of big cities in the global south, and poor people in middle-income countries who are more numerous than in the least developed countries.

The secretary-general said developed countries must massively increase the resources available to the developing world by expanding the capacity of the IMF to issue special drawing rights, and enabling other international financial institutions to rapidly inject resources into countries that need them.

Guterres said he strongly supports an idea from French President Emmanuel Macron, Russian President Vladimir Putin and German Chancellor Angela Merkel at last week’s summit of the Group of 20 major industrialized nations that there should be a G20 initiative to help Africa.

“But, again, we must act quickly to make it happen,” he said. “If not, the African continent will have enormous difficulties in facing this challenge.”

Older

Coronavirus reveals just how skimpy the health care safety net is l Opinion

Newer

Company Alarm partners with Trusted Estate Planning Attorneys in Las Vegas

Advisor News

  • The overlooked retirement security risk that must be addressed
  • What advisors should know about hedge funds in retirement planning
  • Retirement control is top success measure for middle class, ACLI says
  • Industry groups applaud House passage of Financial Exploitation Prevention Act
  • Younger workers more likely to be eligible for a retirement plan after changing jobs
More Advisor News

Annuity News

  • Malibu Life Holdings Completes Acquisition of TruSpire, Establishing Malibu USA and Accelerating Entry into the U.S. Retail Annuity Market
  • Why job boards are failing insurance agencies
  • MassMutual Ranks No. 100 on the 2026 Fortune 500® List
  • What’s fueling record annuity growth?
  • Jackson Named InvestmentNews 2026 Annuities Provider of the Year
More Annuity News

Health/Employee Benefits News

  • STATEMENT OF REPRESENTATIVE DANNY K. DAVIS
  • Millions drop ACA coverage amid price jump Millions drop ACA coverage amid price jump. Did fraud inflate signups?
  • Hayes Introduces Bill To Lower Costs For Telehealth Patients
  • Researchers from City University of New York (CUNY) Detail New Studies and Findings in the Area of Mental Health Diseases and Conditions (The effect of Medicaid reimbursement for psychiatrists on the health care burden of serious mental illness): Mental Health Diseases and Conditions
  • Recent Reports from Chungbuk National University Hospital Highlight Findings in Stomach Cancer (A 5-year mortality-prediction model for patients with stomach cancer, based on the Korean nationwide health insurance claim database): Oncology – Stomach Cancer
More Health/Employee Benefits News

Life Insurance News

  • NAIFA praises House committee approval of Clarity for Compensation Act
  • PHL Variable liquidation pushed out to 2027, Connecticut regulators say
  • ‘Recession-Proof’ Insurance Is Trending. Safety Net or Scam?
  • Winged Keel Group Expands National Presence and PPLI Leadership, Welcomes SBSI, Inc. (dba NFP Insurance Solutions)
  • MassMutual Ranks No. 100 on the 2026 Fortune 500® List
More Life Insurance News

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Life moves fast. Your BGA should, too.
Stay ahead with Modern Life's AI-powered tech and expert support.

A MYGA for Clients Hesitant to Commit to One Long-Term Rate
First-year certainty. Annual rate updates. Get the CurrentRate® MYGA Sales Kit.

Elite Networking & Insights Await at the Event of the Year
The industry's premier conference for leaders driving what’s next in financial services.

Press Releases

  • Prosperity Life GroupSM Launches Prosperity PathWaySM Series, Bringing Greater Choice and Flexibility to Retirement Income Planning
  • Senior Market Sales® Fortifies Annuity Reach With Acquisition of Retirement Planning Firm Stratton & Company
  • RFP #T01625
  • Rockwood Programs Appoints Kerry Ladouceur as Vice President, Financial Lines
  • JP Insurance Group Launches Commercial Property & Casualty Division; Appoints Joe Webster as Managing Director
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet