Covid-19 is having a global impact on countries, economies, companies and individuals.
A large portion of the world is effectively closed. Governments have imposed border restrictions or even closed borders completely, shut down towns and cities and banned gatherings of large numbers of people.
Many businesses have closed temporarily or will be directly affected by the closure of international borders e.g. cafes, restaurants, tourism operators and airlines to name a few.
This will likely lead to a global economic recession, the depth and length of which is unknown at this stage. Markets do not like uncertainty and so this has seen a very sharp correction in asset values.
Central banks and Governments are taking steps to provide stimulus through cuts to central bank cash rates and economic packages to support their own domestic economies.
However, with no definitive timeline until a resolution to the situation markets will continue to remain volatile as will the value of your policy.
We understand that this may cause some uncertainty and recommend you speak with your adviser for more information and advice about your policy.