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.”
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