Chubb has launched a new insurance product designed to provide casualty and cyber protection for life sciences companies across the Asia-Pacific (APAC) region.
The launch of Premier Life Science coincides with the 20-year milestone of Chubb’s Life Sciences operations in the APAC region.
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The new offering is designed to protect life science entities such as pharmaceutical and biotechnology companies, medical device manufacturers, healthcare IT providers and medical product distributors from financial losses.
The coverage for potential risks includes research and development (R&D), clinical trials, data management and product distribution.
The package provides product liability and clinical trials insurance, which covers claims related to product defects or adverse reactions.
It also includes professional indemnity, offering protection from financial loss due to contract liability, product and service defects, copyright infringement and negligence.
Cyber Coverage is another component, safeguarding against data breaches, ransomware attacks and other cyber threats.
Additionally, it also features Risk Solutions, which are coverage options tailored to the operational challenges and risks of each client’s area of expertise.
The package is currently available in Singapore, Australia, Hong Kong and Korea, with plans to extend its availability to other countries in the APAC region.
Chubb APAC Life Sciences head Travis McIntosh said: “Over the past two decades, Chubb has established itself as a leading insurance specialist in life sciences in APAC. The team has grown from a single specialist to a dedicated unit with deep insights into the industry’s unique needs and complexities.
“This growth has enabled us to develop insurance solutions that protect and empower businesses. The launch of Premier Life Science is a testament to our legacy in this sector and commitment to supporting the innovative companies advancing health and science.”
Last month, Chubb created the North America Small & Lower Midmarket division within its North America Middle Market organisation.
This new division merges Chubb’s Lower Middle Market and Digital Small Business divisions.
