Beazley launches APAC life sciences offering

Beazley has launched a suite of life sciences covers for organisations in the Asia-Pacific region.

The specialist insurer’s offering will provide cover for a range of complex risk exposures – from the release of unsafe medical devices and medicines, to negligence in human testing, to the mismanagement of clinical trials and drug discovery.

Prashansa Daga (pictured), 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.”

The new offering covers products liability; professional indemnity; public liability; medical malpractice; clinical research services – negligent act, error or omission; and clinical trials – no-fault compensation and legal liability.

Evan Smith, global head of miscellaneous medical and life sciences at Beazley, added: “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.”

The cover is suitable for medical device manufacturers; contract research organisations; biotechnology and biologics; pharmaceuticals; nutraceuticals; pharmaceutical support services, clinical trials, vaccines and testing laboratories.

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