A defining moment of 2020 is the covid-19 pandemic, which reared its ugly head at the beginning of the year. It has a lot of casualties, looking at the death rate, job losses and business closures, and it has generally disrupted many things including school.
While it has been a low moment, it is also a learning point, which will help us in case there is another disease outbreak on the loose. The good news as 2020 comes to a conclusion is that there is a vaccine out and many are waiting for their availability.
As we look forward to the inoculation, there are things to learn from the pandemic and highlighted are some of them.
Our Health Is The Number One Priority
While it may sound cliché, our health is always the top priority and other things come second. Businesses shut and peopled ceased going to work and school, to keep safe. While government orders and reinforcements forced the lockdown, many people were willing to do all they could to keep the virus at bay.
This shows us how critical our wellbeing is and we should always strive to ensure that we are in good shape.
The Role Of Health Professionals
Still, on the subject of our health, we have to appreciate the role of health professionals. They are among the most underrated professionals we have, but we can see their efforts in the control of the virus outbreak. They helped the ailing ones and worked overtime to ensure that they are back to their feet.
During the pandemic, their aid was more voluntary, considering that they faced a lot of risks of contracting the virus. Many contracted it and sadly, some passed on. Looking at their sacrifice, together with those in the research field, we have to appreciate them.
How Prepared Are We?
The pandemic tested our preparedness during this time and the sad truth is that it caught us by surprise. It means we were not prepared for such a disaster and this is one lesson we should learn. Most of us took our unpreparedness to another level by living in denial of the disease’s existence.
We should always be prepared for any tragedy as we do not know what will befall us. The high mortality rate is one of the consequences of us staying in our comfort zone. To curb such occurrences in the future, we have to pay attention to the health sector, as it proved to be our backbone during this trying time.
An improvement in the health sector; banking on moves like increasing personnel and health facilities can help in our readiness for a similar situation.
The Essence Of Insurance
Insurance has been around for long, and it is very beneficial when dealing with losses. The coronavirus outbreak brought with it substantial losses, most of which are hard to recover from. Here is where insurance steps in to help those in the middle of a peril to get back to their feet.
You may note that several businesses came down during this period, due to the lockdown and travel bans. With no means to run, the profit-making entities had to close shop. However, with insurance on their side, they can easily get back up.
Medical insurance has also shown its significance, especially to those affected by the virus. In many places treatment was very expensive, making it unaffordable to many people who needed care. The ones with a medical cover had an easy way as their insurers came to their aid. It brought to light the significance of this cover, and it is an expectation that it will increase in popularity in the coming years.
In financial trading, there is also insurance in the form of hedging. With the stock markets going into recession when covid-19 struck, many traders experienced losses. A way to deal with the losses is hedging, where you have a wall to lean on in case of a failed trade execution. However, hedging may reduce the profit margins.
The coronavirus pandemic is a low point of the century, as most of us have never come across an epidemic of such a magnitude. With a vaccine on its way, there is a sign of relief. Highlighted are some of the lessons we can learn from this viral outbreak, which we can rely on to help us in the future.