U.S. legislation introduced on Tuesday would create a taxpayer-backed insurance program to protect businesses from revenue losses during future pandemics and require insurers to pay a slice of the claims.
FILE PHOTO: Chairwoman of the House Government Oversight and Reform Committee Carolyn Maloney leads a hearing about coronavirus preparedness and response on Capitol Hill in Washington, U.S., March 12, 2020. REUTERS/Joshua Roberts -/File Photo
Insurers are turning their focus to future pandemics after facing lawsuits, political pressure and criticism from customers who say insurers’ business interruption policies denied their claims for losses resulting from the coronavirus pandemic. Maloney’s bill proposes a model that is similar to government-supported commercial terrorism products that followed the attacks of Sept. 11, 2001, requiring insurers to pay part of the claims, before U.S. taxpayers take over.
Instead, they proposed putting the Federal Emergency Management Agency in charge of a fully taxpayer-backed program to protect businesses from future pandemic revenue losses.
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