The coronavirus disease also referred to as COVID-19 was initially reported in Hubei Province, China on 31st December, 2019.
By 30th January, a public health emergency of international concern was declared by the World Health Organization (WHO) as 50,000 cases were reported globally. The virus was confirmed to be zoonotic, meaning it can be transferred between animals and humans with primary transfer through close contact, coughing or sneezing.
As a means to curb the global spread of this virus, the Foreign and Commonwealth Office (FCO) advised against all travel to Hubei province and against all but essential travel to the rest of mainland China. Recently, the WHO sent special delegates to china to speak with scientists as a measure to study, understand and tackle this outbreak. Among these delegates is the Director General of the Nigerian Centre for Disease control NCDC, Mr.Chikwe Ihekweazu.
While everyone is concerned about public health, insurance companies will also have to deal with other unique and direct impact of this outbreak. These includes increase in travel claims, business interruption claims and loss of revenue.