Chubb, Marsh partner on vaccine cover for lower-income countries

Chubb Ltd. and Marsh LLC have collaborated with the World Health Organization and Gavi, the Vaccine Alliance, to provide $150 million in insurance coverage for a program to compensate certain individuals for serious adverse events caused by vaccines.

The no-fault compensation program offers eligible individuals in 92 lower-income countries a way to be compensated for adverse events arising from vaccines distributed through the COVAX vaccination initiative up to June 30, 2022, Chubb and Marsh said in a statement Thursday.

Marsh led the global placement of the coverage while Chubb is the lead insurer, supported by 10 other insurers in the United States, United Kingdom, Germany, Ireland, Switzerland and Bermuda.

“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,” Evan Greenberg, chairman and CEO of Chubb, said in the statement.

In February, Chubb reached an agreement with WHO through ESIS Inc., its third-party administrator company, to administer the insurance program.