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Pandemic Risk Insurance
According to the Professional Convention Management Association, associations commit an average 35% of their yearly budgets to events, such as conferences, business meetings and trade shows. These major events help provide associations with the means to pay staff, promote stakeholders, lead communities, administer technical education and invest in essential tools and resources.
Association-sponsored events also fuel the hospitality sector, which employs roughly 15.7 million professionals. During the COVID-19 pandemic, 7 out of 10 jobs lost were in the hospitality sector. Furthermore, a survey conducted among associations by The ASAE Research Foundation in 2020, a year hit hard by the pandemic, found: fewer than 25% had event cancellation coverage, 52% laid off/furloughed staff and 64% reported budget loss of 25%-100% due to event cancellations.
Associations, event venues, hospitality providers and the millions of companies and employees they support need pandemic coverage for future event cancellation to protect jobs and our association community’s far-reaching economic impact.
Our Position
ASAE and the association community have long-supported efforts to establish a public-private partnership that would cover event cancellation losses in the face of future pandemic situations. Read our policy brief to learn more about the issue and association efforts to establish a coverage solution.
Power of Associations Key Contact
For more information about Pandemic Risk insurance and other ASAE advocacy initiatives and how you can get involved, contact the Public Policy team at 202.626.2703 or publicpolicy@asaecenter.org
More Information
Business Continuity Coalition (BCC)
ASAE Support for Pandemic Risk Insurance Act
April 2020 Community Sign-On Letter to Establish a Pandemic Risk Insurance Program
