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The Risk and Insurance Management Society Inc. said Tuesday it has joined a coalition of policyholder groups to develop an insurance program for pandemics.
The Washington-based Business Continuity Coalition, which was formed last October, represents more than two dozen policyholder groups and companies from the hospitality, real estate, retail, film, television and other industries.
The coalition is working with policymakers and other stakeholders to develop an insurance program to ensure business continuity in the event of future widespread closures due to pandemics and other emergencies.
RIMS last year announced its support for H.R. 7011, a bill to create the Pandemic Risk Insurance Act of 2020 that was introduced by Rep. Carolyn Maloney, D-New York.
“The COVID-19 global health pandemic has taught business leaders many valuable lessons, most importantly, the need for insurance solutions to protect assets, employees and keep their enterprises up-and-running amidst a health crisis,” RIMS CEO Mary Roth said in a statement.
More insurance and risk management news on the coronavirus crisis here.
Incentivizing businesses to mitigate and manage risk should be an important part of any public-private insurance backstop for future pandemics, industry experts said during a panel Tuesday at the National Association of Insurance Commissioners’ 2020 Virtual Fall National Meeting.