How have travel insurers fared in different countries during the pandemic? Daniel Vaughan takes a look at how different practices have led to markedly different outcomes in some markets.
Another week with record new case numbers and fatalities in Australia, continuing to be dominated by Victoria. Six vaccine candidates have now reached Phase Three trials globally, whilst locally a Phase Two trial managed by Flinders University has been approved. CPI records the largest drop on record, dominated by free childcare and low petrol prices. And in terms of understanding the disease, there’s increasing evidence of long-term health implications as a result of COVID-19 with an Italian study showing that after 60 days from onset only 13% of patients reported being symptom free.
In response to COVID-19, the Australian Government introduced an indefinite ban on all overseas travel in late March 2020. With major Australian airlines speculating international flights won’t resume until at least July 2021, the travel industry is likely to endure long-term ramifications. Danielle Casamento considers the impact that changing customer expectations and travel behaviours might have, and what the ‘new normal’ might be for the industry in a post-COVID-19 world.
This note is intended to support Appointed Actuaries in their preparation of Financial Condition Reports, as they consider the impacts that the COVID-19 pandemic and shutdowns have had on Non-Financial Risks.
