Pandemics are inherently uninsurable events, the National Association of Mutual Insurance Companies told members of Congress yesterday.
Andrew Pauley, NAMIC’s public policy counsel, explained at a virtual roundtable hosted by Rep. French Hill, R-Ark., the ranking member of the U.S. House Financial Services Subcommittee on Housing, Community Development and Insurance, how the potential for widespread and concurrent losses from a pandemic for an indefinite period of time defies the fundamental nature of insurance.
“Insurance was not designed to insure policyholders who are all expected to suffer losses at the same time,” he said. “It has been estimated that costs of
Subscribers need to be logged in to see rest of this article. Please Login to access. If you're not a subscriber, click here for information on our satisfaction guaranteed subscription options.