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House Financial Services Hearing On Pandemic Insurance Emphasized Need For Pandemic Risk Planning
November 19, 2020

Today, the U.S. House Committee on Financial Services' Subcommittee on Housing, Community Development and Insurance held a virtual hearing titled "Insuring Against a Pandemic: Challenges and Solutions for Policyholders and Insurers." 

With testimony from a variety of stakeholders from insurance, to retail, to think tanks, the hearing reinforced the need for a federal-level discussion on insuring against pandemic losses, as well as introducing viable solutions to protect both policyholders and insurers. As witnesses pointed out, insurers are unable to plan for and cover massive losses associated with global pandemics, and only the federal government has the financial capacity to support struggling businesses during a crisis of this magnitude. 

Below are some key highlights from today's hearing:

You can watch the full webcast of the hearing here. For more information, visit fairinsure.org.