Lloyd’s of London Plans to Insure Covid Vaccine Shipments

Lloyd’s of London, the world’s largest insurance market, plans to begin offering coverage of coronavirus vaccine deliveries.

Parsyl Inc., a U.S. insurance technology company, has teamed up with Lloyd’s to provide policies covering the storage and shipping of potential Covid-19 vaccines and other medicines, according to a Lloyd’s statement on Thursday. Vaccine delivery can be expensive to insure because underwriters are concerned about the risk of medicines being spoiled by excessive heat or cold.

The new business, known as Syndicate 1796, was developed by Parsyl together with insurers Ascot Group and a unit of AXA SA, broker McGill ...