Pandemic Risk Insurance Act and the future of business interruption insurance

The Terrorism Risk Insurance Act (TRIA) model provides a proven framework to facilitate the implementation of the Pandemic Risk Insurance Act (PRIA) efficiently. (Photo: Shutterstock)

The impact of COVID-19 on the international community cannot be overstated, and as our lives have seemingly come to a halt, so have the operations of many of the world’s businesses.

The insurance industry is no exception. It is perhaps ironic that while most insurance companies and agencies continue operating as “essential businesses” under applicable state mandates, the flood of claims under business interruption insurance policies could make the prospect of shuttering doors a real possibility.