RIMS gets behind Pandemic Risk Insurance Act

US-based risk management association, RIMS, has voiced its support for the Pandemic Risk Insurance Act of 2020 which was introduced in May. The association is calling on the risk management community to contact their member of Congress to support the proposed bill.

The proposed legislation will effectively create a federal programme that provides compensation for business interruption losses resulting from a pandemic or outbreak of communicable disease. A Pandemic Risk Reinsurance Programme within the Department of the Treasury will also help to create a realistic market for pandemic insurance, RIMS said.

“PRIA is crucially important to the road to economic recovery, especially as businesses examine both the short- and long-term impacts of COVID-19 on business strategies,” said RIMS CEO Mary Roth. “RIMS applauds the efforts of our Congressional leaders to recognise the importance of creating a solution that addresses business interruption and strengthens future resilience. We look forward to continuing to contribute to the PRIA discussion and hope the Senate moves swiftly to introduce similar legislation.”

    Share Story:

YOU MIGHT ALSO LIKE


The Future of Risk & Resilience with AI & Data
CLDigital's Co-Founder, Tejas Katwala, joins CIR Magazine to discuss how CLDigital is transforming enterprise risk and resilience. By integrating business processes, AI and data-centric strategies, organisations can move beyond compliance to proactive risk management – simplifying operations, strengthening resilience, and driving business performance. Listen now to explore the future of intelligent risk management.

Investec is disrupting premium finance – Podcast
Investec made waves in entering the premium finance market, where listening and evolving in response to brokers made a real difference.

Advertisement