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17 August 2021Insurance

Marsh and Citi implement non-payment mitigation structure

Insurance broker  Marsh and global bank Citi have put in place a mitigation structure to cover the risk of non-payment from governments self-funding their coronavirus vaccine procurement through the COVAX Facility.

It is designed to help Gavi, the Vaccine Alliance - a global health partnership with the goal of increasing access to immunisation in poor countries - pre-purchase Covid-19 vaccines in bulk from manufacturers with greater confidence, and facilitate more rapid and equitable distribution.

The structure provides cover against the risk of non-payment by 21 countries across Africa, the Americas, Asia, and Continental Europe. The policy is underwritten by six leading insurers: AXA XL, Chubb, Liberty Specialty Markets, Sovereign Risk Insurance, Swiss Re Corporate Solutions, and Tokio Marine HCC.

Assietou Diouf, Gavi’s managing director of finance and operations, said: “This new structure will further strengthen the foundation of COVAX, which is the best mechanism the world has to bring an end to the acute phase of the COVID-19 pandemic.”

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