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Aon Partners AIG, Others To Protect Global COVID-19 Vaccine Shipments

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Aon has introduced a new solution, through broad industry collaboration, that will provide supply chain protection for global COVID-19 vaccine shipments.

The solution provides transparent cargo insurance coverage for COVID-19 vaccines by combining sensor data and analytics. The offering enhances All Risk Marine Cargo insurance with timely payment for doses that fall outside of the agreed-upon temperature range while being transported or stored, enabling more effective risk management and claims support. Real-time reporting of any temperature deviation will also provide for the mitigation of losses and help maximise the number of doses that are administered to the public.

The offering is made possible through a collaboration with insurtech firm Parsyl, which will serve as the dedicated data platform for the solution on behalf of the insurers, and specialist underwriter Ascot Group acting as the lead underwriter, binding insurers Chubb European Group SE and AIG, with reinsurance support from Munich Re. Other insurers include AEGIS London, Antares Managing Agency Ltd (a QIC Global company), AXA XL, AXIS Insurance, Beazley, Fidelis, MS Amlin and Talbot.

“Rather than accept the so-called new normal, at Aon we continue to strive toward a New Better,” said Greg Case, CEO, Aon. “We will continue to push the envelope to create innovative solutions that propel our economy and society forward. Providing supply-chain protection for the delivery of COVID-19 vaccines around the world is an important step in that process.”

Aon will donate 100 percent of all revenues earned from this new solution in 2021 to a charity dedicated to eradicating the global human and economic toll of the pandemic.

“Aon has been working on client solutions utilising sensor technology in the supply chain for several years,” said Lee Meyrick, Chief Executive Officer, Global Marine, Commercial Risk Solutions at Aon. “Recognising the concerns faced with the global distribution of COVID-19 vaccines, we explored the development of a new solution to provide financial protection to the companies involved in the distribution process. Working with leaders in the industry, we were quickly able to build out a group of like-minded insurers that are willing to underwrite the risks using verifiable and effective sensor technologies.”

“We’re pleased to be part of another collaboration of market leaders coming together to address the biggest global health crisis of our time,” said Andrew Brooks, CEO of Ascot Group. “This collaboration will make available more capacity and bring to market additional products that will enable effective vaccine distribution at a global scale.”

“It’s critical that we deliver potent COVID-19 vaccines to everyone, everywhere. To do that, we must collect data to understand what happens to these sensitive shipments as they make their journey from factory to syringe. This insurance solution will help complement existing industry efforts focused on developing countries by providing protection for vaccine supply chains in additional markets. We’re proud to be enabling another insurance solution and contributing to effective vaccine distribution around the world,” said Ben Hubbard, CEO, Parsyl.

The solution will allow for the integration of a wide range of sensing devices, and power better risk management and claims support. The solution is available to qualified parties in the vaccine supply chain including pharmaceutical firms, government bodies, transportation and logistics companies, distributors, health systems, pharmacy chains and inoculation centers.

While this new innovative solution will not mandate the utilization of specific Internet of Things (IoT) platforms or sensor devices1, insured companies will have the option to access those services and products on a complimentary basis during 2021 from companies that are committed to enhancing the global distribution of COVID-19 vaccines. ChronosCloud, Intel, Mastercard and Sensitech, a part of Carrier Global Corporation, have agreed to donate access to certain platforms, blockchain technology or devices as part of the risk management solution2.

“ChronosCloud is proud to collaborate with Aon in the fight against COVID-19. Our cloud-based platform connects all partners of the supply chain with real-time Internet of Things sensors for active condition monitoring,” said John Hoyt, Managing Director of ChronosCloud. “ChronosCloud actively responds to any temperature fluctuations, so shippers can ensure continuous quality. This powerful platform plays an important role as a part of Aon’s vaccine delivery initiative.”

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Banks’ CEOs Hold Emergency Meeting Over BDCs’ Forex Ban 

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Bank Chief Executive Officers on Thursday, held an emergency meeting on how to ensure compliance with the new forex directive of the Central Bank of Nigeria.

After the meeting, they spoke during a webinar organised to give an update on the banks’ preparedness to be the main channel of forex distribution, following the recent discontinuity of forex supply to the BDC operators by the CBN.

The executives assured the public that banks would make forex available to customers in accordance with the CBN’s directives.

After the last Monetary Policy Committee meeting, the Central Bank Governor, Godwin Emefiele, had ordered all Deposit Money Banks to set up teller points at designated branches across the country to fulfil legitimate FX request for personal travel allowance, business travel allowance, tuition fees, medical payments and SMEs transactions, among others.

Speaking at the webinar, the Group Managing Director/Chief Executive Officer, Access Bank Plc, Herbert Wigwe, said, “The banking industry as a whole was willing and ready to carry out this function. The banks have very strict compliance measures, in terms of verification and making sure that people who do apply are eligible.

“All Nigerian banks will be able to meet these requirements. If you look at all the branches nationwide, you will know that the banks have more than enough capacity to do this.”

He said if the banks saw any compliance issues, or people attempting to do things cunning, they would be reported to the CBN because the banks would ensure full compliance with the order.

The Group Chief Executive Officer, Guaranty Trust Holding Company Plc, Mr Segun Agbaje, while speaking on the capacity of the banks to meet the customers demand, said, “It is not only the CBN that has the ability to fund the market; the banks also have the resources to meet the demand, and we have agreed collectively that it will start immediately.”

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NERC: Over 1m Electricity Consumers Have Received Prepaid Meters

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Labour Warns FG Against Electricity Tariff Hike 

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The Nigeria Labour Congress faulted plans to allegedly sell the Transmission Company of Nigeria, saying it will lead to an increase in electricity tariff.

The NLC President, Mr Ayuba Wabba, said this in a statement titled, “This Kite will not Fly’’ on Friday.

Wabba explained that instead of allegedly planning to sell the transmission company, FG should focus on improving the electricity supply.

He described the attempt to hand over the TCN to a few ‘privileged’ Nigerians as self-serving, obtuse, odious, morally reprehensible and criminal.

The NLC president said, “The TCN is a strategic economic asset of immense national security implications. This is because the TCN traverses all nooks and crannies of Nigeria.

“It will be wrong that our country will be deliberately exposed to an avoidable vulnerability and thus, provide an opportunity to others to restrain the Nigerian state.

“We apprehend that the planned sale of the TCN is only an attempt to further confound the people and concurrently raise electricity tariff. Unfortunately, this time around, Nigerians have had enough.

“The government cannot promise improved power supply to consumers by the planned sale of TCN. The under-the-table scheming as transparent privatisation cannot pass muster.

“It is an unsavoury narrative for our country, that even the privatised assets, which have survived the rapacity of the new owners, have been turned into unrealisable collaterals for unpayable loans.

“This constitutes a bone stuck in the throat of financial institutions and sundry creditors.”

Wabba explained that the plan would “fundamentally weaken the security of the nation and above all, deprive the people of their age-old investments in the commanding heights of the Nigerian economy”.

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