Coast Insurance targets biotech boom with custom solutions

Brokers get new tools for fast-growing health sector

Coast Insurance targets biotech boom with custom solutions

Life & Health

By Roxanne Libatique

Coast Insurance is broadening its portfolio with a focus on Australia’s life sciences sector, offering tailored coverage solutions to meet the unique risks in this high-growth field.

The sector, valued at more than $100 billion and employing over 350,000 Australians, spans biotechnology, healthcare, wellness, and medical technology.

As firms in the industry push the boundaries of research and product development, insurers are adjusting their offerings to remain relevant.

Coast has identified this market as a strategic priority, developing products in collaboration with brokers to better align insurance with sector-specific exposures.

“Whether it’s sports supplements, wellness products, or implantable medical devices, we help brokers support their clients navigate the complexity with insurance that truly aligns with what they do. We know that a one-size-fits-all approach doesn’t work with this sector,” said Samuel Wolozny, underwriter at Coast Insurance.

Coast noted that Australia is among the top 10 global contributors to life sciences research, accounting for around 3% of total global output. Despite this, insurance offerings have not always kept pace with industry evolution, creating coverage gaps for emerging business models.

Well-being trends drive insurance demand

The insurer’s move comes as Australians report improved quality of life for the first time in three years.

According to the 2025 Bupa Pulse Check, 30% of respondents noted an uptick in personal well-being over the past year, linked to better mental health, financial conditions, and work-life balance.

The study, conducted by Quantum Market Research with a nationally representative sample of 2,000 adults, also found sustained concern about chronic illnesses, with 71% expressing anxiety about conditions such as cancer and heart disease. Self-care habits including fitness, meditation, and dietary improvements were cited as growing priorities.

Specialised coverage with broker support

Coast provides a suite of core protections including product liability, clinical trial insurance, public liability, professional indemnity, and medical malpractice. It also offers policy extensions such as coverage for both mandatory and voluntary product recalls.

According to Wolozny, Coast’s value proposition lies in its sector expertise and commitment to broker collaboration.

“We’re hands-on with brokers, offering clarity, flexibility and deep sector knowledge,” Wolozny said. “From skincare and medical cannabis to contract manufacturing – we look to protect the innovators who don’t fit traditional general liability products.”

Coast said interest in its life sciences coverage has been rising, driven by growing domestic activity in pharmaceuticals, beauty products, and wellness technologies.

Related Stories

Keep up with the latest news and events

Join our mailing list, it’s free!

IB+ Data Hub

The Ultimate Data Intelligence Platform for Insurance Professionals

Unlock powerful dashboards and industry insights with IB+ Data Hub—your essential subscription for data-driven decision-making.