Lloyd's to offer cover for the delivery of any future vaccine for COVID-19 to low-income countries

Lloyd | July 23, 2020

Earlier this week, fresh hope of a COVID-19 vaccine was introduced by researchers at Oxford University, who described the initial results of their attempts to create a vaccine as “encouraging”. Today, the Financial Times (FT) has reported that Lloyd’s of London is going to start offering cover for the delivery of any future vaccine for COVID-19, which will enable the safe transportation of the vaccine to low-income countries.
The safe delivery of vaccines has been highlighted as often being difficult or costly, with some underwriters wary of the risks involved due to the highly temperature-sensitive nature of vaccines, with freezing being a particularly big risk. Ben Hubbard, the CEO of the cargo insurance specialist, Parsyl, told the FT that if the delivery is not perfect, then the vaccine simply will not work.

Spotlight

It’s no secret that the global pandemic has upended everyone’s life. We know this anecdotally from our own experiences—more online shopping with curbside pickup orders, ordering takeout and delivery versus in-person dining, and changing media consumption. And let’s not forget remote working and learning. These experiences are more than simply anecdotal; McKinsey has written about the more specific effects of the pandemic on consumer behavior and needs. In short, they write: “behavior changes will reshape consumer decision journeys and companies will need to adapt fast.”

Spotlight

It’s no secret that the global pandemic has upended everyone’s life. We know this anecdotally from our own experiences—more online shopping with curbside pickup orders, ordering takeout and delivery versus in-person dining, and changing media consumption. And let’s not forget remote working and learning. These experiences are more than simply anecdotal; McKinsey has written about the more specific effects of the pandemic on consumer behavior and needs. In short, they write: “behavior changes will reshape consumer decision journeys and companies will need to adapt fast.”

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