Insurance Role for Handling the COVID-19 impact on Business and Society

The insurance industry plays a key role in the exceptional circumstances characterized by losses unexpected, including catastrophic events and pandemics. In the last months, the COVID-19 has caused significant transformations to business activities and societal changes following the lock down and the other restrictive political measures to contrast the diffusion of the virus. In this work we discuss the capacity of the insurance industry to handle the economic consequences of the COVID-19 on business and society and the limits resulting from the impact of the pandemic on the sector itself. We outline the insurance coverage opportunities for society, in term of life and health insurance, and for business, focusing on business interruption and cyber risk protection.