Risk and Insurance Management Society Urges Congress to Create A Pandemic Risk Insurance Program
RIMS, the risk management society(R), issued a letter (https://www.rims.org/docs/default-source/default-document-library/advocacy/rims_pria_congressional_letter_4_20_2059bb861252c04846be4fbeb66fc4fa32.pdf?sfvrsn=e7440029_0) to the
According to RIMS' letter, a pandemic risk insurance program would provide greater access to capital from lenders and establish a viable insurance market with sufficient, affordable capacity. Additionally, it would create certainty for businesses and organizations of all sizes across
RIMS is calling on the risk management community to support this initiative by contacting their local
Prior to the letter, the Society administered a survey to
* 67% of risk professionals anticipate direct business interruption losses due to COVID-19;
* 77% expect the losses to be over
* 91% are supportive of a TRIA-type federal loss-sharing program for insurance claims relating to losses resulting from a pandemic or epidemic;
* 65% of risk professionals would be willing to pay up to 5% more in premium.
"From our homes and our local communities to the boardrooms of some of the world's largest corporations, COVID-19 has highlighted the need for strong risk management strategies to address interruptions resulting from a global pandemic," said RIMS President
RIMS provides risk management professionals from around the world with access to resources and educational programming to help them navigate COVID-19's impacts, as well as many other business risks. The Society's External Affairs Committee continues to monitor legislative and regulatory issues that impact organization's ability to protect employees, property and data and reach their respective strategic goals.
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