Life insurance and health insurance executives had their hopes dashed when a new variant of COVID-19 ruined their plans for a peaceful Thanksgiving weekend. 

This new variant not only poses a threat to life insurance officials and healthcare advocates but the general masses as well. A new variant brings with it new causes for anxiety and newer reasons to stop business and work, as the new variant seems to be a dampener of hope just as life was going back to normal. 

According to the World Health Organization's (WHO) advisory group, variant B.1.1.529 is the "omicron" variant. It is ranked among the top five "variants of concern" categories along with the alpha genotype, beta genotype, gamma genotype and the deadly delta genotype, according to the WHO. 

The new variant has been made known to every nation, and necessary precautions are currently being taken to combat its ill effects and possible outbreak. 

Still, the Omicron variant appears to spread faster than other variants identified so far, and it seems to be reinfecting people who have already been infected with COVID-19, according to WHO officials.

As a result, life market traders responded by making significant, quick transactions on the assumption that this variant would lead to new travel restrictions and social distancing efforts. Life insurance companies have done well during COVID-19, but concern over the new variant is expected to hit the industry harder. Stock prices are already starting to go down.