Updated: Aug 4, 2020
The Insurance Information Institute (III) has launched a new educational initiative, Future of American Insurance and Reinsurance (FAIR) to help the public understand the insurance industry's future role.
In a statement published on 18 May, III said that the FAIR campaign aims to “ensure fairness for all customers and safeguard the industry’s long-standing role as a pillar of economic growth and stability”. III has said that the insurance industry will play a critical role in the recovery from the pandemic ahead.
III chief executive officer Sean Kevelighan said, "FAIR was created to safeguard the ability of the insurance industry to support its customers at a time when policymakers, the business community, and the general public are searching for solutions to our ongoing economic turmoil. While we recognise the need for financial relief is severe, any attempts to make insurers retroactively responsible for a global pandemic puts the solvency of many insurers at risk.
"While the insurance industry has been doing its part to step up and support their communities in this time of crisis, pandemics are fundamentally uninsurable events.
“The federal government remains the only entity with the financial resources to help businesses recover from a systemic event of this magnitude. With the support of the public sector and the innovation of groups like insurers in the private sector, we can come together to work toward recovering from this catastrophe and build a more resilient future," said Mr Kevelighan.
By Anoop Khanna
Asian Insurance Review