Finance

Pathology

Business

Actuarial science

Keynesian economics

Social distance

Work (physics)

Recession

Disease

Coronavirus disease 2019 (COVID-19)

Infectious disease (medical specialty)

Pandemic

Income protection insurance

General insurance

Engineering

Payment

Political science

Economics

Business interruption insurance

Microeconomics

Economic impact analysis

Christian ministry

Insurance policy

Medicine

Mechanical engineering

International Journal of Environmental Research and Public Health

This study investigated the impact of COVID-19 on the insurance industry by studying the case of Ghana from March to June 2020. 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 Ȼ112 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. 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.

The Impact of COVID-19 on the Insurance Industry