In the cases of NCV, there is already significant evidence of under reporting of fatalities by Chinese authorities in Wuhan (some sources suggest that up to 90% of NCV deaths in China may be unreported).
And as the cruise ship stuck outside of Japan demonstrates, the virus may be far more virulent (i.e., contagious) than previously thought.
China just changed how it classifies NCV cases to reduce the number of cases by eliminating those who are infected but not symptomatic meaning the numbers are even less reliable than they were before.
The problem with this is that a number of the superspreaders, like the British fellow that infected 11 other people, and the passenger that infected the cruise ship quarantined in Japan, were not symptomatic when they were infecting others.
Those might still use it in conversation amongst each other, sure, but any actual analysis will be based on far more data than a single number. Fundamentally this is the press trying to boil things down to a double soundbite. As usual.
The case fatality ratio is literally defined as deaths over cases, and that's not useless, but it isn't something you should spend much time thinking about either. Reality is always more complex than any single number. Probably you want to know something like "What are the odds of dying if I'm infected" -- that's a different parameter entirely.
2% is almost certainly an underestimate, in this case. I read an article the other day which did statistical analysis on various groups of cases; it came up with a CFR of 18% for Wuhan (95%, 11% to 80-something), and while the expectation for cases in Singapore is still a little over 2%, that's because the medical system in Singapore isn't overwhelmed.
Reporting that would be an equally bad idea, though. The case fatality ratio only counts infections that are severe enough for the patient to go to hospital and become a case, and we know a large fraction of infections don't. Probably over 90%. Which would push that back down to 2%.
Not that a death rate of 2% of all infected is anything short of apocalyptic, but that's why they're trying so hard to quarantine it.
There are factors that could move that number in both directions.
Yes, presumably there are many mild cases that haven't been counted. But unfortunately coronavirus deaths are probably also undercounted -- for example, https://www.washingtonpost.com/world/as-families-tell-of-pne...
This point I'm not sure about, because it seems bizarre that everyone would make such an obvious mistake, but: as far as I can tell, the death rate is simply calculated as [current total of recorded deaths] / [current total of recorded cases]. But when the fatal cases take quite a long time to kill (from what I've read, it tends to take a week or so from the onset of symptoms for them to become severe, and up to another two weeks for death to occur -- see https://www.straitstimes.com/asia/east-asia/reporters-notebo...) and the total number of cases is rising dramatically, surely that skews the figure toward a significant underestimate?