Marsh to Help Businesses Minimize Financial Loss From Pandemics
17 5월 2018 - 9:30PM
Business Wire
Launches World’s First Integrated Risk Solution
for Measuring and Protecting Against Economic Impact of Infectious
Disease Outbreaks
Marsh, a global leader in insurance broking and innovative risk
management solutions, today launches PathogenRX, the first
insurance solution of its kind that provides financial protection
to US-based businesses and their global operations affected by an
infectious disease outbreak.
“Pandemics and epidemics are not your average risk. They may
occur over several months, are often not confined to a specific
region, and their unpredictability means they can scale, grow, and
become quite costly to a range of businesses from hotels and
restaurants to schools and airlines,” said Martin South, President
of Marsh’s US and Canada Division.
Over the last several decades, diseases such as Zika, MERS, and
SARS have had drastic financial impacts on a number of industries
that depend on people moving freely without fear for their safety
and health. One recent study found that 90% of Miami, Florida,
businesses in an area hit especially hard by the 2016 Zika virus
outbreak, experienced revenue and profit losses of as much as 40%.
Up until now, businesses have had no way to measure the potential
economic loss from a pandemic or epidemic and effectively protect
their bottom lines.
To solve for this, Marsh, in collaboration with Munich Re, a
leading global reinsurer, and Metabiota, a pioneer in epidemic risk
modeling, have created PathogenRX, a fully integrated pandemic risk
solution. Using triggers like Metabiota’s new Pathogen Sentiment
Index, which provides extensive analytics into infectious disease
outbreaks, businesses can more confidently model their potential
financial loss from an outbreak and protect against the threat
through an insurance policy underwritten by Munich Re. The policy
is highly customizable and can be tailored to provide coverage for
specific expenses, geographies, types of disease, or portions of a
calendar year.
“Metabiota’s mission is to make the world more resilient to
epidemics and to accomplish this means working with insurance
industry leaders, like Marsh and Munich Re, to develop new
offerings to minimize the economic repercussions that can result
from infectious diseases,” said Bill Rossi, CEO of Metabiota. “Our
Pathogen Sentiment Index combines our team’s in-depth scientific
knowledge with a novel way to measure the potential impact to
consumer travel and spending as a result of an outbreak and trigger
the necessary resources to offset it.”
“With PathogenRX, we are pushing the boundaries of insurability.
Businesses now can better prepare for the potential of an epidemic
or pandemic with a highly customizable risk modelling and transfer
solution,” said Gunther Kraut, Head of Epidemic Risk Solutions at
Munich Re. “This joint effort is an important part in our continued
strategic push for innovation. It will pave a new frontier for the
insurance industry by helping businesses become more resolute to
the evolving health threats facing the world.”
About Marsh
A global leader in insurance broking and innovative risk
management solutions, Marsh’s 30,000 colleagues advise individual
and commercial clients of all sizes in over 130 countries. Marsh is
a wholly owned subsidiary of Marsh & McLennan Companies
(NYSE:MMC), the leading global professional services firm in the
areas of risk, strategy and people. With annual revenue over US$14
billion and nearly 65,000 colleagues worldwide, MMC helps clients
navigate an increasingly dynamic and complex environment through
four market-leading firms. In addition to Marsh, MMC is the parent
company of Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on
Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe
to BRINK.
About Metabiota
Metabiota is the pioneer in comprehensive risk analytics that
help organizations and countries build resilience to epidemics and
protect global public health. Built on a strong foundation of
scientific expertise, including a worldwide network of
on-the-ground experts, Metabiota delivers actionable, data-driven
analytics to help countries and corporations mitigate complex
health issues. With a strategic global presence and sustained
partnerships, Metabiota’s agile approach helps identify,
analyze and transfer the risk associated with biological threats.
The company’s international footprint includes operations in nearly
20 countries and offices in San Francisco, Canada, Sierra Leone,
Cameroon and the Democratic Republic of the Congo. For more
information, visit http://www.metabiota.com.
About Munich Re
Munich Re stands for exceptional solution-based expertise,
consistent risk management, financial stability and client
proximity. This is how Munich Re creates value for clients,
shareholders and staff. In the financial year 2017, the Group –
which combines primary insurance and reinsurance under one roof –
achieved a profit of €0.4bn. It operates in all lines of insurance,
with over 42,000 employees throughout the world. With premium
income of around €32bn from reinsurance alone, it is one of the
world’s leading reinsurers. Especially when clients require
solutions for complex risks, Munich Re is a much sought-after risk
carrier. Its primary insurance operations are concentrated mainly
in ERGO, one of the leading insurance groups in Germany and Europe.
ERGO is represented in over 30 countries worldwide and offers a
comprehensive range of insurances, provision products and services.
In 2017, ERGO posted premium income of €17.5bn. Munich Re’s global
investments (excluding insurance-related investments) amounting to
€218bn are managed by MEAG, which also makes its competence
available to private and institutional investors outside the
Group.
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MarshSally Roberts, 303-952-9453sally.roberts@marsh.com
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