Italian insurer Generali Group has signed a Memorandum of Understanding (MoU) with Eurochambres under which the pair have agreed to cooperate in order to both promote and implement a ‘Pandemic Risk Pool’ against future pandemic risks in Europe.
Eurochambres is the European entity of Chambers of Commerce and Industry, representing over 20 million businesses, of which more than 93% are small and medium-sized, across 43 different European countries.
The plans for a potential ‘Pandemic Risk Pool’ follows a €100 million contribution from Generali to address the COVID-19 pandemic through the establishment of the company’s Extraordinary International Fund, and also the Recovery Plan for Europe previously launched by the European Union.
According to an announcement on the MoU, the participation of the project is expected to broaden to involve European institutions, EU Member States, and other leading European players in the establishment of public-private partnerships and structures designed to provide a buffer against future pandemic risks.
Recently, Generali Group’s Chief Executive Officer (CEO), Philippe Donnet, discussed the creation of a risk pool for pandemics with Valdis Dombrovskis, Executive Vice President of the European Commission.
Donnet explained that the European Recovery Fund is a strong political sign that Europe is there to help its citizens during this challenging time, and that Generali wants to participate by supporting the response to COVID-19 across Europe.
As well as its €100 million commitment via the Extraordinary International Fund, the insurer’s commitment also extends to the alignment of the economic recovery with the transition to sustainable development. The Group states that this is why it has joined the European Green Recovery Alliance, which is dedicated to channel almost €1 billion into a sustainable economy, and why it was the first insurer in Europe to issue a green bond.
