OSIGURANJE KAO POTENCIJALNI FINANSIJSKI INSTRUMENT SOCIOEKONOMSKE ZAŠTITE – POSLJEDICE PANDEMIJE COVID-19
INSURANCE AS A POTENTIAL FINANCIAL INSTRUMENT OF SOCIOECONOMIC PROTECTION - THE CONSENQUENCES OF THE COVID-19 PANDEMIC

Summary/Abstract: The world economic scene is facing the consequences of a short-term health and economic crisis caused by the current Covid-19 pandemic. The emergence of the progressive virus has pointed to key shortcomings in the readiness to face a possible pandemic, and networks of socio-economic security and global cooperation have failed. The large number of human casualties and huge economic losses clearly indicate the growing importance of risk management, especially catastrophic, including the risk of a pandemic. The insurance sector has been put to a severe test, as a possible instrument for protection against future risks, although in addition to many economic segments, it has been extremely affected by the adopted measures and the consequences of the current pandemic. The subject of the paper is the analysis of the impact of the Covid-19 pandemic on the global economy, the growth trend of existing and emerging risks as a result of the pandemic and their impact on the insurance sector, including negative and positive market developments and challenges and opportunities. The aim of this paper is to point out the role of insurance as a potential financial instrument of socioeconomic protection in the post-pandemic period. After the first wave of short-term recession that followed in response to epidemiological measures, the world economy is facing accompanying risks whose effects will continue in the coming period. The emergence of high unemployment, financial losses, social and health consequences requires a new, innovative approach in which the insurance activities can play an important role, a protective role, through several aspects.

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