XL Catlin’s insurance operations in Germany have announced the addition of a stand-alone clinical trials product for life science clients.

Life science companies are operating in an increasing complex and litigious environment, the company said in a statement. “They are producing a steady stream of new products and innovations for which they need equally innovative insurance [products],” the company explained, noting that clinical trials are a key, essential element in confirming the effects of a new product, before they can be brought to market.

“We have been successfully providing life science solutions for a wide range of clients, from start-ups to global players. Our coverages are designed to support these companies’ right from the development phase, to market entry and mass distribution,” commented Frank Wernecke, XL Catlin’s head of International Casualty insurance in Germany.

“I am very pleased that we can now also support those companies looking for stand-alone coverage for risks associated with clinical trials,” he added.

Life science includes biotech, cosmetics, pharmaceutical and medical devices, noted Dieter Goebbels, country manager Germany and regional manager for Germany, Austria & Switzerland (DACH) and Benelux, Insurance. “If we count pharmaceuticals alone, Germany is the fourth largest market in the world and sales are forecast to reach more than $43 billion in 2018, according to Deloitte,” Goebbels affirmed.

“To meet the increasing demand for insurance solutions we strengthened our team in Germany earlier this year and are now able to offer tailored stand-alone solutions for clinical trials to support this market and its growth,” he said.

Source: XL Catlin