Beazley has launched a suite of insurance products catering to organisations working within the fast-growing life sciences sector in Asia Pacific.
According to Beazley, which has been underwriting life sciences risks globally for over 20 years, the offering will provide organisations with holistic coverage that avoids unnecessary gaps in their insurance cover. This is especially important in the life sciences sector, where risk exposures are complex and varied, such as the release of unsafe medical devices and medicines, negligence in human testing, and mismanagement of clinical trials and drug discovery.
The coverages offered include product liability, professional indemnity, public liability, medical malpractice, clinical research services (negligent act, error or omission) and clinical trials (no-fault compensation and legal liability). It will be provided by a team of underwriters and claims specialists based in Singapore.
“The life sciences sector across Asia has been growing significantly in recent years and has already overtaken EU in terms of size,” said Prashansa Daga, healthcare underwriter at Beazley. “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 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.”