Insurers unveiled a proposal on Thursday that calls for the federal government to compensate businesses hurt by future viral outbreaks, the latest attempt by the industry to fend off pressure from lawmakers to offer coverage for pandemics
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"I don't like the idea honestly of the insurance industry coming up with anything," said Jimi Grande, senior vice president of government affairs at the National Association of Mutual Insurance Companies. "It makes it feel like it's an insurance industry problem, and it's not. We just happen to be the people who understand risk better than anybody else."
Similar to the model of the terrorism program, Maloney's proposal would have insurers offer pandemic coverage in exchange for the government agreeing to cover a portion of their potential losses. The Treasury Department would step in to pay once the industry suffered a $250 million hit. The government would then be able to help cover up to $750 billion in losses per year.
Insurance carriers have warned that the cost of covering pandemics, even with a government backstop, is too much for their balance sheets to handle and could threaten the solvency of the industry.
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