US lawmaker wants insurers and taxpayers to share payouts for future pandemic business losses

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 66%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

U.S. legislation introduced on Tuesday would create a taxpayer-backed insurance program to protect businesses from revenue losses during future ...

REUTERS: U.S. legislation introduced on Tuesday would create a taxpayer-backed insurance program to protect businesses from revenue losses during future pandemics and require insurers to pay a slice of the claims.

While these policies may cover revenue losses from lightning strikes or cars crashing into buildings, they either exclude or do not specifically cover a pandemic, despite the business interruption it causes. Major insurance industry groups oppose having to share in losses with the government, saying that pandemics are"inherently uninsurable."Instead, they proposed putting the Federal Emergency Management Agency in charge of a fully taxpayer-backed program to protect businesses from future pandemic revenue losses.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines