The COVID-19 pandemic has affected every one of us, personally and professionally. And while the pandemic is first and foremost a human tragedy, we are deeply concerned about its impact on the economy and on our clients. As our clients work to adapt, respond, and recover, we continue to monitor its widespread impacts – and advocate for a public-private insurance risk solution on your behalf.
Presenting unprecedented financial challenges for business of all sizes and industries, the pandemic has resulted in nearly 29,000 claims worldwide for Marsh clients since FY21 Q2. To better mitigate these impacts, accelerate our economic recovery, and build resilience against future pandemic risks, the need for a public-private pandemic risk insurance solution is more critical than ever.
This week, I testified before a subcommittee hearing of the US Senate Committee on Banking, Housing and Urban Affairs to call for urgent action. As I shared in my testimony, the bottom line is simple: The complexity of pandemic risk calls for close collaboration with insurers and both public and private sectors. The key to building a more proactive and agile response to the next pandemic will be an insurance and risk management partnership that helps facilitate coverage, aligns the desires of both insurers and policyholders, and requires mitigation practices.
At Marsh, our primary role as an insurance broker and risk advisor is to advocate for our clients. As a firm, we remain committed to collaborating with the government and policyholders to find a solution to better manage future pandemic risk. As Congress considers pandemic risk insurance legislation, we will continue to promote a solution that best serves your needs.
To listen to this week’s hearing, read my written testimony, and learn more about this issue, visit Marsh.com for additional resources. I also strongly urge you to contact your representatives in the House and Senate and make your voice heard.
President, US and Canada