As the COVID-19 pandemic continues to unfold and wreak unprecedented havoc on global economies, the idea of a federal pandemic risk insurance program in the US has been put forward, with several sectors voicing their approval.Legislation & RegulationRisk Management
In a recent letter addressed to Congress, risk management society RIMS urged the government to create such a program, which it says will accelerate economic recovery during and after COVID-19, and for similar events in the future.
Aside from RIMS, several other business organizations, such as the National Retail Foundation, National Restaurant Association, and International Council of Shopping Centers, have provided support for the proposal.
Corporate Risk and Insurance spoke with Mark Humphreys, chair of RIMS external affairs committee and vice president for litigation & risk management of Watt Companies, on why the United States government and the private sector need to work together more closely to recover from the economic damage of the pandemic.
According to Humphreys, such public-private partnerships are “crucially important” in mitigating the risks posed by COVID-19.