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Order
Ref. No:IRDAI/RI/ORD/MISC/182/07/2020 Date:08-07-2020
Working Group to study and make recommendations on formation of an Indian Pandemic Risk Pool

Order

Sub: 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:

Sr. No.

Name

Designation

Organization

Chairperson / Member

1

Shri. Suresh Mathur

Executive Director

IRDAI

Chairman

2

Smt. Suchita Gupta

General Manager

GIC Re

Member

3

Shri. Hitesh Kotak

Chief Executive Officer

Munich Re India Branch

Member

4

Shri Ankur Nijhawan

Chief Executive Officer

AXA India Reinsurance Branch

Member

5

Shri. Susilendra Rao

Chief Manager

United India Insurance Co. ltd.

Member

6

Smt. Shilpa Yadav

Assistant Vice President

Bajaj Allianz General Insurance Company Ltd

Member

7

Shri M.N.Munshi

Assistant General Manager

Health Department, IRDAI,

Member

8

Shri. Ajay Kumar

Assistant General Manager (OSD)

Non-Life Department, IRDAI

Member

9

Smt. Saba Talukdar

Manager (OSD)

Re-insurance Department, IRDAI

Convenor

 

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.

 

T L Alamelu

Member (Non-Life)

 

 

Insurance Regulatory and Development Authority of India. All Right Reserved.