Discovering the vaccine is just the beginning
The world is embarking on the largest and most expensive vaccination campaign in history. An unprecedented focus on the logistics and risk management of vaccine distribution is now essential.
Covid-19 vaccines, like most vaccines, need to be refrigerated as they travel along complex supply chains from factory to syringe. This journey across thousands of miles by air, land and sea can be perilous.
“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.”
—Ben Hubbard, CEO, Parsyl
“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.”
—John Neal, CEO, Lloyd’s of London
“This important project will help ensure that Covid-19 vaccines remain safe and effective during transportation. We believe this innovative insurance industry collaboration can set up a new model for addressing future global health challenges.”
—Adam Boehler, CEO, U.S. International Development Finance Corporation
“The GHRF is an excellent example of how the insurance industry is addressing previously uninsured risks. Such a facility is enabled by high quality new entrants such as Parsyl who have the ideas, technology and data to deliver this positive humanitarian solution.”
—Andrew Brooks, CEO, Ascot Group
“We’re very proud to be part of this extraordinary collaboration, harnessing AXA XL’s global risk consulting expertise to advise on the safe distribution of vaccines and AXA’s global footprint to provide emerging markets with local insurance cover.”
—Sean McGovern, CEO, UK & Lloyd’s market at AXA XL
“This GHRF initiative demonstrates the importance of aligning market-leading innovation in the global life sciences industry with the deep-rooted insurance expertise of the UK specialty market and governments around the world to respond to this most pressing global health challenge.”
—Shaun Crawford, Global Industry Leader, EY
Protecting supply chains to save lives
An alliance of insurance and technology partners have formed the Global Health Risk Facility to strengthen supply chains and prepare countries for the distribution of Covid-19 vaccines and other critical diagnostics, treatments and supplies.
By utilizing better data and technology, the GHRF protects both the quality of these life-saving goods as well as the financial investments made to supply them.
Risk sharing for a safer world
The GHRF is anchored by Parsyl’s Syndicate 1796, which was designed to insure the storage and transportation of Covid-19 vaccines and other life-saving health products to developing countries.
The syndicate operates at Lloyd’s of London, the world’s specialist insurance marketplace where members join together to underwrite complex risks. Syndicate 1796 is the first public-private syndicate created to address a global health emergency in Lloyd’s 330 year history.
1796
The Syndicate has been given the number ‘1796’ in honor of the year physician Edward Jenner carried out his first experiments in what would become the smallpox vaccine, the world’s first vaccine and the only disease the world has ever eradicated through vaccination.
Global Health Risk Facility at
Backed by
Reinsured by
Backed by
Insured by
Reinsured by
Placed By
Risk Management Accelerator
A critical feature of the insurance platform is the Risk Management Accelerator, which provides funding and services to enable eligible GHRF clients to access better data and risk mitigation solutions.
The RMA funds a range of services, including surveys of storage locations, supply chain risk evaluations and technology enabled data collection.
Uniting for impact
The GHRF and Syndicate 1796 have been developed by Parsyl in close partnership with Ascot Underwriting as the Managing Agent, and in cooperation with AXA XL, McGill and Partners, EY and Lloyd’s of London.
Eligibility & Coverage
Geographies
Covered Products
Coverage
Limits
Eligible Insureds
- Private manufacturers
- Ministries of Health
- Public health agencies
- Procurement agents
- Logistics companies
- Local market insurers (via reinsurance)
Geographies
The GHRF is ready to address the unique and immediate risks of distribution to and within Low to Upper Middle-Income countries*
Insurance capacity for High Income Countries*, excluding S1796, is currently is being arranged and further details will follow
* According to 2020 World Bank country income classifications
Covered Products
All products related to Covid-19 and any other existing infectious disease control and prevention programs. Including but not limited to:
- Vaccines
- Diagnostics
- Treatment therapies
- PPE
- Ancillary machinery and equipment related to global health supply chains (e.g. the delivery of cold chain equipment, cold rooms, backup gensets, etc)
Coverage
- ‘All Risk’ cargo coverage for transit and/or storage. Covers theft, loss, or damage, including loss due to temperature
- Primary or contingent
- Global supply chains and in-country distribution
- Insurance and reinsurance
Limits
$20M per one loss and annual aggregate for storage
Options available for higher
limits on an excess basis
if required
Every Journey Matters.
