UK-based specialist insurer Beazley has launched a suite of insurance solutions targeted at organisations operating in Asia Pacific’s life sciences industry.
The new offering is designed to offer organisations holistic coverage that avoids unnecessary gaps in their insurance cover.
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The cover includes 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).
Through the new product, Beazley aims to target 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.
Beazley’s team of underwriting and claims specialists based in Singapore will support clients and brokers.
Beazley healthcare underwriter Prashansa Daga 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.
“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.”
Beazley global head of miscellaneous medical & life sciences Evan Smith 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.”
Last month, Beazley launched a nutraceutical-focused insurance solution in Canada.
