Discussion:

1. Every business organization of every industry has faced challenges while operating its
businesses due to the COVID-19 pandemic. The pandemic forced the universities to shut
down their campuses, students were sent to their homes. Moreover, teaching started on an
online platform. Universities have 75% of the Chinese students that restricted travel
which has caused a $1- $3 billion loss. Thus, this has impacted the universities operations
and caused an operational risk for it.
2. The pandemic also falls under the uninsurable risk category. As the uninsurable could be
provided by limited insurance companies. It would provide less coverage and would be
expensive. Organizations who have identified the risk could other insurance policies to
cover the damages. Such as stoppage of the supply chain, raw material or inventory.
Moreover, through risk management, enterprise risk management, safety and compliance
committees the uninsurable risk could be managed.
3. The risk transfer option would change in future due to the remote working, connecting
with clients, digitalization has opted for the business purposes. Moreover, the fraud risk
has been increased due to the incorporation of the above-mentioned changes. The
insurance could be provided with the help of the government and other risk insurance
programs. The challenges faced by such insurance institutions would be coverage amount
and risk identification.