Insurers support global Covid-19 vaccine procurement & distribution
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The need to work together to find solutions became apparent very quickly as Covid-19 spread across the globe. Collaboration between the public and private sectors produced vaccines at record speed. Now an innovative partnership between Gavi, the Vaccine Alliance, and the insurance industry will support countries in accessing those vaccines.
In response to the pandemic, Gavi, itself a partnership of public and private sector actors committed to improving access to vaccines for millions around the world, co-created a Covid-19 vaccine procurement facility called COVAX. The facility bundles demand to purchase vaccines in bulk from manufacturers.
While some countries benefit from donor support for their vaccines under the scheme, others pay for their doses themselves. This is where insurers support COVAX: Swiss Re Corporate Solutions, together with other leading insurers, is participating in an innovative risk mitigation program arranged by Marsh, a leading insurance broker and risk advisor, to provide protection against the risk of non-payment by 21 self-paying countries across Africa, the Americas, Asia and Continental Europe. The insurance coverage allows those countries to access vaccines and Gavi to negotiate with manufacturers with greater confidence.
"Our mission at Swiss Re is to make the world more resilient", says Andreas Hillebrand, Global Head Credit & Surety at Swiss Re Corporate Solutions. "We are proud to have been able to support Gavi in helping countries build their resilience to Covid-19."