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.
About Marsh
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.
About Chubb
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.
About COVAX
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.
View original
content:http://www.prnewswire.com/news-releases/chubb-and-marsh-collaborate-to-secure-insurance-coverage-for-the-covax-no-fault-compensation-program-for-92-low--and-middle-income-countries-301279828.html
SOURCE Chubb and Marsh