Chubb and Marsh have announced a collaboration with the World Health Organization (WHO) and Gavi, the Vaccine Alliance (Gavi), that has secured insurance coverage for a programme that will offer eligible individuals in 92 lower-income countries and economies to receive compensation for rare but serious adverse events associated with vaccines distributed through Covax up to 30 June, 2022.
The Covax No-fault Compensation programme is the first and only vaccine injury compensation mechanism operating on an international scale.
Co-convened by Gavi, the Coalition for Epidemic Preparedness Innovations (CEPI) and WHO, working in partnership with UNICEF as key implementing partner, Covax was created to accelerate the development and manufacture of Covid-19 vaccines, and to guarantee their fair and equitable access for every country in the world.
Through Chubb’s and Marsh’s collaboration, up to $150m (£107m) in insurance is provided for the Covax No Fault Compensation Program to cover compensation payments to eligible individuals in the 92 lower-income countries and economies, known as the Gavi Covax Advance Market Commitment (AMC) eligible economies.
Insurance broker Marsh led the global placement of the bespoke solution. Chubb is the lead insurer, supported by a further 10 insurers located in the U.S., UK, Germany, Ireland, Switzerland and Bermuda.
Evan G. Greenberg, chairman and CEO of Chubb, said: “Chubb is pleased to extend our collaboration with the World Health Organization and its partners to support the critically important Covax No-Fault Compensation Programme. The magnitude of the COVID-19 pandemic demands that everyone – from governments and public health authorities to the private sector – bring their skills, capabilities and resources to do their part to end this crisis.
John Doyle, president and CEO of Marsh, added: “The Covid-19 pandemic is first and foremost a human tragedy, which has resulted in trillions of dollars of economic losses and deeply affected the prospects of some of the world’s poorest countries and their people. Throughout the pandemic, Marsh colleagues the world over have worked hard to help clients and communities tackle rapid changes to their risk landscapes.
“The delivery of Covax distributed vaccines will now enable some of the most vulnerable societies to rebuild and recover more quickly. By working together, the public sector and insurance industry have the ability to develop solutions that can accelerate economic recovery from Covid-19.”