The Pandemic Risk Insurance Act of 2021 bill seeks to create a risk pool for BI losses stemming from future pandemics
RIMS has reiterated its support for the Pandemic Risk Insurance Act of 2021 bill that has been introduced in the US. The proposed legislation would create a Federal programme that provides a system of shared public and private compensation for business interruption losses resulting from future pandemics or public health emergencies.
“As organisations continue to fight and rebound from the impacts of the global pandemic, it’s critical that business and government leaders come together to develop a real insurance solution to prevent future economic disruption,” said RIMS president Ellen Dunkin.
“Risk professionals are well-positioned to provide a valuable perspective on insurance solutions that not only strengthen business resiliency but would allow our partners in the insurance industry to confidently deliver effective and affordable pandemic risk products.”
The legislation would provide greater access to capital from lenders and establish a viable insurance market with sufficient, affordable capacity.
Additionally, it aims to create certainty for businesses and organizations of all sizes across the US and ensure that businesses can meet future pandemic events with greater resilience.
In June 2021, RIMS joined the Business Continuity Coalition (BCC) to build a more stable insurance market that supports organisations as they navigate future pandemics.
The BCC comprises a broad range of business insurance policyholders – large and small – from across the country.