As the threat of the coronavirus (COVID-19) outbreak continues to spread, the global economy is feeling the pressure to grapple with its effects. To date, there have been over 93,000 confirmed cases across more than 80 countries, with more than 3,100 reported deaths. There are more than 100 coronavirus cases in the U.S., including 11 deaths.
While the virus poses a significant threat in a health and benefits context (see the recent Leader’s Edge article, Communication Key to Managing the Spread of Coronavirus), the spreading virus is also putting the global economy under strain by forcing business closures, disrupting the manufacturing supply chain, shutting down global travel, and much more. A recent report by The Insurer estimates weekly global trade losses of $26 billion due to various restrictions related to COVID-19.
Although there have not been many publicly reported claims in the property/casualty space, there already exists a good deal of speculation about what will be included and excluded in commercial P&C policies around the globe. And frankly, insureds will likely face “high hurdles” before any claims are paid.
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