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INCREASING EPIDEMIC FREQUENCY
There’s mounting evidence that the rates of infectious disease outbreaks have been increasing in frequency over the past few years. Perhaps even in the past two decades.
From the period of the Spanish flu pandemic in 1918 to the HIV/AIDS epidemic around 1981, there were only six pandemics on record. Approximately one per decade.
However, since the SARS outbreak of 2002, there has been an increased frequency of outbreaks.
The records show that SARS was quickly followed by several recurring and new outbreaks. AVIAN flu, MARBURG virus, SWINE flu, MERS, and EBOLA to name a few.
COVID being the latest in the pattern of epidemics has grown into a pandemic.
The world has gone from dealing with one serious outbreak every decade to dealing with a serious outbreak every couple of years. There have been 10 major outbreaks between 2002 and 2020.
IGNORING THE EVIDENCE
Despite this growing trend, most companies didn’t consider epidemics a risk to their business.
The reason for this indifference to risk was simple. Pandemics that badly ravaged the world seemed isolated to the singular event of the Spanish flu. And this isolated event was about a century old.
Added to this was the fact that epidemic insurance had little precedent as a product. And it is very complex to model and calculate. Coverage for business interruption due to communicable diseases was not typically offered by traditional insurance poli...
Source: GIDEON blog - Category: Databases & Libraries Authors: Kristina Symes Tags: Case studies News Reviews Source Type: blogs
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