Pandemic Risk Insurance Act (PRIA)

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EIOPA calls for ILS role in pandemic risk, but warns on correlations

Europe’s insurance and reinsurance sector watchdog, the European Insurance and Occupational Pensions Authority (EIOPA), has highlighted the potential role of the capital markets and insurance-linked securities (ILS) in risk transfer and reinsurance facilities to support pandemic insurance provision. The Covid-19 pandemic has raised the issue of insurance coverage against such outbreaks read the full article →

Chubb proposes parametric risk transfer solution for pandemics

Global insurance and reinsurance company Chubb has published the details of a proposal for an enormous $1.25 trillion public private risk sharing facility to protect both small and large U.S. businesses against future pandemic risks, with part of the coverage proposed to be structured on a parametric trigger basis. The size read the full article →

TotusRe proposes multi-peril & pandemic public/private risk transfer structure

TotusRe is proposing the use of a cell insurance structure, alongside public and private market participation and the use of retrocessional reinsurance, as a solution to cover multiple risks of national importance, including pandemics. TotusRe has been borne out of the collaboration of Liz Foster, Non-Executive Director of The Society of read the full article →

PRIA bill introduced with Pandemic Risk Reinsurance Program

H.R. 7011, or the Pandemic Risk Insurance Act of 2020, has been introduced by politicians and industry leaders including insurance and reinsurance market representatives and proposes the creation of a Pandemic Risk Reinsurance Program to compensate for business interruption caused by future pandemics. The bill has been in the works for read the full article →

Association’s propose federal program for “uninsurable” pandemic risk

U.S. insurance and reinsurance industry associations have launched a proposal for a industry-backed pandemic risk backstop, called the Business Continuity Protection Program (BCPP) as an alternative to the legislative proposal for a Pandemic Risk Insurance Act (PRIA) reinsurance backstop. The National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty read the full article →

$500bn Pandemic Risk Insurance Act (PRIA) reinsurance program in the works

Draft legislation to form a U.S. Federal government backed reinsurance program for pandemic insurance claims is under discussion in the halls of power, with a bill perhaps ready to be submitted to the House before the end of this month. As we explained back on March 25th, the U.S. House Financial read the full article →