Future of American Insurance & Reinsurance (FAIR)

An initiative of the Insurance Information Institute (@iiiorg) to ensure fairness for customers & safeguard the role of insurance in economic growth.

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

"This is not even an idea, it's not even a solution, it's a rewriting of tens of thousands of contracts across this country, ripping apart the very basis of contract law which has underpinned our free market economy for 240 years." 2/2

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

At HFSC hearing, @RepTrey says proposals to retroactively force insurers to pay claims for which no premiums were collected are "the absolute worst idea that's ever been brought forth about how we handle" pandemic relief. 1/2

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

.@LawEconCenter's @raylehmann at today's HFSC hearing:

"In this macro sense, for a risk to be insurable, it must be possible to manage it through careful underwriting and diversification. Global pandemics make that impossible."

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

As lawmakers discuss how to protect businesses from the next pandemic, there are three important pillars to keep in mind. Read more: https://t.co/3h6kEW3aLN

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

Pandemics are not privately insurable — to adequately provide relief to small businesses,the federal government must step in as the primary provider of relief. More: https://t.co/L9jkZYJzZj

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

Forcing insurers to cover uninsured COVID-19 pandemic losses could jeopardize the health of the whole industry. That's why most Americans agree: the federal government — not insurers — should be responsible for helping small businesses during the pandemic. https://t.co/L9jkZZ1bnT

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

Many small businesses are struggling as a result of the pandemic. A federally-backed pandemic recovery plan must:
1️⃣ protect small business from losses
2️⃣ incentivize employee retention
3️⃣ not jeopardize insurers' existing commitments
https://t.co/3h6kEW3aLN

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

Need to explain how business interruption insurance works in five minutes🕐? We got you covered. Check out our new interactive digital explainer launched today: https://t.co/hRyUs90Yw3

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

🚨NEW: Our interactive digital explainer shows how business interruption insurance works, why pandemics are not privately insurable, and why we need a federal solution to pandemic relief. https://t.co/hRyUs9izUD

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

ICYMI: @iiiorg non-residential scholar Michael Menapace was quoted in @BLaw on the recent legal panel decision that the hundreds of billions of dollars' worth of business interruption claims tied to the pandemic cannot be consolidated: https://t.co/s08AAGUdaF

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

Our new primer unpacks the business interruption debate. Click here to read: https://t.co/L9jkZZ1bnT 6/6

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

Quick thread: Pandemics are not privately insurable—but why? 🤔 Our new primer explains: 1/

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

If insurers had to cover income interruption losses for all businesses closed by COVID-19, the industry would likely be bankrupt within a matter of months. 5/

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

The @AAF event also featured @Heritage research fellow @joelgriffith and @capmktsreg member Hal Scott. Watch the event recording here: https://t.co/hs7x8RYTtQ (7/7)

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

ICYMI: Earlier today, Insurance Information Institute CEO @III_SeanK spoke about business interruption insurance at @AAF's virtual discussion, "Assessing Financial Support for Businesses During the Pandemic." Here are a few highlights: (1/7)

[Future of American Insurance & Reinsurance (FAIR) @FAIRInsure]

"We want to make sure that we honor all our commitments. We want to make sure that we are there for our customers, and not being required to provide more relief than possible," concluded @III_SeaK of insurers' role in pandemic relief. (6/7)