USV Symbol Macro(s) Description 0216 Ȗ \textroundcap{U} LATIN CAPITAL LETTER U WITH INVERTED BREVE \textinvbreve{U} 0217 ȗ \textroundcap{u} LATIN SMALL LETTER U WITH INVERTED BREVE \textinvbreve{u} 0218 Ș \textcommabelow{S} LATIN CAPITAL LETTER S WITH COMMA BELOW 0219 ș \textcommabelow{s} LATIN SMALL LETTER S WITH COMMA BELOW 021A Ț \textcommabelow{T} LATIN CAPITAL LETTER T WITH COMMA BELOW 021B ț \textcommabelow{t} LATIN SMALL LETTER T WITH COMMA BELOW 021C Ȝ \YOGH LATIN CAPITAL LETTER YOGH 021D ȝ \yogh LATIN SMALL LETTER YOGH 021E Ȟ \v{H} LATIN CAPITAL LETTER H WITH CARON \capitalcaron{H} 021F ȟ \v{h} LATIN SMALL LETTER H WITH CARON 0220 Ƞ \M{N} LATIN CAPITAL LETTER N WITH LONG RIGHT LEG 0221 ȡ \textctd LATIN SMALL LETTER D WITH CURL International Journal of 0224 Ȥ \textcommabelow{Z} LATIN CAPITAL LETTER Z WITH HOOK Environmental Research 0225 ȥ \textcommabelow{z} LATIN SMALL LETTER Z WITH HOOK and Public Health \textcommatailz 0226 Ȧ \.{A} LATIN CAPITAL LETTER A WITH DOT ABOVE \capitaldotaccent{A} Article 0227 ȧ \.{a} LATIN SMALL LETTER A WITH DOT ABOVE 0228 Ȩ \c{E} LATIN CAPITAL LETTER E WITH CEDILLA The Impact of COVID-19 on the Insurance\capitalcedilla{E} Industry 0229 ȩ \c{e} LATIN SMALL LETTER E WITH CEDILLA 1,2,3 1, 3,4022A Ȫ \={\"O} 3,5 LATIN CAPITAL LETTER O WITH DIAERESIS AND MACRON Pius Babuna , Xiaohua Yang * , Amatus Gyilbag , Doris Abra Awudi\textdieresisoverline{O}, 3 1 David Ngmenbelle and Dehui Bian 022B ȫ \={\"o} LATIN SMALL LETTER O WITH DIAERESIS AND MACRON \textdieresisoverline{o} 1 School of Environment, Beijing Normal University, Beijing 100875, China; 022C Ȭ \={\~O} LATIN CAPITAL LETTER O WITH TILDE AND MACRON [email protected] (P.B.); [email protected] (D.B.) \texttildeoverline{O} 2 Department of Geography and Environmental Science, The University022D ȭ of Reading,\={\~o} Whiteknights, LATIN SMALL LETTER O WITH TILDE AND MACRON P.O. Box 227, Reading RG6 6AB, UK \texttildeoverline{o} 3 College of Agriculture and Natural Resources, Kwame Nkrumah022E UniversityȮ of\.{O} Science and Technology, LATIN CAPITAL LETTER O WITH DOT ABOVE \capitaldotaccent{O} Kumasi PMB KNUST, Ghana; [email protected] (A.G.); [email protected] (D.A.A.); 022F ȯ \.{o} LATIN SMALL LETTER O WITH DOT ABOVE [email protected] (D.N.) 4 0230 Ȱ \={\.O} LATIN CAPITAL LETTER O WITH DOT ABOVE AND MACRON Chinese Academy of Agricultural Sciences (CAAS), Institute of Environment and\textdotoverline{O} Sustainable Development in Agriculture (GSCAAS), Haidian District, Beijing 100875, China0231 ȱ \={\.o} LATIN SMALL LETTER O WITH DOT ABOVE AND MACRON 5 Department of Nutrition and Food Hygiene, School of Public Health, Nanjing\textdotoverline{o} Medical University, Longmian Avenue 101, Nanjing 211166, China 0232 Ȳ \={Y} LATIN CAPITAL LETTER Y WITH MACRON * Correspondence: [email protected]; Tel./Fax: +86-10-5880-6050 \capitalmacron{Y} 0233 ȳ \={y} LATIN SMALL LETTER Y WITH MACRON 0234 ȴ \textctl LATIN SMALL LETTER L WITH CURL Received: 22 June 2020; Accepted: 5 August 2020; Published: 10 August 2020 0235 ȵ \textctn LATIN SMALL LETTER N WITH CURL 0236 ȶ \textctt LATIN SMALL LETTER T WITH CURL Abstract: This study investigated the impact of COVID-19 on the insurance industry by studying 0237 ȷ \textdotlessj LATIN SMALL LETTER DOTLESS J the case of Ghana from March to June 2020. With a parallel comparison to\j previous pandemics such as SARS-CoV, H1N1 and MERS, we developed outlines for0238 simulatingȸ the\textdblig impact of the pandemic LATIN SMALL LETTER DB DIGRAPH on the insurance industry. The study used qualitative and quantitative\textPUdblig interviews to estimate 0239 ȹ \textqplig LATIN SMALL LETTER QP DIGRAPH the impact of the pandemic. Presently, the trend is an economic recession with\textPUqplig decreasing profits but increasing claims. Due to the cancellation of travels, events023A and otherȺ economic\textstrokea losses, the Ghanaian LATIN CAPITAL LETTER A WITH STROKE insurance industry witnessed a loss currently estimated023B at GH Ȼ112 million.\textstrokecapitalc Our comparison LATIN CAPITAL LETTER C WITH STROKE and forecast predicts a normalization of economic indicators023C fromȼ January\textstrokec 2021. In the meantime, LATIN SMALL LETTER C WITH STROKE \textslashc while the pandemic persists, insurers should adapt to working from remote locations, train and equip 023D Ƚ \textbarcapitall LATIN CAPITAL LETTER L WITH BAR staff to work under social distancing regulations, enhance023E cybersecurityȾ \textstrokecapitalt protocols and simplify LATIN CAPITAL LETTER T WITH DIAGONAL STROKE claims/premium processing using e-payment channels. It will023F requireȿ the collaboration\textrts of the Ghana LATIN SMALL LETTER S WITH SWASH TAIL Ministry of Health, Banking Sector, Police Department,0240 Customsɀ Excise\textrtz and Preventive Service, LATIN SMALL LETTER Z WITH SWASH TAIL other relevant Ministries and the international community to bring the pandemic to a stop. Keywords: coronavirus; COVID-19; insurance industry; infection rate; National Insurance 12 Commission; pandemic; World Health Organization 1. Introduction Coronavirus disease, scientifically reclassified as COVID-19, has assumed global pandemic proportions [1]. It attained a pandemic status declared by the World Health Organization (WHO) on 11 March 2019 [1]. The current spread of the virus at a fast rate compared to previous pandemics has resulted in a total lockdown of nations, ban on travels, public gatherings and closure of offices. There has been global closure of businesses as well as the loss of jobs and lives. The general economic situation is a global recession. In most instances, the insurance industry and governments all over the world have become the beacons of hope to which people look for rescue from total annihilation. However, due to the fast increase in infection cases greater than the recovery of infected people, the pandemic has overwhelmed many governments and financially weakened some insurance companies. The impact Int. J. Environ. Res. Public Health 2020, 17, 5766; doi:10.3390/ijerph17165766 www.mdpi.com/journal/ijerph USV Symbol Macro(s) Description 0216 Ȗ \textroundcap{U} LATIN CAPITAL LETTER U WITH INVERTED BREVE \textinvbreve{U} 0217 ȗ \textroundcap{u} LATIN SMALL LETTER U WITH INVERTED BREVE \textinvbreve{u} 0218 Ș \textcommabelow{S} LATIN CAPITAL LETTER S WITH COMMA BELOW 0219 ș \textcommabelow{s} LATIN SMALL LETTER S WITH COMMA BELOW 021A Ț \textcommabelow{T} LATIN CAPITAL LETTER T WITH COMMA BELOW 021B ț \textcommabelow{t} LATIN SMALL LETTER T WITH COMMA BELOW 021C Ȝ \YOGH LATIN CAPITAL LETTER YOGH 021D ȝ \yogh LATIN SMALL LETTER YOGH 021E Ȟ \v{H} LATIN CAPITAL LETTER H WITH CARON \capitalcaron{H} 021F ȟ \v{h} LATIN SMALL LETTER H WITH CARON 0220 Ƞ \M{N} LATIN CAPITAL LETTER N WITH LONG RIGHT LEG 0221 ȡ \textctd LATIN SMALL LETTER D WITH CURL 0224 Ȥ \textcommabelow{Z} LATIN CAPITAL LETTER Z WITH HOOK Int. J. Environ. Res. Public Health 2020, 17, 57660225 ȥ \textcommabelow{z} 2 of 14 LATIN SMALL LETTER Z WITH HOOK \textcommatailz 0226 Ȧ \.{A} LATIN CAPITAL LETTER A WITH DOT ABOVE of the pandemic on the Ghanaian insurance industry is yet to be estimated and\capitaldotaccent{A} projected to provide a 0227 ȧ \.{a} LATIN SMALL LETTER A WITH DOT ABOVE guide for government and insurers for the simulation of future events. 0228 Ȩ \c{E} LATIN CAPITAL LETTER E WITH CEDILLA As of 22 June 2020, 14,007 confirmed cases have been reported in Ghana,\capitalcedilla{E} and the numbers keep increasing by day [1]. On 30 March, the president of Ghana0229 announcedȩ a partial\c{e} lockdown in Accra, LATIN SMALL LETTER E WITH CEDILLA Tema and Kumasi. The lockdown, however, lasted for only022A three weeksȪ and\={\"O} was lifted on 19 April LATIN CAPITAL LETTER O WITH DIAERESIS AND MACRON following the overweight of economic meltdown on the nation. Though the country\textdieresisoverline{O} received a financial 022B ȫ \={\"o} LATIN SMALL LETTER O WITH DIAERESIS AND MACRON support of USA $1 billion and donations from other organizations, philanthropists\textdieresisoverline{o} and partners to cushion the impact of the pandemic, the economic effects of022C the partialȬ lockdown\={\~O} were much greater LATIN CAPITAL LETTER O WITH TILDE AND MACRON than can be contained by the nation. Increased pressure on health workers\texttildeoverline{O} and hospital facilities at 022D ȭ \={\~o} LATIN SMALL LETTER O WITH TILDE AND MACRON present is overbearing, and it seems a catastrophic situation is imminent. \texttildeoverline{o} The insurance industry in Ghana plays a very important022E roleȮ in the\.{O} national economy [2]. LATIN CAPITAL LETTER O WITH DOT ABOVE Ghana presently has a huge infrastructural deficit that requires the establishment\capitaldotaccent{O} of efficient insurance policies to pursue economic development [3,4]. The industry022F provides safetyȯ and\.{o} stability to individuals, LATIN SMALL LETTER O WITH DOT ABOVE 0230 Ȱ \={\.O} LATIN CAPITAL LETTER O WITH DOT ABOVE AND MACRON groups, institutions and businesses [5]. A healthy and developed insurance\textdotoverline{O} industry will improve the stability of financial markets. Over a long period, the Ghanaian0231 insuranceȱ \={\.o} industry has witnessed LATIN SMALL LETTER O WITH DOT ABOVE AND MACRON stability and economic growth due to the stable growth of the economy boosted\textdotoverline{o} by increased cocoa, gold and agricultural production. The recent boom in the oil business0232 has particularlyȲ \={Y} catapulted insurance LATIN CAPITAL LETTER Y WITH MACRON \capitalmacron{Y} premiums [2]. Currently, the total assets of the Ghanaian0233 insuranceȳ industry\={y} is GH 6.2 billion. LATIN SMALL LETTER Y WITH MACRON The Life sector contributes GH 3.1 billion, Non-Life GH 2.40234 billion andȴ Reinsurance\textctl GH 0.7 billion. LATIN SMALL LETTER L WITH CURL Thirty percent (30%) of Ghanaians (i.e., 9,311,985 of 31,039,949)0235 areȵ currently\textctn insured while twelve LATIN SMALL LETTER N WITH CURL thousand (12,000) Ghanaians are employed in the insurance industry0236 [2ȶ].