investing.com 18 Dec, 2020 09:15 am

Insurers, drugmakers sail into unknown with COVID vaccine rollout By Reuters

Analysis: Insurers, drugmakers sail into unknown with COVID vaccine rollout

FILE PHOTO: Pfizer/BioNTech coronavirus vaccine shipped from Midlands region By Jonathan Saul and Carolyn Cohn LONDON (Reuters) - Speedy global delivery of COVID-19 vaccines by air and sea in ultra cold conditions will lead to a jump in cargo insurance rates and spur demand for new areas of coverage, leaving underwriters on high alert.But as Pfizer Inc (NYSE: PFE ) and other drugmakers start to roll out vaccines more broadly, existing company-wide annual cargo insurance programmes are likely to be insufficient, industry sources say.Such losses compare with total claims on cargo insurance of $563 million last year, the International Union of Marine Insurance said." COVAXX's Chief Executive Mei Mei Hu told Reuters it was working with Maersk to secure comprehensive cargo insurance for the full value of each shipment.

Cargo insurance typically excludes cyber attacks, so pharma companies usually buy extra cover.Prices for new contracts in the transport insurance market were climbing sharply even before the pandemic following rising claims and reduced competition, and industry sources expect insurance rates to jump when pharma companies involved in COVID-19 vaccines renew their annual policies next year, given the additional risk.

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