Coronavirus Economic Impact Thread

[BoSon]

3 hours ago, onlyme said:

Insurance specific for those classes of business event cancellation which include business interruption, weather related issues, non attendance of key performers etc had specific exclusions added when SARS first popped on the scene in 2003, it was seen as a risk likely to cause total loss and not something the insurance industry wanted to cover at all.

I was thinking about the potential impact on insurance companies, particularly travel insurance related, if all the summer holidays are cancelled.

Was thinking of booking a week away, checking flights and hotels, but then wondered if it would be covered under normal travel insurance if it doesn't all blow over by the summer, and if it's not all blown over not sure I would fancy travelling in case end up quarantined somewhere away from home.

I suppose as the impact spreads we'll see more reports of what is or isn't covered in terms of existing bookings that may end up cancelled, or no longer insured if travelling against government advice.

Seems a bit strange that currently everything seems normal when out and about but that can change very rapidly if a major outbreak is found like the one in Italy. So like many that are aware of the developing situation, the economic impact of not going ahead with plans and taking a wait and see approach instead is already gaining momentum.

[onlyme]

5 minutes ago, BoSon said:

I was thinking about the potential impact on insurance companies, particularly travel insurance related, if all the summer holidays are cancelled.

Was thinking of booking a week away, checking flights and hotels, but then wondered if it would be covered under normal travel insurance if it doesn't all blow over by the summer, and if it's not all blown over not sure I would fancy travelling in case end up quarantined somewhere away from home.

I suppose as the impact spreads we'll see more reports of what is or isn't covered in terms of existing bookings that may end up cancelled, or no longer insured if travelling against government advice.

Seems a bit strange that currently everything seems normal when out and about but that can change very rapidly if a major outbreak is found like the one in Italy. So like many that are aware of the developing situation, the economic impact of not going ahead with plans and taking a wait and see approach instead is already gaining momentum.

Not really that familiar with gen travel insurance, for sure if I cancel then I lose, if flights grounded due to government then maybe some recourse (situation complicated/supported by ABTA cover), wouldn't;t be in any rush to any new booking, situation way too fluid to predict anything that may/may not happen.

[Hardhat]

Generally with travel insurance you can only claim flights back if the airline can be proven at fault, even for bad weather conditions etc you usually can't claim as it can be considered force majeure... think it would probably be the same with Covid-19 but not an expert by any means.

The main reason I always get travel insurance is to cover possible medical expenses abroad... especially US.

[JoeDavola]

Time to buy gold? Highest price in 7 years apparently.

[Loki]

2 minutes ago, JoeDavola said:

Time to buy gold? Highest price in 7 years apparently.

7 years ago was the time to buy then

[BearyBear]

9 minutes ago, JoeDavola said:

Time to buy gold? Highest price in 7 years apparently.

Too late I think... explosive moves like that tend to reverse quickly. Good opportunity was when the spot price went below production costs.

[Ash4781b]

What’s the view on life assurers ?  I see positives and negatives 

[Harley]

56 minutes ago, Ash4781b said:

What’s the view on life assurers ?  I see positives and negatives 

Market today says "no".  Down a lot, relatively.

[Wight Flight]

On the latest cruise offers sites, you can get a 4 night cruise out of Los Angeles for $124!

Just $30 a day, with as much food as you can eat.

What could possibly go wrong?

[Popuplights]

On 23/02/2020 at 06:57, Bear Hug said:

Would supply constraints increase the prices? Or will demand drop once everyone panics and stops buying crap every other day?

Interesting question. I reckon massive demand slump. Surely every body has all the cheap Chinese crap they need for now. Purchase deferral is very easy

[Popuplights]

1 hour ago, Wight Flight said:

On the latest cruise offers sites, you can get a 4 night cruise out of Los Angeles for $124!

Just $30 a day, with as much food as you can eat.

What could possibly go wrong?

That's cheaper than a day trip from Southampton to Cowes on Red Funnel!!

[TheCountOfNowhere]

5 hours ago, Loki said:

7 years ago was the time to buy then

Time to sell gold? 

[Wight Flight]

1 minute ago, Popuplights said:

That's cheaper than a day trip from Southampton to Cowes on Red Funnel!!

It's cheaper than sleeping in a tent and eating your food at the local cafe.

[TheCountOfNowhere]

All bodes well for virgin galactic.... Get me off of this rock someone.... 

[Green Devil]

7 minutes ago, TheCountOfNowhere said:

Time to sell gold? 

2000$ in a few weeks, gotta be,why take it up and not run it to 2000? Perfect excuse now. Expect over performance. 

[Green Devil]

2 hours ago, Wight Flight said:

On the latest cruise offers sites, you can get a 4 night cruise out of Los Angeles for $124!

Just $30 a day, with as much food as you can eat.

What could possibly go wrong?

Found one round the Caribbean, New Orleans, Caribbean, Mexico, Belize, £400! 

 

[Ash4781b]

Just now, Green Devil said:

Found one round the Caribbean, New Orleans, Caribbean, Mexico, Belize, £400! 

 

How long is it meant to last?

[Wight Flight]

1 minute ago, Green Devil said:

Found one round the Caribbean, New Orleans, Caribbean, Mexico, Belize, £400! 

 

There are loads out there.

The question is, do you feel lucky?

(And how much would the insurance cost?)

[Bear Hug]

1 minute ago, Wight Flight said:

There are loads out there.

The question is, do you feel lucky?

(And how much would the insurance cost?)

I love discounted stuff, but I'll also be tempted to wear a mask and avoid touching anything or being near people. I guess in addition to the risk from the cruise, there is a risk of not being able to fly back

[Wight Flight]

13 minutes ago, Bear Hug said:

I love discounted stuff, but I'll also be tempted to wear a mask and avoid touching anything or being near people. I guess in addition to the risk from the cruise, there is a risk of not being able to fly back

Won't really be a great cruise then!

[Loki]

1 hour ago, TheCountOfNowhere said:

Time to sell gold? 

If you've got some spare it might be worth it

@Errol? (I suspect he won't be parting with his in a hurry though!)

[Harley]

3 hours ago, Wight Flight said:

On the latest cruise offers sites, you can get a 4 night cruise out of Los Angeles for $124!

Just $30 a day, with as much food as you can eat.

What could possibly go wrong?

Apparently it's now a 14 day minimum stay!

10 hours ago, BearyBear said:

Cruise companies will take the biggest hit I think, then airlines, hotels and travel agents. Maybe Uber and AirBnb.

Let's just say the Carnival share price hasn't been living up to it's name.  As for TUI......

8 hours ago, onlyme said:

Not really that familiar with gen travel insurance, for sure if I cancel then I lose, if flights grounded due to government then maybe some recourse (situation complicated/supported by ABTA cover), wouldn't;t be in any rush to any new booking, situation way too fluid to predict anything that may/may not happen.

I'm invested on the basis they take your money but never pay out.

[Harley]

On 23/02/2020 at 10:39, Bear Hug said:

Any bussinesses that produce food locally? Not really investable easily probably. 

Just the one.  Sleepers, screws, soil, muck, seeds.

[Green Devil]

2 hours ago, Ash4781b said:

How long is it meant to last?

You might get a bonus two weeks, you never know. 

2 hours ago, Wight Flight said:

There are loads out there.

The question is, do you feel lucky?

(And how much would the insurance cost?)

Not much happening in the Caribbean at the moment with nCov. Not a place the Chinese go. Probably a lot safer than either London or Europe right now. 

[BearyBear]

4 hours ago, Wight Flight said:

On the latest cruise offers sites, you can get a 4 night cruise out of Los Angeles for $124!

Just $30 a day, with as much food as you can eat.

What could possibly go wrong?

Is a breathing mask included..?