FEDERALhearing transcript

Senate Hearing on Future Pandemic Risk and Insurance Frameworks

Original title: EXAMINING FRAMEWORKS TO ADDRESS FUTURE PANDEMIC RISK

January 1, 2023

pandemic preparedness insurance risk management business continuity economic policy

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The Frame

What this does

The hearing explored potential federal policy changes regarding how businesses are insured against future pandemic-related losses, which could impact the availability and cost of for residents and business owners.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Business owners

Future federal policies regarding pandemic insurance could change how businesses manage financial losses during health crises.

Insurance industry

The industry is involved in discussions regarding the creation of new frameworks for covering pandemic-related risks.

What changed

Last recorded activity January 1, 2023.

What's next

Next step not available in the current record.

Summary

This Senate hearing examined how the U.S. can better prepare for future pandemic-related economic disruptions. Witnesses from the insurance industry and business sector discussed potential frameworks for managing financial risks associated with large-scale health crises.

Key Facts

The hearing took place on July 22, 2021, before the Subcommittee on Securities, Insurance, and Investment.
The primary objective was to examine frameworks for addressing future pandemic-related economic risks.
Six witnesses provided testimony, including representatives from the insurance industry, academia, and the business community.
The hearing included formal responses to written questions from Senators Menendez, Sinema, Hagerty, and Scott.
Multiple industry organizations, including the NAIC and NAMIC, submitted additional statements for the record regarding pandemic risk management.

Frequently Asked Questions

What was the purpose of this hearing?

The hearing was held to discuss how the government and the insurance industry can prepare for the financial impacts of future pandemics.

Who testified at the hearing?

Witnesses included business owners, insurance executives, and academic experts in risk management.

Why It Matters

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Focus on Pandemic Risk

The hearing highlights a shift toward treating pandemics as insurable economic risks rather than solely public health events.

Business Continuity Coalition American Property, Casualty Insurance Association

Connected Entities

personRobert Hartwig“Witness, Professor at University of South Carolina”Map →

personRobert Menendez“Chairman of the Subcommittee on Securities, Insurance, and Investment”Map →

personTim Scott“Ranking Republican Member of the Subcommittee”Map →

personL. Charles Landgraf“Witness, representing Business Continuity Coalition”Map →

personMartin South“Witness, President of Marsh U.S. and Canada”Map →

personRobert Gordon“Witness, Senior VP at American Property, Casualty Insurance Association”Map →

personEvan G. Greenberg“Witness, Chairman and CEO of Chubb”Map →

personAdenah Bayoh“Witness, IHOP Franchisee and CEO of Adenah Bayoh and Companies”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy20
Intensity of disagreement among stakeholders
Entertainment5
Compellingness for a non-policy-wonk reader
Buzz10
Current news / social attention level

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