Covid 19: Consequential Effects on Insurance Industry, Risk Management and Insurability of Pandemic Risk
Keywords:
COVID – 19 pandemic, Insurance, Risk Management, Insurability
Abstract
The continuous fall in the world economy has a result of the COVID–19 epidemic attracted the interest of many researchers. The pandemic brought about a sharp decline in insurance business and economic growth of the nation; this warranted the closure of many businesses and the insurance businesses is not spared. The objective of this paper is to ascertain the effect of Covid 19 on the insurance business and to determine the most efficient risk management strategies that can coup the effect of the Covid 19 pandemic. Both secondary and primary data was used for this study. Regression model was employed to test the hypotheses raised in this paper. This paper revealed that Covid 19 has significant negative effect on the business operation of insurance businesses in Nigeria. Arisen from the analysis of the study, the paper recommended that: insurance industry should employ effective risk management strategy; there is urgent need for insurance industries to re-strategies their business operation by introducing new products and services; and insurance companies should introduce attractive prices through price reduction and engage fully the e-marketing system.
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2. Annan A, B. H. (2013). Human betacoronavirus 2c EMC/2012–related viruses in bats, Ghana and Europe. Emerg Infect Dis, 19(3), 456.
3. Bertram, S, Glowacka, I., Müller, M., Lavender, H., Gnirss, K., & Nehlmeier, I. (2011). Cleavage and activation of the severe acute respiratory syndrome coronavirus spike protein by human airway trypsin-like protease. J Virol, 85(24), 13363 - 13372.
4. Corman, V., Ithete, N., Richards, L., Schoeman, M., Preiser, W., & Drosten, C. (2014). Rooting the phylogenetic tree of middle East respiratory syndrome coronavirus by characterization of a conspecific virus from an African bat. J Virol, 88(19), 11297 - 11303.
5. Huynh, J., Li, S., Yount, B., Smith, A., Sturges, L., & Olsen, J. (2012). Evidence supporting a zoonotic origin of human coronavirus strain NL63. J Virol, 86(23), 12816 12825.
6. Indian-Express. (2014, June 15). Social networking sites to promote goods soon. Retrieved from Indian Express: www.indianexpress.com
7. Kan, B., Wang, M., Jing, H., Xu, H., Jiang, X., & Yan, M. (2005). Molecular evolution analysis and geographic investigation of severe acute respiratory syndrome coronavirus-like virus in palm civets at an animal market and on farms. J Virol, 79(18), 11892 - 11900.
8. Li, B., Si, H.-R., Zhu, Y., Yang, X.-L., Anderson, D., & Shi, Z.-L. (2020). Discovery of Bat Coronaviruses through Surveillance and Probe Capture-Based Next- Generation Sequencing. mSphere, 5(1).
9. Lu, R., Zhao, X., Li, J., Niu, P., Yang, B., & Wu, H. (2020). Genomic characterisation and epidemiology of 2019 novel coronavirus: implications for virus origins and receptor binding. The Lancet.
10. Memish, Z., Zumla, A., Al-Hakeem, R., Al-Rabeeah, A., & Stephens, G. (2013). Family cluster of Middle East respiratory syndrome coronavirus infections. N Engl J Med, 368(26), 2487 - 2494.
11. NCDC. (2020, April 13). COVID - 19 Case Update. Retrieved from 20 New Cases Confirmed: https://en.as.com/en/2020/04/13/other_sports/1586778385_605014.html
12. Osagie, E. (2020, February 28). First Case Of Corona Virus Disease Confirmed In Nigeria. Retrieved from NCDC: https://ncdc.gov.ng/news/227/first-case-of-corona-virus-disease-confirmed-in-nigeria
13. Paden, C., Yusof, M., Al-Hammadi, Z., Queen, K., Tao, Y., & Eltahir, Y. (2018). Zoonotic origin and transmission of Middle East respiratory syndrome coronavirus in the UAE. Zoonoses Public Health, 65(3), 322 - 333.
14. Peiris, J., Guan, Y., & Yuen, K. (2004). Severe acute respiratory syndrome. Nat Med, 10(12), 88 - 97.
15. Peter, C. (2020, April 08). COVID-19: Latest news and resources. Retrieved from MedicalNewsToday: https://www.medicalnewstoday.com/articles/158179
16. Rahman, A., & Sarkar, A. (2019). Risk factors for fatal middle east respiratory syndrome coronavirus infections in Saudi Arabia: analysis of the WHO Line List. Am J Public Health, 109(9), 1288 - 1293.
17. Raj VS, M. H. (2013). Dipeptidyl peptidase 4 is a functional receptor for the emerging human coronavirus-EMC. Nature, 495(7440), 251 - 254.
18. Shi, Z., & Hu, Z. (2008). A review of studies on animal reservoirs of the SARS coronavirus. Virus Res, 133(1), 74 - 87.
19. Van, B. S., de-Graaf, M., Lauber, C., Bestebroer, T., Raj, V., & Zaki, A. (2012). Genomic characterization of a newly discovered coronavirus associated with acute respiratory distress syndrome in humans. MBio, 3(6), 00473 512.
20. Wan, Y., Shang, J., Graham, R., Baric, R., & Li, F. (2020). Receptor recognition by novel coronavirus from Wuhan: an analysis based on decade-long structural studies of SARS. J Virol.
21. Wang, C., Horby, P., Hayden, F., & Gao, G. (2020). A novel coronavirus outbreak of global health concern. The Lancet.
22. Wang, N., Shi, X., Jiang, L., Zhang, S., Wang, D., & Tong, P. (2013). Structure of MERS-CoV spike receptor-binding domain complexed with human receptor DPP4. Cell Res, 23(8), 986.
23. Wroblewski, M. (2019, March 18). What are the six major modes of communication marketing. Retrieved from Bussinesses in the World: https// smallbusiness.chron.com
24. Wu, A., Peng, Y., Huang, B., Ding, X., Wang, X., & Niu, P. (2020). Genome composition and divergence of the novel coronavirus (2019-nCoV) originating in China. Cell Host Microbe.
25. Wu, F., Zhao, S., Yu, B., Chen, Y.-M., Wang, W., & Song, Z.-G. (2020). A new coronavirus associated with human respiratory disease in China. Nature, 1(1), 1 - 5.
26. Xu, X., Chen, P., Wang, J., Feng, J., Zhou, H., & Li, X. (2020). Evolution of the novel coronavirus from the ongoing Wuhan outbreak and modeling of its spike protein for risk of human transmission. Science China Life Sciences, 63(3), 457 - 460.
27. Zheng, B., Guan, Y., Wong, K., Zhou, J., Wong, K., & Young, B. (2004). SARS-related virus predating SARS outbreak, Hong Kong. Emerg Infect Dis, 10(2), 176.
Published
2022-02-23
How to Cite
Shafau, S. T., & Johncally, A. O. (2022). Covid 19: Consequential Effects on Insurance Industry, Risk Management and Insurability of Pandemic Risk. International Journal on Orange Technologies, 4(2), 36-46. Retrieved from https://journals.researchparks.org/index.php/IJOT/article/view/2761
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Articles
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