Marsh, Chubb collaborate on COVID-19 vaccine program

  COVAX is designed to expedite the development and manufacture of COVID-19 vaccines and to ensure their fair and equitable distribution in all countries of the world. The Chubb-Marsh collaboration will provide up to $ 150 million in insurance to the COVAX No-Fault Compensation program to cover compensation for eligible individuals in the 92 lower-income countries and economies collectively known as Gavi COVAX Advance Market Commitment (Gavi COVAX Advance Market Commitment). AMC) eligible economies. Insurance broker Marsh directed the worldwide placement of the cover. Chubb is the main insurer, backed by 10 other insurers in the US, UK, Germany, Ireland, Switzerland and Bermuda. The delivery of COVID-19 vaccines in 2021 will be the largest and fastest proliferation of novel vaccines in the world in history. COVAX aims to deliver up to two billion doses by the end of the year, including up to 1.7 billion doses to the 92 AMC-eligible countries and economies. "Chubb is excited to expand our collaboration with the World Health Organization and its partners to support the important COVAX No-Fault Compensation program," said Evan G. Greenberg, chairman, and CEO of Chubb. “The scale of the COVID-19 pandemic requires everyone from governments and health authorities to the private sector to contribute their skills, abilities, and resources to help end this crisis. We're excited to partner with Marsh in supporting an important program that will give people in all countries equal access to these life-saving vaccines, regardless of income level. " Continue reading: Two Rights and One Wrong: Assessing Industry Response to COVID-19 "The COVID-19 pandemic is primarily a human tragedy that has resulted in trillions in economic losses and profoundly affected the prospects of some of the world's poorest countries and their people," said John Doyle, President, and CEO of Marsh. “During the pandemic, Marsh colleagues around the world worked hard to help customers and communities cope with the rapid changes in their risk landscapes. The supply of COVAX-distributed vaccines will now enable some of the most vulnerable societies to rebuild and recover faster. By working together, the public sector and insurance industry can develop solutions that can accelerate the economic recovery from COVID-19. " "The unprecedented nature of the COVID-19 pandemic was achieved through the largest ever launch of new vaccines under the ACT Accelerator and its COVAX vaccine column," said Dr. Tedros Adhanom Ghebreyesus, WHO Director General. "The COVAX No-Fault Compensation program is helping people in AMC-enabled countries and economies benefit from the latest science that has delivered COVID-19 vaccines in record time." "In implementing COVAX, we worked with everyone involved to develop a comprehensive compensation solution that could source novel vaccines and take into account the financial obligations that could result for lower-income economies that are part of COVAX are, "said Dr. Seth Berkley, Gavi CEO. "The No Fault Compensation Program is a robust, transparent and independent mechanism that will be critical for vaccinated individuals and low-income governments who source vaccines through the Gavi COVAX AMC." read more

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