The Insurance Regulatory and Development Authority of India (IRDAI) has formed a working group to study and make recommendations on formation of an “Indian Pandemic Risk Pool”. The panel has been tasked to examine the possibility of addressing the different risks which have arised out of a COVID-19 pandemic with the help of a “Pandemic Risk Pool”. These risks includes Business Interruption losses without concurrent Material damage loss, loss of employment would result in huge losses much beyond the capacity of Government /Insurers /Reinsurers.
Executive Director of Insurance Regulatory and Development Authority of India (IRDAI), Suresh Mathur will be the Chairman for the 9-member working group. Members of the group are: Suchita Gupta, Hitesh Kotak, Ankur Nijhawan, Susilendra Rao, Shilpa Yadav, M.N.Munshi, Ajay Kumar, and Saba Talukdar.
IRDAI has constituted the above Working Group with the following Terms of Reference:
- Study the need for setting up a Pandemic Risk Pool giving rationale for the same.
- Recommend the Structure and Operating model for the Pool.
- Examine any other matter relevant to the subject.