The economic prognosis for 2020 changes almost daily. But one detail that everyone from Main Street to Wall Street seems to agree upon is that markets worldwide are headed into an economic slump as a result of the novel coronavirus and business-halting efforts to contain it. Consider these telltale signs:

• "A nasty, historic recession is looming, and Americans of all ages will feel it," Caroline Mimbs Nyce wrote in The Atlantic.
• BBC News reported in April that the global economy will constrict 3%, igniting the worst global economic decline since The Great Depression.
• Our sister publication, ThinkAdvisor, has since reported that the U.S. economy is shrinking at a pace of 4.8% and that the downturn coincided with the steepest decline in consumer spending in several decades.
• And, according to CNN, more than 30 million people in the United States have filed for unemployment. As of April 30, that figure represented nearly a fifth of all U.S. workers.

Shifting insurance needs

Individuals and companies will continue to need insurance, regardless of how the economy morphs in the coming months. Downsizing industries, however, may see their coverage needs shrink while people who are downsized may take up new vocations or hobbies that require new insurance products and protection. Investopedia, the financial news outlet powered by the same team that publishes the annual "Best Places to Work" survey, recently looked at the industries that are least likely to be affected by a recession. In general, businesses that are relatively shielded from a market downturn are those that provide people with essential goods and services at a competitive price. The slideshow above outlines five recession-proof industries, according to the writers and editors at Investopedia. Read more: 

• HR honchos need recession plans to get through pandemic
• 10 states where unemployment is rising the most
• 8 precautions 401(k) savers can take to recession-proof their money