The aim is to build a more stable insurance market that will support organizations as they navigate future pandemics

RIMS has joined the Business Continuity Coalition to build a more stable insurance market that will support organizations as they navigate future pandemics.

The Business Continuity Coalition represents a broad range of business insurance policyholders – large and small – from across the country. It works constructively with policymakers and other US stakeholders to develop an insurance program that ensures business continuity from future economic losses from pandemics and other emergencies necessitating widespread closures of the economy.

“The COVID-19 global health pandemic has taught business leaders many valuable lessons, most importantly, the need for insurance solutions to protect assets, employees and keep their enterprises up-and-running amidst a health crisis,” said RIMS CEO Mary Roth.

“It is encouraging to see so many organizations – even those outside of the risk management and insurance space – recognise the value of risk management. We are excited to be a part of the Business Continuity Coalition, look forward to collaborating with others and are ready to share RIMS network’s vast experience to help advance this effort.”

Last year, RIMS announced its support for H.R. 7011 the Pandemic Risk Insurance Act of 2020 (PRIA) that was introduced by Congresswoman Carolyn Maloney (D-NY). 

Prior to that, the Society issued a letter in April 2020 to Congress and the Trump Administration supporting PRIA, highlighting the legislation’s propensity to provide greater access to capital from lenders, establish a viable insurance market with sufficient, affordable capacity and create certainty for businesses and organisations of all sizes across the United States.

RIMS provides risk management professionals from around the world with access to resources and educational programming to help them navigate COVID-19’s impacts, as well as many other business risks.

The Society’s External Affairs Committee continues to monitor legislative and regulatory issues that impact organisation’s ability to protect employees, property and data and reach their respective strategic goals.