INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Ref. No: IRDAI/RI/ORD/MISC/182/07/2020
Working Group to study and make recommendations on formation of an Indian Pandemic Risk Pool
1. The COVID-19 pandemic which started as a public health crisis has led to significant disruption in economic activity mainly due to the measures taken to limit the spread of the disease. It has affected not just health but all sectors of the economy including but not limited to manufacturing, aviation, tourism, transportation, construction, services, agriculture and many others. There is a need to examine long-term solutions to address the various risks which have been triggered by the current pandemic and offer protection in case of a future similar crisis. Some of the risks like Business Interruption losses without concurrent Material damage loss, Loss of employment would result in huge losses much beyond the capacity of Government /Insurers /Reinsurers. Therefore, there is a need to explore the possibility of addressing these risks and any other related risks arising out of a Pandemic through the mechanism of a “Pandemic Risk Pool”.
2. To examine the matter in detail, the Authority has decided to constitute a Working Group with the following participants:
Chairperson / Member
Shri. Suresh Mathur
Smt. Suchita Gupta
Shri. Hitesh Kotak
Chief Executive Officer
Munich Re India Branch
Shri Ankur Nijhawan
Chief Executive Officer
AXA India Reinsurance Branch
Shri. Susilendra Rao
United India Insurance Co. ltd.
Smt. Anita Yadav
Bajaj Allianz General Insurance Company Ltd
Assistant General Manager
Health Department, IRDAI,
Shri. Ajay Kumar
Assistant General Manager (OSD)
Non-Life Department, IRDAI
Smt. Saba Talukdar
Re-insurance Department, IRDAI
3. The Terms of Reference for the Working Group are as follows:
a) Study the need for setting up a Pandemic Risk Pool giving rationale for the same.
b) Recommend the Structure and Operating model for the Pool.
c) Examine any other matter relevant to the subject.
4. The Working Group shall submit its report within eight weeks of the date of this Order.
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