February 27, 2020
As the coronavirus epidemic worsens, businesses worldwide face mounting losses due to quarantine and border closures impacting trade. While many businesses depend on insurance to help recover from business interruption, experts seem to be saying that it is an open question whether claims related to the effects of the coronavirus will be covered. On top of that, the Asian region faces an insurance gap of $60-70 trillion. Though several small business insurance companies have banded together to provide coverage specifically for losses stemming from coronavirus, the economic impact will likely be devastating.