Assessing the Impact of Business Continuity Plans on Covid-19 Pandemic: Case of Sierra Leonean Insurance Industry
Publication Date : 17/03/2021
Business Continuity Plan (BCP) is a risk management tool that enables companies to prevent, plan for, respond to, and recover from disruptions. Companies with a developed BCP have undergone risk and impact assessment of possible disruptions to business operations, enabling the deployment of risk mitigations. COVID-19 was declared a pandemic by the World Health Organization on March 11th, 2020. This is a perfect example of such disruption, for which the Business Continuity Plan is formulated and implemented as mitigation. This paper examines how insurance companies in Sierra Leone are navigating the pandemic, utilizing the BCP. Method The non-experimental quantitative research conducted for this study obtained data from 10 out of 11 insurance companies in Sierra Leone, using questionnaires. Results The results showed that only 20% of respondents had a BCP formulated and approved before the COVID-19 pandemic. Conclusion The study concluded that profit, marketing activities, and revenue were the top 3 aspects of Sierra Leonean insurance industry operations affected by the COVID-19 pandemic. The research further showed that the late adoption of BCP had a significant negative impact on the Sierra Leonean insurance industry. The research recommends further study of BCP components, as implemented by the Sierra Leonean insurance industry.
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