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
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.
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.
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
- Private manufacturers
- Ministries of Health
- Public health agencies
- Procurement agents
- Logistics companies
- Local market insurers (via reinsurance)
The GHRF is ready to address the unique and immediate risks of distribution to and within Low- to Upper Middle-Income countries* and also supports distribution to High Income countries as part of a broad portfolio approach.
* According to 2020 World Bank country income classifications
All products related to Covid-19 and any other existing infectious disease control and prevention programs. Including but not limited to:
- Treatment therapies
- Ancillary machinery and equipment related to global health supply chains (e.g. the delivery of cold chain equipment, cold rooms, backup gensets, etc)
- ‘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
$20M per one loss and annual aggregate for storage.
Options available for higher limits on an excess basis if required