Europe relaunches the idea of a ‘Pandemic Risk Pool’. Eurochambres signs a Memorandum of Understanding with Generali to promote it

23 July 2020 - 10:25

Trieste – Eurochambres, the European organization of Chambers of Commerce and Industry representing more than 20 million businesses – of which over 93% are small and medium-sized (SMEs) - across 43 different European countries, has entered a Memorandum of Understanding with Generali under which they agreed to cooperate so as to promote and implement a potential ‘Pandemic Risk Pool’ against future pandemic risks.

The participation to the ‘Pandemic Risk Pool’ project is expected to be broadened to involve European institutions, EU Member States and other leading European players in the creation of Public-Private Partnerships and mechanisms that will provide a buffer against future risks.

The plans for a potential ‘Pandemic Risk Pool’ follow Generali’s contribution to address the Covid-19 emergency through the Extraordinary International Fund of €100 million and the Recovery Plan for Europe launched by the European Union at the end of May 2020.

The creation of a ‘Pandemic Risk Pool’ was also the object of an audio conference between Generali Group CEO Philippe Donnet and Valdis Dombrovskis, Executive Vice President of the European Commission, to discuss European-based and harmonized solutions to address the negative impact of Covid-19, as well as the contribution of the insurance sector in overcoming the crisis with particular regard to the anti-pandemic emergency fund.

According to Donnet, the European Recovery Fund represents a strong political sign that Europe is there to help its citizens in times of crisis, and Generali wants to be part of this commitment by supporting the European response to Covid-19 that started with the €100 million Extraordinary International Fund launched in March. The Group’s commitment also extends to the alignment of the economic recovery with the transition to sustainable development: this is why Generali has joined the European Green Recovery Alliance, decided to channel almost € 1 billion into a sustainable economy, and was the first European insurer to issue a green bond.