WASHINGTON, DC — Congresswoman Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee, today reintroduced the Pandemic Risk Insurance Act of 2021 (PRIA). This legislation will create the Pandemic Risk Reinsurance Program, a system of shared public and private compensation for business interruption losses resulting from future pandemics or public health emergencies. Congresswoman Maloney first introduced a version of this legislation in May 2020 in response to the COVID-19 pandemic.
The Pandemic Risk Insurance Act would be an important step in Congress’s prevention efforts against economic losses from future pandemics by requiring insurance companies to offer parametric non-damage business interruption insurance policies that cover pandemics and creating a Pandemic Risk Reinsurance Program to ensure that there is sufficient capacity to cover these losses and protect our economy in the event of a resurgence of COVID-19 or future pandemics. Like the Terrorism Risk Insurance Act (TRIA), the federal government would serve as a backstop to maintain marketplace stability and to share the burden alongside private industry.
“There is broad consensus that we need a program like the one created by PRIA – to provide business owners and our economy with better stability in the event of any future pandemics,” said Rep. Maloney. “A forward-looking, public-private partnership like this, one supported by a federal backstop, will help businesses keep their...
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