The GHRF is an alliance of insurance and technology partners that will provide comprehensive insurance and risk mitigation services for the storage and transit of life-saving medical supplies such as temperature-sensitive vaccines and medicines, diagnostics, PPE and ancillary cold chain equipment. The facility is anchored by Syndicate 1796, which operates at Lloyd’s and will begin underwriting in January 2021. Syndicate 1796 is the first public-private partnership to address a global health emergency in Lloyd’s 330-year history.
The launch of the GHRF includes support from the US International Development Finance Corporation (DFC), which has approved up to $26.7 million for the facility. The DFC loan will be used to capitalise the new public-private Syndicate 1796, and allow the GHRF to offer cost-effective insurance policies for shipments of vaccines and medical products to developing countries.
Transport of vaccines to developing countries is complex
Distributing cold chain vaccines and pharmaceuticals safely around the world is complex and they can easily spoil if not properly maintained, especially during the last mile of transit, where infrastructure can be weak. The GHRF will protect the quality of the goods and the financial investments made to supply and distribute them at a global level.
Ben Hubbard, CEO of Parsyl, said: “By unleashing the power of data, we’re addressing a critical insurance gap when the world needs it most. Launching an undertaking with such broad scale and scope couldn’t have happened without the expertise and dedication of this incredible cross-industry group of public and private partners. It’s now time to vaccinate the world and we’re so proud to be contributing to this monumental global effort.”
Tackling the global health emergency
John Neal, CEO of Lloyd’s of London, added: “As the world prepares to undergo the largest vaccination programme in human history, ensuring the safe and effective distribution of the vaccine is critically important in tackling this global health emergency. We are thrilled to be launching the Global Health Risk Facility at Lloyd’s – a fantastic example of the way in which our global insurance market has come together to deliver an innovative new solution and model for solving complex global risk challenges posed by the pandemic.”
Two-thirds (65 per cent) of Brits are prepared to take a Covid-19 vaccine that has passed all necessary tests, if it means they can travel internationally. This could mean a significant and much needed boost of travel.