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PIA President-Elect Wayne White Participates in Congressional Roundtable on the Pandemic Risk Insurance Act

To protect against future pandemics.
PIA President-Elect Wayne White Participates in Congressional Roundtable on the Pandemic Risk Insurance Act
September 16, 2020

WASHINGTON — The National Association of Professional Insurance Agents (PIA National) participated in a Congressional Roundtable concerning the Pandemic Risk Insurance Act (PRIA), H.R. 7011, introduced by Rep. Carolyn Maloney (D-NY).

PIA National President-Elect Wayne White reiterated PIA National’s support for a public-private partnership like PRIA during the Roundtable, which Rep. Maloney held on September 10.

“While PIA National continues to focus on providing immediate relief to small businesses, enabling them to survive in the current economic climate, we also recognize the need to be proactive in preparing for the possible economic consequences of a future pandemic,” said White. “As such, we’re pleased to support the Pandemic Risk Insurance Act, or PRIA, introduced by Congresswoman Maloney.”

White said that keeping a future pandemic from causing economic disaster requires, in the near term, a public-private partnership. “The insurance industry did not cause this economic catastrophe, but the insurance community can be part of the solution,” he said in his opening statement. “In the past, similar steps have been taken to create a market for flood insurance and terrorism risk insurance, and, while it will be challenging, we can do it again with pandemics.”

PIA National believes policymakers should offer businesses of all sizes a way to minimize the economic fallout that could be caused by a future pandemic. That said, any proposed solution must be affordable for small businesses.

White also made clear that a global pandemic and corresponding economic downturn present complex problems and may require multiple public policy solutions. So PIA National supports PRIA, and “we remain open to improving upon it so as to ensure that the economic uncertainty we are all experiencing today is, to the extent possible, prevented in the future. The answer to the question of how to best move forward may be a combination of what is the in the PRIA legislation and other public-private partnership models,” White said.

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance but specialize in coverage of automobiles, homes and businesses. PIA’s web address is www.pianet.com

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