THE distribution of Covid-19 vaccines may be an
exciting opportunity for cash-strapped airlines, but carriers will need to work
with their insurers to ensure any policies are suited to the new risks, even if
they are experienced in the transport of pharmaceuticals.
In an article in London's Air Cargo News,
guests writers Philip Clayton and Andy Bowman of risk management,
insurance brokerage and advisory company Willis Towers Watson explore the
insurance implications of carrying Covid-19 vaccines in air cargo.
The sheer size of the logistics operation now required to
deliver the vaccines across the globe and into its most remote regions is
daunting. Indeed, the scale of the challenge is unprecedented.
IATA suggested in October that the equivalent
of 8,000 B747Fs (each capable of carrying 100 tonnes) would be needed to
deliver enough vaccines for the earth's 7.8 billion inhabitants.
Others believe the entire global fleet may be needed in
some capacity, as well as many more ground-handlers who may not be specialists
in the "cold" supply chains that move
temperature-sensitive goods.
Traditionally, less than a fifth of global pharma shipments
are transported by air to end-user destinations, but the 'speed-to-market'
requirements of the Covid vaccine is expected to put unprecedented strain on
the cold supply chain, which includes airports, ground-handlers and freight
forwarders.
Three of the vaccines' biggest manufacturers - AstraZeneca,
Pfizer and Moderna - are expected to have the collective
capacity to have produced 5.3 billion doses by the end of 2021, enough
for about 40 per cent of the world's population (acquiring
immunity will require two doses for some vaccines).
For air-transport providers and their supply-chain
partners, the pharmaceutical industry has always required specialist
infrastructure and knowledge; at a minimum temperature-controlled
environments (Pfizer's vaccine must be stored at minus 70 degrees
Celsius until used, for example) and a secure chain of transport are
required.
This has kept the greatest proportion of the pharma market
in the capable hands of a handful of experienced "cold" cargo
carriers.
But pressure to deliver the vaccine as quickly and widely
as possible is expected to bring new, less-experienced operators to assist in
their distribution, adding a series of new supply-chain risks.
Logistical challenges are far from the only
liabilities that carriers and insurers will need to consider. Shipment values
are expected to be significantly higher than for the standard international
shipments covered by insurers in accordance with the limits of the Montreal
Convention ('the Convention').
The Convention limits damage-related insurance
cover to '22 Special Drawing Rights' (SDR) per kg, or a value equivalent to
US$30-$32, depending on currency fluctuations.
The market has yet to establish how those vaccines will be
valued; the possibilities range from the vaccines¡¯ manufactured or replacement
costs, to their retail costs.
Source : HKSG / Photo : Pharmaceutical Commerce.
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