World Bank Launches $500 Million Insurance Fund to Fight Pandemics

World Bank President Jim Yong Kim speaks during a panel discussion at the Anti-Corruption Summit in London, Thursday, May 12, 2016.  REUTERS/FRANK AUGSTEIN/POOL

reuters.com - by David Lawder - May 20, 2016

The World Bank on Saturday said it was launching a $500 million, fast-disbursing insurance fund to combat deadly pandemics in poor countries, creating the world's first insurance market for pandemic risk. . . . 

. . . In the event of a pandemic outbreak, the facility will release funds quickly to affected poor countries and qualified international first-responder agencies. . . . 

. . . The so-called Pandemic Emergency Financing Facility will initially provide up to $500 million that can be disbursed quickly to fight a pandemic, with funds released once parametric triggers are met, based on the size, severity and spread of an outbreak.

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