ASAE Voices Support for Pandemic Risk Insurance Act
ASAE has called for such a solution since March 2020
Today, the American Society of Association Executives (ASAE) endorsed a bill introduced by Rep. Carolyn Maloney (D-NY) to create a federal backstop that will help cover losses resulting from a future pandemic or public health emergency.
The Pandemic Risk Insurance Act of 2021 (PRIA) directs insurers to provide pandemic coverage for event cancellation losses – which is vital to the association community – among other important provisions. The Professional Convention Management Association states that associations dedicate a 35-percent average of budget and revenues to conferences and events. According to a December 2020 survey from ASAE’s Research Foundation, 79 percent of respondents had no event cancellation coverage for communicable diseases in 2020 and ten percent reported insufficient reserves to cover losses due to event cancellations.
“Millions of small businesses, nonprofits, associations, and event companies across the country were left in the cold during the coronavirus pandemic, through no fault of their own," said Maloney. "A public-private framework would ensure our insurance markets serve these businesses in the next pandemic, and I am proud to sponsor the Pandemic Risk Insurance Act to provide these important protections. I want to thank ASAE for its support of PRIA and for working with me to move this solution forward."
“ASAE is proud to support Congresswoman Maloney and her invaluable Pandemic Risk Insurance Act,” said ASAE President and CEO Michelle Mason, FASAE, CAE. “ASAE has long supported efforts to help fully reestablish our economy, and PRIA will help us get there. PRIA’s coverage for event cancellation is especially critical to our association community whose lifeblood courses from in-person events of all sizes and scope. ASAE thanks and applauds Rep. Maloney for introducing this important bill, which will no doubt help provide associations the security they need to fully reignite our community’s far-reaching economic impact through industry-focused conferences and events, among other crucial services.”
ASAE has called for a pandemic risk insurance solution since March 2020. ASAE joined the Business Continuity Coalition (BCC) in May 2021, which represents a broad range of business insurance policyholders and works constructively with policymakers and other U.S. stakeholders to develop programs that protect jobs, associations and businesses amid major public health emergencies.