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Showing Original Post only (View all)U.S. insurers want taxpayers to back pandemic coverage for businesses [View all]
Source: Reuters
(Reuters) - The U.S. insurance industry is promoting the idea of an insurance plan backed by the federal government that would help businesses that in the future suffer losses from a pandemic, people familiar with the effort told Reuters.
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Insurers want the pandemic policies to be backed by the U.S. government, similar the government-supported commercial terrorism products after the attacks of Sept. 11, 2001.
Chubb Ltd Chief Executive Officer Evan Greenberg called for that kind of public-private partnership on April 22. John Doyle, chief executive of insurance broker Marsh LLC, a Marsh & McLennan Companies unit, also offered assistance in crafting such an idea in a March 30 letter to U.S. Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow.
Two non-insurance trade groups also sent pleas for such a policy to U.S. lawmakers and officials on April 20: RIMS, which represents risk managers at major businesses and the National Retail Federation, which partnered with 16 other business groups.
Read more: https://www.reuters.com/article/us-health-coronavirus-insurance-pandemic/u-s-insurers-want-taxpayers-to-back-pandemic-coverage-for-businesses-idUSKCN22B1J8
Am I the only one who sees this as another shameless bailout request? The insurance industry doesn't want to look too closely at their customers and their behavior. It would be aweful if they are held liable for the results of businesses opening up too soon.