German insurers propose multi-billion euro pandemic fund: Der Spiegel

FRANKFURT (Reuters) – German insurers are putting together plans for a multi-billion euro public-private fund to deal with catastrophes like pandemics, magazine Der Spiegel reported on Friday.

A working group of the nation’s major insurers has written a discussion paper that says the fund needs to have a volume of more than 10 billion euros ($11.32 billion), the magazine reported.

The fund is to be financed by contributions from potentially affected businesses and insurance companies, as well as through catastrophe bonds and government funds.

The GDV insurance lobby, which is coordinating the effort, was not immediately able to provide a copy of the working paper.

Reporting by Tom Sims; Editing by Michelle Martin

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