Ben Nelson: Be Wary of Placing Undue Burdens on Insurance Sector in Virus Era
COVID-19 has upended the lives of millions of Americans over the past few months in ways no one could have predicted, says Ben Nelson, former Nebraska Senator and former CEO of the National Association of Insurance Commissioners (NAIC). In a guest column in the Omaha (NE) World-Herald, he notes that small businesses, in particular, have borne the brunt of the nationwide economic devastation. Meanwhile, insurance companies have been caught in a political crossfire that is distracting people from rallying around the one solution we need: government-backed relief for struggling businesses. Nelson asserts that an event of this magnitude is impossible for the private sector to underwrite.
“During my 12 years in Congress, my colleagues and I also dealt with our fair share of unforeseen crises,” said Nelson. “From the terror attacks of 9/11 to the 2008 financial crisis and other large-scale stimulus bills, I learned firsthand the kinds of policies that best support both consumers and businesses during economic downturns. That’s why I can say with confidence: forcing insurers to cover uninsured business interruption (BI) claims is not the answer.”