Lloyd’s and Parsyl launch Covid vaccine insurance initiative

Lloyd’s of London and insurtech start-up Parsyl have announced the launch of the Global Health Risk Facility (GHRF), which will make billions of pounds in funds and risk mitigation services available to support the global distribution of Covid-19 vaccines.

A public-private collaboration of 14 global (re)insurers, the GHRF intends to provide comprehensive insurance and risk mitigation services for the storage and distribution of medical supplies.

A proposed loan of £19.7m by the US International Development Finance Corporation (DFC) is set to enable the Lloyd’s Syndicate 1796 to write insurance policies for the distribution of vaccines to eligible countries.

John Neal, CEO at Lloyd’s, said: “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.”

The scheme will also feature the Risk Management Accelerator (RMA), which will be funded by participating syndicates and donors. 

The RMA will help provide funds and services that will allow GHRF clients to access improved data and risk mitigation solutions, therefore strengthening the vaccine supply chain.

Ben Hubbard, CEO at 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.”

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