Press Release

REBNY Statement on Introduction of the Pandemic Risk Insurance Act


November 1, 2021

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Following Congresswoman Carolyn Maloney's announcement of the reintroduction of the Pandemic Risk Insurance Act of 2021 (PRIA), REBNY President James Whelan released the following statement:

“The introduction of the Pandemic Risk Insurance Act of 2021 is an important step. Just as the terrorist attacks of 9/11 exposed a critical gap in the commercial insurance market twenty years ago, the coronavirus crisis has revealed the key role that insurance plays in the smooth functioning of New York City’s world-leading real estate market. A newly created pandemic risk insurance program will help put New York City’s economic recovery on stronger footing by ensuring that the impacts of any future pandemic are more effectively managed, protecting jobs and economic activity that are vital to our economy and residents. Congresswoman Carolyn Maloney and her colleagues are to be commended for moving forward on this sensible legislation.”