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March 30, 2023
On March 6, ASAE public policy staff joined the Government Accountability Office (GAO) and other stakeholders to examine current, past and prospective options for pandemic related insurance coverage. ASAE joined as a representative of the Business Continuity Coalition (BCC).
The CARES Act, passed in March 2020 to inject financial relief and stimulus into the economy during the initial days of the pandemic, directs the GAO to research, analyze and report on the effectiveness of pandemic relief programs. One such program is pandemic risk insurance coverage for cancelled revenue-generating events, which was available before COVID but is largely inaccessible now. ASAE has called for a federally backstopped coverage program since March 19, 2020.
Other panelists included representatives from the National Association of Mutual Insurance Companies, Casualty Actuarial Society, Wholesale and Specialty Insurance Association, Munich Reinsurance Company, Marsh, National Association of Insurance Commissioners and the Organisation for Economic Cooperation and Development.
ASAE is a steering committee member of the BCC, which formed in 2020 to help establish an insurance program that would cover for non-damage business interruption and specialty line coverage (e.g., event cancellation) amid a future pandemic.