Consensus is building for a government-backed pandemic risk insurance program, as companies continue to struggle to deal with the fallout from COVID-19, and pandemic exemptions are spreading to a growing number of insurance lines.
Although there are various public-private risk-sharing mechanisms under discussion, such a proposal, modeled on the Terrorism Risk Insurance Act, was introduced by Rep. Carolyn Maloney, D-New York, a member of the House Financial Services Committee, in late May. [19659002ThestoryoftheintroductionofHR7011PandemicRiskInsuranceActof2020becamethesixthlargestriskmanagementreporton Business Insurance website 2020.
Other proposals include individual insurance plans such as Chubb Ltd. and Zurich North America. An alternative tax payment-financed pandemic backstop plan has also been proposed by large insurance industry groups.
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