Lloyd’s approves new specialised syndicate to insure transportation of COVID-19 vaccine to emerging economies

“There is broad consensus that life can only return to normality after a vaccine is developed, distributed and administered around the world. Lloyd’s has an important role to play in insuring the many risks associated with this global medical response and we are delighted to approve a new innovative syndicate that will provide effective cover for local vaccine distribution supply chains. This unique partnership is a real demonstration of the value and ingenuity the Lloyd’s market can bring to help address a global health emergency, as we share risk to support the brave efforts of those racing to develop and distribute a COVID-19 vaccine.”

“We are only protected if we are all protected. At Gavi we are starting to address the huge challenges in the race to safe, effective COVID-19 vaccines, such as manufacturing at scale, procuring doses for every country regardless of their income level and delivering them so that they reach the groups that need them most. Like with all other vaccines, these life-saving products are put at risk as they travel thousands of miles across the world to reach remote communities in Africa and Asia. I welcome this important initiative as it will provide a combination of coverage, incentives and data that can prevent losses from occurring and provide protection if they do.”

“We’ve seen Lloyd’s stand behind risks to some of the world’s greatest achievements and innovations. We asked, why not find a way to stand behind the largest vaccine campaign in human history. The Global Health Risk Facility will do this by sharing risk and leveraging new data to unlock insurance solutions for high stakes vaccine distributions around the world.”

“The GHRF is an excellent example of how the insurance industry is addressing previously uninsured risks. Ascot and the wider insurance market has the underwriting expertise, but to put together a facility such as this requires syndication, infrastructure and market collaboration which Lloyd’s is uniquely placed to deliver. Such a facility is enabled by high quality new entrants such as Parsyl who have the ideas, technology and data to deliver this positive humanitarian solution.”

We are proud to support this critical initiative and be part of the largest movement of medical vaccines in history. At McGill and Partners, we are delighted to have worked on this audacious venture that combines innovative insurance and data and technology driven solutions to help dramatically improve supply chains and ultimately save lives.”

“The Covid-19 crisis has escalated the need to improve the already challenging global distribution of vaccines. By sharing data and through innovative risk mitigation, this facility will play a crucial role in ensuring that vaccines travel safely through the global supply chain to all corners of the world. This is another example of the insurance industry working in a public private partnership to address critical public health issues. AXA XL, in line with AXA Group’s commitment to contribute to the equitable distribution of vaccines, is proud to be a part this initiative.”