Impact of COVID-19 on insurance industry

Abstract

The COVID-19 outbreak led to an unprecedented abrupt economic shock to many developing countries, among which was the Republic of North Macedonia. In order to reduce the impact of the disease spread, the government of North Macedonia implemented social distancing restrictions such a sclosure of schools, airports, borders, restaurants and shopping malls. In the most severe cases there were even lockdowns – the citizens of certain municipalities were prohibited from leaving theirhomes. This sub sequently led to a major economic down turn: stock market splummeted, inter- national trade slowed down, businesses went bankrupt and people were left unemployed. The resulting pandemic and the government actions taken inresponse, notably altered the social and economic activities under taken by the population (Stojkoski et al., 2020). In this paper we will try to find out impact of COVID-19 on Insurance Industry.