U.S. Representative Carolyn Maloney’s reintroduction of the Pandemic Risk Insurance Act (“PRIA”), which would create a shared public-private insurance program styled after the Terrorism Risk Insurance Act, has stirred skepticism among several trade groups.
Many groups explain that their main source of skepticism is that PRIA would place too large a burden on the private insurance market. Nat Wienecke, senior vice president, federal government relations and political engagement for the American Property Casualty Insurance Association stated, “only the federal government can be the financial bridge for a crisis of this scale, proportion and duration.”
