Global Health Insurance for Emergencies

Published By: NA​

Published Date: NA

The article highlights the critical need for global health insurance coverage during health emergencies, particularly in light of recent viral outbreaks. Written by Rakesh Jain, ED & CEO of Reliance General Insurance Company Limited, it emphasises how our interconnected world has become increasingly vulnerable to rapidly spreading diseases like zika, ebola, SARS and coronavirus.

The piece notes that within just two months of the coronavirus outbreak (COVID-19), over 125,000 cases were confirmed globally, with numbers rising hourly. The WHO declared it a pandemic, with India reporting more than 80 confirmed cases at the time of writing, leading to suspension of visas and restrictions on movement. The article outlines the economic impact of global epidemics, explaining that while a strong economy typically supports better healthcare and public well-being, the pandemic created tension between health and economic priorities. Many countries, including Italy, Israel, Iran and nations across Southeast Asia, implemented border closures and travel restrictions. The US suspended travel from 26 European countries to control the spread of the virus. These measures severely impacted sectors like aviation, automotive, healthcare and pharmaceuticals.

Economic experts suggested the outbreak could trigger a worldwide recession, with India potentially among the 15 most-affected economies facing an estimated production slowdown of $348 million. UNCTAD data projected the global economic cost to be $1 trillion.

The article advocates for comprehensive health insurance with global coverage as a solution for travellers caught in such emergencies. Benefits include protection from unexpected financial burdens, coverage for hospitalisation and medical procedures worldwide and access to international medical networks.