The Insurance Council of Australia (ICA) has cancelled this month’s Annual Forum due to concerns about the spread of the coronavirus.

The forum was due to be held at the Sydney Hilton on March 18 and was set to focus on climate change, regulation, self-regulation and the new version of the General Insurance Code of Practice.

Companies are increasingly imposing restrictions on employees as the COVID-19 virus spreads, and the decision to cancel the event was taken last night.

“It follows concerns expressed by many delegates about the risks associated with attending large public events during the COVID-19 crisis,” ICA spokesman Campbell Fuller told insuranceNEWS.com.au.

“Many companies are putting in place travel restrictions, and restrictions on attending large public events, so under those circumstances the Insurance Council, as the event organiser, has a responsibility to consider the health of its staff, guests and speakers at these events.”

ICA will be fully refunding all delegate tickets, he said.

Scheduled speakers at the forum included Assistant Treasurer Michael Sukkar, Australian Securities and Investments Commission Deputy Chairman Karen Chester and Australian Prudential Regulation Authority Executive Board member Geoff Summerhayes.

ICA has also cancelled the annual dinner scheduled for May 7.

The Federal Government yesterday stepped up the level of advice for South Korea and also announced enhanced health screening and temperature testing arrangements for arrivals from Italy.

“The Australian Government continues to monitor and respond to the COVID-19 outbreak as it evolves,” Prime Minister Scott Morrison said.

Standard & Poor’s has estimated that overall economic damage from the coronavirus is likely to reach $US211 billion ($319 billion) in the Asia-Pacific region.