Chubb Launches New Premier Life Science Package
This solution provides comprehensive coverage for a range of potential liability risks relevant to this industry, plus expanded coverage options for cyber risk and professional indemnity.
The launch of this product marks Chubb's 20-year anniversary of its dedicated Life Sciences capability in APAC, a significant milestone that highlights the company's commitment to the life sciences' industry. Chubb recognises the emerging risks and is focused on addressing the distinctive challenges faced by businesses in this rapidly changing sector. Chief among these concerns is the impact of digital transformation, which not only introduces additional risks but also brings the potential for cyber breaches that companies must navigate.
Travis McIntosh, Head of Life Sciences APAC, Chubb, 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."
Premier Life Science provides comprehensive casualty and cyber coverage that can be customised in a single package, allowing access to multiple lines of insurance through one point of contact. This tailored solution ensures that a diverse array of businesses, including pharmaceutical firms, biotechnology companies, medical device manufacturers, healthcare IT providers, and medical product distributors can protect themselves against financial losses stemming from unforeseen liabilities. It offers extensive coverage for various potential risks unique to this sector, from research and development to clinical trials, data management, and product distribution.
Key features of Premier Life Science include:
- Product Liability and Clinical Trials Insurance: Protection against claims related to product defects or adverse reactions arising in clinical trials or from marketed products.
- Enhanced Professional Indemnity: Financial loss protection for contract liability, products and services defects, copyright infringement and negligence.
- Comprehensive Cyber Coverage: Protection against data breaches, ransomware attacks, and other cyber threats.
- Tailored Risk Solutions: Customised coverage options designed to fit the unique operational challenges and risks associated with each client's specific area of expertise.
Premier Life Science is currently available in Singapore, Australia, Hong Kong and Korea, with plans to launch in other countries in APAC. For more information on Chubb's Premier Life Science, please visit: Chubb Life Sciences.
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About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 43,000 people worldwide. Additional information can be found at: www.chubb.com.
