IBISWorld's analysts constantly monitor the industry impacts of current events in real-time – here is an update of how this industry is likely to be impacted as a result of the global COVID-19 pandemic:
error_outlineThe COVID-19 outbreak is anticipated to have little effect on the Insurance and Superannuation Funds subdivision.
error_outlineClaims are not expected to rise significantly for general insurers due to exclusions on standard travel and business interruption policies. Most insurers have exclusions relating to pandemic and virus-related claims. Customers may be insured if they purchased travel insurance prior to the COVID-19 outbreak becoming a known event. Life insurers and reinsurers are not expected to be affected unless the outbreak escalates significantly.
error_outlineThe outbreak will likely have a short-term effect on investment returns for superannuation funds, but the long-term nature of investing in superannuation means these operators have a greater ability to withstand volatility in sharemarkets compared with other market participants.
Note: The content in this report is currently being updated to reflect the trends outlined above.