Impact of COVID-19 : march 16, 2020

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Collection: Electronic documents

Title: Impact of COVID-19 : march 16, 2020 / R. Dale Hall
Publication: Schaumburg (Illinois) : Society of Actuaries , 2020
Physical description: 23 p.
Series: (Society of Actuaries research brief)
Notes: Sumario: In late December 2019, doctors in the Wuhan province of China began to piece together information from several medical cases showing similar symptoms. As 2019 ended, Chinese officials announced a pneumonia-like outbreak and began to identify a novel coronavirus linked to the cases. As the Lunar New Year banquet tradition occurred in Wuhan in mid-January 2020, infections began to rapidly increase. By January 23, over 600 cases had been confirmed and Wuhan and other areas in China instituted quarantines. Through the month of February to early March, the epidemic spread. The number of confirmed cases involving the novel coronavirus now named SARS-CoV-2, and causes the respiratory disease now named coronavirus disease 2019 (COVID-19), has reached over 180,000 world-wide with general agreement that the number is higher due to delays in full testing and reporting in many countries. Well over 100 World Health Organization (WHO) countries/regions have reported cases as of the writing of this report, and over 7,000 deaths world-wide have now occurred. On March 11, WHO publicly characterized COVID-19 as a pandemic, and shortly thereafter, the United States declared the COVID-19 outbreak a national emergency. The impact of travel and shipping restrictions in a modern, interconnected international economy has had an exacerbating effect of the outbreak into logistics and the financial markets. Financial markets have seen high volatility as new economic information becomes available, monetary policies are implemented, and value and opportunity come in and out of favor with investors. Supply chains of international operations are greatly impacted as well, as many major worldwide manufacturers are ever-more connected across continents. The result in mid-March 2020 has been one where a confluence of risks has come together. Additional operational and financial risks may emerge as additional events compound on the current situation. Actuaries will be watching for any additional risk events that layer on to the current environment, especially ones that may cause additional property, mortality and health risks such as catastrophic weather events.
Other categories: 921

Rights: In Copyright (InC):