The airline industry is becoming a leading indicator of the global economic contraction now projected for the first quarter, and possibly for the full year, as the new coronavirus escapes containment efforts in China. German companies seem particularly aggressive in trying to cut expenses in line with declining revenue trends as passenger demand dries up.… Continue reading Coronavirus Hits Come Fast for Aviation Sector
Tag: coronavirus
Almost No Company Is Safe from Coronavirus Impact
Companies have endured financial meltdowns, civil wars and natural disasters. But nothing in modern memory has dented both demand and supply so quickly for so many industries as the novel coronavirus. The virus, which has infected more than 85,000 people, has swept through Asia and Europe, disrupted global travel and hobbled supply chains that churn… Continue reading Almost No Company Is Safe from Coronavirus Impact
U.S. Pro Sports Leagues Keeping Close Eye on Coronavirus Outbreak
Major North American professional sports leagues are talking to health officials and informing teams about the coronavirus outbreak that has led to the first reported death in the U.S. Officials from the NBA, NHL and Major League Baseball say they are all consulting with the Centers for Disease Control and Prevention and other organizations on… Continue reading U.S. Pro Sports Leagues Keeping Close Eye on Coronavirus Outbreak
The Coronavirus Is Now a “Pre-Existing Condition” As Far As Travel Insurers Are Concerned
Now that the Center for Disease Control (CDC) has officially issued warnings about travel to China due to the coronavirus, the availability of travel insurance to that area has diminished. While travel to other countries has not been affected as of now, until the virus is cured and contained, things could continue to ratchet down.… Continue reading The Coronavirus Is Now a “Pre-Existing Condition” As Far As Travel Insurers Are Concerned
Catastrophe Bonds Signal Coronavirus Nearing Pandemic Status
The World Health Organization says the coronavirus isn’t yet a global pandemic. Bonds that insure against just such a catastrophe say that it probably is. The bonds, sold in 2017 by the World Bank to raise money for poor countries in a global pandemic, are quoted as much as 40% below their face value following… Continue reading Catastrophe Bonds Signal Coronavirus Nearing Pandemic Status
CDC Warns of “Severe” Disruption to Daily Life in U.S. as Coronavirus Spreads
The U.S. Centers for Disease Control and Prevention is warning Americans to prepare for an outbreak of the coronavirus that’s rocked China and hammered the global economy — saying it’s not a question of “if” but “when” the virus will come to the United States. The warning came as new coronavirus cases spread far beyond… Continue reading CDC Warns of “Severe” Disruption to Daily Life in U.S. as Coronavirus Spreads
Market Panic Over Coronavirus Isn’t Warranted, Says Allianz CEO
Markets are overreacting to the threat of the rapidly spreading coronavirus and the global economy will only see a short-term impact, said the head of Allianz SE, Europe’s biggest insurer. Chief Executive Officer Oliver Baete said the firm was more concerned about the safety of its clients than any impact to its business, in an… Continue reading Market Panic Over Coronavirus Isn’t Warranted, Says Allianz CEO
Coronavirus Tests Europe’s Open Borders as Italy Death Toll Rises
Italy reported a sixth death from the coronavirus Monday, as authorities imposed quarantines and other restrictions in the country’s economic heartland to fight what is now the world’s third-biggest national outbreak after China and South Korea. Italian authorities on Monday shut down schools, universities and museums across the country’s north, and banned public and private… Continue reading Coronavirus Tests Europe’s Open Borders as Italy Death Toll Rises
Insuring Against the Business Risks of Coronavirus
The coronavirus epidemic that has afflicted Wuhan, China is having economic ripple effects for the global economy, slowing orders and disrupting supply chains. News reports indicate that the impacts are already being felt in industries as diverse as electronics, auto manufacturing, airlines and passenger cruises. Travel, transportation, hospitality, health care and event planning are only… Continue reading Insuring Against the Business Risks of Coronavirus
Chinese Province Launches Insurance for Businesses Hit by Coronavirus
China’s southern province of Hainan has launched the first specially designed insurance product to cover losses incurred by businesses as a result of the coronavirus outbreak in the country, the banking and insurance regulator said. The scheme has set aside 200 million yuan ($28.7 million) to cover payouts, according to a notice released by the… Continue reading Chinese Province Launches Insurance for Businesses Hit by Coronavirus