Insurance broker Marsh and New York-based bank Citi said on Tuesday that they had collaborated on the placement of a risk-reducing structure commissioned by Gavi, the Vaccine Alliance, to cover the risk associated with governments self-financing their coronavirus vaccine procurement through COVAX. the facility.
The risk transfer provides protection against the risk of non-payment from 21 countries in Africa, the Americas, Asia and continental Europe. According to the terms of the policy, the identities of the countries covered and other aspects of the policy will not be revealed.
The policy is taken out by six leading insurers: Axa XL, part of France's Axa SA; Chubb Ltd .; Liberty Specialty Markets, part of Liberty Mutual Insurance Co .; Superb risk insurance; Swiss Re Corporate Solutions; part of Swiss Reinsurance Co .; and Tokio Marine HCC, part of Japan's Tokyo Marine Holdings Inc.
The risk transfer enables Gavi to pre-sell bulk vaccines from manufacturers to facilitate faster and more equitable distribution of vaccines globally, the statement said on Tuesday. [1
Assietou Diouf, Gavi's chief financial officer, said the deal "will further strengthen the foundation for COVAX."
Jay Collins, Vice President, Banking, Capital Markets and Citi Advisory, said: "This public-private partnership is another example of the innovative steps the COVAX plant is taking to achieve its mission."