The ‘Pandemic Risk Pool’ was established through Generali and Eurochambres – the European entity of Chambers of Commerce and Industry, which represents over 20 million businesses across 43 different European countries – signing a Memorandum of Understanding (MoU). The MoU cements the two organisations’ agreement to promote and implement a ‘Pandemic Risk Pool’ against future pandemic risks in Europe, including a European Recovery Fund.
Having discussed the creation of a risk pool for pandemics with Valdis Dombrovskis, Executive Vice-President of the European Commission, Philippe Donnet, Generali Group CEO, asserted that Generali wanted to participate by supporting the response to Covid-19 across Europe. As such, the insurer made a €100 million contribution through its Extraordinary International Fund – a gesture that supported the establishment of the European Recovery Fund, which Donnet felt was a strong political sign that Europe was there to help its citizens during this challenging time.
Information from the MoU revealed that the project will expand to involve European institutions, EU Member States and other European players in the establishment of public-private partnerships and structures that would protect against future pandemic risks.
More and more we see businesses and organisations looking to instigate preventative measures – hardly surprising considering the economic haemorrhage that Covid-19 has caused. Certainly, we know that there’s strength in numbers, so Europe rallying to implement this Pandemic Risk Pool will no doubt serve it well in the eventuality of a future pandemic. That being said, it also follows Allianz's recent reckoning that Covid-19 should be taken as a 'wake up call' to Europe to 'initiate higher and more inclusive growth'. Whatever your deductions, Europe’s Pandemic Risk Pool shines a light on individual countries that may not have as wide a net of supporting relationships to help them survive future devastations.