The global COVID-19 pandemic has brought significant disruptions to our economy—and for many business-owners, this has come at a cost to their income and livelihoods.
In a CNN news segment earlier today, Insurance Information Institute (Triple-I) CEO Sean Kevelighan provided insight on why pandemics are uninsurable. While the insurance industry understands the challenges the business community is facing, only the federal government has the financial capacity to provide relief of this magnitude.
According to Kevelighan:
Insurers are doing what they can in response to the pandemic, including providing premium rebates, policy extensions, and making charitable donations, as they work to keep their promises to policyholders for covered catastrophe losses such as hurricane damage.