Specialist insurer Beazley has launched a suite of covers to protect organisations within Asia Pacific’s innovative and rapidly expanding life sciences sector.
The cover includes:
- Product liability
- Professional indemnity
- Public liability
- Medical malpractice
- Clinical research services – negligent act, error or omission
- Clinical trials – no-fault compensation & legal liability
Beazley said that 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, the offering is designed to provide organisations with holistic coverage that avoids unnecessary gaps in their insurance cover.
The carrier added that the launch builds on Beazley’s experience in writing life sciences risks globally for more than 20 years.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.
Among the many types of organisation that can benefit from Beazley’s specialist life sciences cover are medical device manufacturers, contract research organisations, 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.
Commenting on the launch, Prashansa Daga, (pic) healthcare underwriter said: “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 US.”
“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. The response to Covid-19 has response has also fuelled 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. 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.”