The coronavirus has led to the decline of economies around the world, and people are more worried than ever about their businesses and the future of their jobs. For some hard-hit countries like Italy, things have come to a standstill, and even worse, the virus is unprecedented, hence no one knows the future impact it will have on the rest of the world. A lot of industries have been affected, some are having it good while others are recording massive losses. Here is how some of these industries are being impacted by the coronavirus.
Travel Industry
This is one of the most affected industries during the pandemic. Most countries have banned international flights, some even domestic flights, and a lot of airlines have experienced huge losses. Traveling was one of the reasons for the rapid spread of the virus, so to reduce this, governments are forced to ban flights. Most airlines are reducing the number of flights, laying off their staff, and possibly in the near future will completely stop functioning.
According to CAPA-center of aviation, a lot of airlines worldwide will likely go bankrupt before May ends. Not all airlines will survive the pandemic, and those which will do will probably operate on losses before getting back on their feet.
Life Insurance
The life insurance industry also cuts the list of the affected industries, clients are now considering the possible effect of the virus when choosing policy packages, the continuity of life insurance companies is uncertain, and employees for those companies are at risk of losing their jobs. While life insurance policies pay for deaths as a result of health-related illnesses, insurance companies are keener on claims linked to the coronavirus.
Also, your application might be rejected if you have contracted the infection during the time of your application. It is important to provide truthful information when applying for a life insurance policy so that the benefit fully pays out to your loved ones should you die from the coronavirus. Many people are panic buying life insurance as a result of COVID-19. Senior life insurance has especially taken an uptick in sales as many people are worried they will leave the burden of funeral expenses on their loved ones.
Sports Industry
A lot of sports events that were scheduled to happen earlier this year have been canceled because of the COVID-19 pandemic. For instance, major leagues like the NBA, NHL, and XFL, just to mention a few, have postponed most of their games. An estimated loss of up to $450 million in ticket sales and about $200 million in non-ticket sales is expected if the remaining games for the NBA league are not played.
And apart from the basketball leagues, other games for sports like football have also been postponed. This goes to show the significant impact the coronavirus has on the sports industry, which is one of the biggest industries in the world.
Film Production
The film industry is also counting their losses, as it has become harder to operate amidst the coronavirus crises. For instance, Hollywood, which is the biggest movie production industry came to a halt because of the coronavirus. And, some of the biggest stars in the industry like Tom Hanks and Idris Elba confirmed positive for the virus.
Most of the movies that were under production were paused, and unfortunately, some of these movies had the potential to contribute millions to the U.S box office. Also, this means that thousands of people including crew members and actors for different production companies are out of work.
Transport Industry
Transport is yet one of the most essential industries that have been affected by the pandemic. As with most affected countries, lockdowns have been imposed to prevent the spread of the virus. This means that people are not going to restaurants, bars, malls, and other recreational centers. As a result, companies like Lyft, Uber, and other similar ones have been affected in many ways. For example, rideshare services are no longer available and the price for shares is declining.
Wrap Up
The above is just the tip of the iceberg, a lot more industries have been affected by the coronavirus and this has different effects depending on the nature of the industry. Companies have laid off their staff, they are recording more losses, and some face possible closure in the near future. While some industries have been hit hard than the others, the outcome of the effect of the virus in the future is still unknown.
