Although the downturn is predicted to be short-lived, it’ll take time for economies to make up the lost ground. Even with unprecedented levels of monetary and fiscal stimulus, gross domestic product is unlikely to return to its pre-crisis trend until at least 2022.

Schmid said that he expected to see an increase in demand for coverage against pandemics. But insurers’ capacity to take on such a systemic risk has limits and governments must also be involved, he said

According to the new study, 1.25 billion workers are employed in the sectors identified as being at high risk of “drastic and devastating” increases in layoffs and reductions in wages and working hours. Many are in low-paid, low-skilled jobs, where a sudden loss of income is devastating.

Looked at regionally, the proportion of workers in these “at risk” sectors varies from 41 per cent in the Americas to 26 per cent in Asia and the Pacific.

Asymptomatic patients and imported infections have become China’s chief concern.

Mainland China’s new coronavirus cases doubled in 24 hours as the number of infected overseas travellers surged, and new asymptomatic infections more than quadrupled.

China reported 63 new cases on Wednesday, up from 62 a day earlier, the National Health Commission said.Of those, 61 involved travellers arriving from overseas, the health authority said on Thursday, the most since March 25.That brings the total number of confirmed cases in mainland China to 81,865.

Use of hydroxychloroquine has soared as the United States has quickly become the epicentre of the pandemic, though doctors prescribing it have no idea whether it works.

U.S. fatalities from COVID-19, the respiratory disease caused by the virus, hit 10,902 on Monday, rapidly closing in on Italy and Spain, the countries with the greatest loss of life to date, according to a Reuters tally of official data.

IATA said about $35 billion of tickets were due for refund at the end of the second quarter, and vouchers or a delayed refund was all airlines could offer. IATA has approached governments to ask them not to force airlines to provide cash refunds.