Insuring the uninsurable.

We didn't write a report about insuring vaccine supply chains. We helped build the insurer that does it.

Every year, vaccines that survive the journey from factory to country fail in the final stretch. In one study of Cameroon's cold chain, the numbers were stark.

Spoiled vaccines mean wasted donor money, broken trust and, ultimately, preventable disease. The insurance industry had the expertise to manage that risk. It just had no product, no data and no commercial model for doing so in the world's hardest-to-reach health systems.

The idea wasn't the problem. Nobody had built the thing.

Ninety led the design thinking, ideation and risk-mapping that turned a shared ambition into a workable proposition — working alongside AXA XL, Ascot, technology partner Parsyl, Gavi, the Global Fund and the Gates Foundation.

• 01Mapped the risk. Across the entire global vaccine supply chain — then focused the work on the downstream, last-mile stretch where cover was most needed, and most absent.
• 02Shaped the architecture. A risk-transfer vehicle paired with a Risk Management Facility, funding the data collection, assessments and capacity-building that make the risk insurable in the first place.
• 03Kept the design honest. A self-sustaining, market-based solution with country contributions from the outset — not a subsidy that disappears when the donors do.

The Global Health Risk Facility launched at Lloyd's of London as a first-of-its-kind "syndicate-in-a-box".

It was designed to strengthen local insurance markets, reward better risk management, and grow to serve every low- and middle-income country those donors support.

When COVID-19 arrived, the facility was already standing — and went on to help underwrite vaccine distribution to emerging markets at the moment it mattered most.