Thursday, April 9, 2020

HOW INSURANCE COMPANIES WORK

Role of insurance industry in corona outbreak
Role of insurance industry in corona outbreak
The role that the insurance industry has to play amid the COVID-19 outbreak is significantly huge. It is similar in case of natural disasters, or similar epidemic or a recession. The number of confirmed cases has passed 300K from stats all over the world. In comparison with other countries, the health risks with COVID-19 are lower in Canada. The public health agency of Canada has given this confirmation. They stated in their statement that Canada’s risks with ‘COVID-19’ are far lower than other countries including the USA.

There are huge fears and panic that relate to the virus since it started spreading and created chaos all over the world. The fears are related to the risks that are arising every day due to ‘COVID-19’.

There are fears among the businessmen and business communities of a complete lockdown. The insurance companies are the only financial institutions that can cover these losses. Being a highly saturated industry and financially sustainable, its role is paramount. New businesses, assets and high-profile businesses in Canada are mostly insured.

Courtesy of MBE BLOG

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