NEW YORK, April 29, 2021 /PRNewswire/ -- Chubb and Marsh today announced a collaboration with the World Health Organization (WHO) and Gavi, the Vaccine Alliance (Gavi), that has secured insurance coverage for a Program that will offer eligible individuals in 92 lower-income countries and economies a fast, fair and transparent process to receive compensation for rare but serious adverse events associated with vaccines distributed through COVAX up to June 30, 2022. The COVAX No-fault Compensation Program 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 $150 million 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., U.K., Germany, Ireland, Switzerland and Bermuda.
The delivery of COVID-19 vaccines during 2021 will be the fastest and largest global deployment of novel vaccines in history. The COVAX Facility, the global procurement mechanism of COVAX, aims by the end of 2021 to deliver up to 2 billion doses of safe, effective and quality-assured vaccines to all participating countries, including up to 1.7 billion doses to the 92 AMC-eligible countries and economies, at the same time as wealthier nations.
Evan G. Greenberg, Chairman and Chief Executive Officer 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 Program. 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. We are gratified to work alongside Marsh to support an essential Program that will promote people in all countries, regardless of income levels, having equal access to these life-saving vaccines."
John Doyle, President and CEO of Marsh, said: "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."
"The unprecedented nature of the COVID-19 pandemic has been matched by the largest ever rollout of new vaccines under the ACT-Accelerator and its vaccines pillar, COVAX," said Dr. Tedros Adhanom Ghebreyesus, WHO Director-General. "The COVAX No-Fault Compensation Program helps to ensure that people in AMC-eligible countries and economies can benefit from the cutting-edge science that has delivered COVID-19 vaccines in record time."
"As we implement COVAX, we have worked with all stakeholders towards establishing a comprehensive solution for indemnification that allows novel vaccines to be procured and addresses the financial obligations this may impose on lower-income economies that are part of COVAX," said Dr. Seth Berkley, CEO of Gavi, the Vaccine Alliance. "The No-Fault Compensation Program is a robust, transparent and an independent mechanism that is going to be a key benefit for individuals being vaccinated and lower-income governments procuring vaccines through the Gavi COVAX AMC," he added.
This insurance program follows the February agreement between WHO and Chubb, through ESIS Inc., a Chubb company, for the administration of the Program.
Marsh is the world's leading insurance broker and risk advisor. With around 40,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world's leading professional services firm in the areas of risk, strategy and people. With annual revenue over $17 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit mmc.com, follow us on LinkedIn and Twitter or subscribe to BRINK.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.
COVAX, the vaccines pillar of the Access to COVID-19 Tools (ACT) Accelerator, is co-convened by the Coalition for Epidemic Preparedness Innovations (CEPI), Gavi, the Vaccine Alliance and the World Health Organization (WHO) – working in partnership with UNICEF as key implementing partner, developed and developing country vaccine manufacturers, the World Bank, and others. It is the only global initiative that is working with governments and manufacturers to ensure COVID-19 vaccines are available worldwide to both higher-income and lower-income countries.
SOURCE Chubb and Marsh