AN UNFORESEEN CATASTROPHE – MARTIN HESSE
Five years ago, Bill Gates, in a now-famous TED talk, warned of the dangers of a worldwide pandemic. He was not the only one who foresaw such a catastrophe, but for most people, including world leaders, a pandemic of the magnitude of Covid-19 was nowhere on the radar. A small outbreak of Ebola or bird flu, perhaps, which could quickly be contained, but nothing like this, which claimed a quarter of a million lives (at least, as figures are probably understated) within four months.
Humans have spent trillions over the years on defence against other humans. But precious little has funded the fight against an invisible common enemy, potentially more lethal than any human threat save a nuclear war. More worrying than the disease itself is its economic impact.
Companies that, before the crisis, were only just surviving or had high levels of debt, have been knocked hard. Many will go under.While the unemployment figures coming out of the United States are scary, the developing world is experiencing a humanitarian crisis of unprecedented proportions, with millions facing starvation. Are we entering the Great Depression of the 21st Century? Let’s not forget that World War 2 was a direct consequence of the last one.
In this edition we examine possible outcomes, but we also offer practical advice on a range of pandemic-related issues. Can your employer rely on a “force majeure” clause to retrench you? How easy is it to become a member of a medical scheme in a crisis? What do you do after seeing your unit trust values plummet? What questions should you ask to establish whether you can trust a financial adviser, at a time when you need one the most? Also in this information-packed digital-only edition, we explore the implications for consumers of the new Property Practitioners Act, why recently-legislated retirement benefits counselling is likely to drive better retirement outcomes, and what you should do about your life policies if you are moving overseas, temporarily or permanently.
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