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The Covid-19 pandemic has taken the world by storm, disrupted government and business operations and functions across the globe.
It has caused a major dip in supply chains, paralysed critical services including travel as well as seen complete shutdown of learning institutions.
Economies and global markets have entered into a period of extreme volatility.Productivity across all sectors has fallen significantly, except for medical products such as ventilators, test kits and face masks.
In Kenya, the insurance industry is among sectors reeling from virus-induced shocks.Businesses will continue to feel the pinch as a direct result of the pandemic.
The insurance and reinsurance companies play a pivotal role during times of economic stress by helping companies and households manage risks and cushion against losses.Yet, as one of the biggest groups of investors, insurers and reinsurers are vulnerable to volatility in financial markets.In a time of global uncertainty, it’s easy to lose sight of the big picture. Kenya Re commits to playing a role in finding solutions to this pandemic in the markets it is in.
-The writer is Kenya Re Managing Director