Proposal to prepare for pandemic, involving insurance, likely to be presented ‘in the coming months,’ World Bank president predicts

The president of the World Bank suggested Tuesday that he anticipates that a proposal to help countries prepare for health catastrophes – which would likely involve insurance – is likely to be presented in the coming months.

The proposal “would likely involve a combination of bonds and insurance instruments,” the World Bank stated in a press release, quoting remarks from its president, Jim Yong Kim, during a lecture in Washington, D.C.

“We need to make sure that we get to zero cases in this Ebola outbreak,” Kim stated, referring to the disease that has killed 5,000, mainly in Liberia, Guinea and Sierra Leone.

“At the same time, we need to prepare for future pandemics that could become far more deadly and infectious than what we have seen so far with Ebola,” Kim stated. “We must learn the lessons from the Ebola outbreak because there is no doubt we will be faced with other pandemics in the years to come.”

He made his remarks during the inaugural Global Futures Lecture at Georgetown University, the World Bank stated.

A proposal to help prepare “could work like insurance policies that people understand, like fire insurance,” Kim stated. “The more that you are prepared for a fire, such as having several smoke detectors in your house, the lower the premium you pay.”

We need to prepare for future pandemics that could become far more deadly & infectious than #Ebola – Pres Kim #GUglobalfutures

— World Bank (@WorldBank) January 27, 2015

Kim “said he expects that a proposal will be presented in the coming months to leaders of developed and developing countries,” the World Bank added.

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“The more that countries, multi-lateral institutions, corporations and donors work together to prepare for future pandemics – by building stronger health systems, improved surveillance and chains of supply and transportation, and fast-acting medical response teams — the lower the premium as well,” Kim stated. “That would benefit donors and others who would pay the premium, but the greatest benefit would be that market mechanisms would help us to push improvements in our preparedness for epidemics.”