Coronavirus Update
With the World Health Organisation declaring the novel coronavirus (COVID-19) a pandemic, there is no doubt that this issue is a priority topic for organisations and people around the world. Protecting your people, balance sheet and reputation from the threat of infectious disease is critical to achieving your business objectives. The following information provides a high-level overview of the risk, key strategies for managing the risk and links to range of reference and guidance material.
COVID-19
An outbreak of the coronavirus (COVID-19) acute respiratory disease was first detected in Wuhan, China in mid-December 2019. The disease has spread rapidly, with well over 100,000 confirmed cases in over 100 countries including New Zealand. The challenge this presents the New Zealand Government and Ministry of Health experts is novel as they seek to contain this pandemic. The progress of COVID-19 and the actions of governments, businesses and individuals to put people’s health first is having considerable impact on economic activity and on the operational activities of many businesses in New Zealand.
Government Response
As well as the direct disruption from the disease it is necessary to plan for the impacts of necessary government responses to limit the national impact of the virus. Several measures have already been implemented and more would be expected to follow. It is possible that measures imposed to control the spread present greater challenges to business than the virus itself.
As this is a fluid situation, we recommend you keep informed via the monitoring of government agencies including Safe Travel, the Ministry of Health, Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO). To better understand the overall NZ government strategy, refer to the Ministry of Health pandemic response plan here. As well as Government directed action, businesses will also be affected by responses from suppliers and customers, supply chains and service providers.
How does the coronavirus outbreak affect my insurance policies?
Travel Insurance
The most direct impact is on travel insurance with all providers now issuing policy notices that remove or restrict cover for travel to affected regions.
There are individual insurer restrictions so please ensure you contact your Aon broker with any questions.
All other types of insurance
In many cases policy exclusions for events relating to infectious or contagious disease may apply meaning that cover is not available. Please refer to your Aon broker who can review and advise based on your individual situation.
Cyber risk
Be aware that cyber criminals are using the fear of COVID-19 to exploit people. Please see the latest alert from central government here.
Talk to your local Aon Insurance Broker