Specialist insurer Beazley has launched a suite of covers to protect organizations within Asia Pacific’s rapidly expanding life sciences sector.
In an environment in which risk exposures are complex and varied – from the release of unsafe medical devices and medicines, to negligence in human testing, through to the mismanagement of clinical trials and drug discovery – Beazley’s offering is designed to provide organizations with holistic coverage that avoids unnecessary gaps in their insurance cover.
The cover includes:
- Products liability
- Professional indemnity
- Public liability
- Medical malpractice
- Clinical research services – negligent act, error or omission
- Clinical trials – no-fault compensation & legal liability
Beazley said the organizations that can benefit from its specialist life sciences cover are medical device manufacturers, contract research organizations, biotechnology & biologics, pharmaceuticals, nutraceuticals (including cosmetics and skincare), prescription & over the counter injectables/ topicals and oral drugs, and pharmaceutical support services, clinical trials, vaccines and testing laboratories.
“The life sciences sector across Asia has been growing significantly in recent years and has already overtaken EU in terms of size. Asia Pacific is now the second largest market in terms of size after the U.S.,” commented Prashansa Daga, healthcare underwriter, quoting NAVADHI Market Research.
“COVID-19 has also exposed the need for self-reliance amongst different countries in the region as we saw closing of borders, restriction on movement of pharmaceutical ingredients and the global vaccine scramble,” said Daga.
“The response to COVID-19 has response has also fueled a race to create tests, vaccines and treatments. As an industry driven by intrinsic innovation and inelastic demand for patient needs, life sciences is expected to see significant growth in years to come,” she added.
“Our policy provides clear, broad and flexible cover for a range of risks to help this diverse sector to manage its risk exposures and continue to expand and thrive.”
Evan Smith, global head of Miscellaneous Medical & Life Sciences at Beazley, said: “We’ve been writing life sciences risks at Beazley for over two decades, and today we have a well-established book in North America and the UK, and, as demand has grown internationally, we are taking our lessons learned and are tailoring policies for new territories. Clients and brokers will be well supported by our technically skilled team of underwriting and claims specialists based in Singapore.”
Beazley said the policy has been designed to be clearly worded and intuitive to use, which health, wellness and life sciences professionals based in Asia have highlighted as a key priority, according to recent research by Beazley.
Was this article valuable?
Here are more articles you may enjoy.