India: Drug makers buying clinical trial liability insurance
Source: Asia Insurance Review | Feb 2021
Several pharmaceutical companies are acquiring insurance cover from domestic general insurers for their clinical trials to develop vaccines, including COVID-19 vaccines.
Some of the general insurers which have provided these covers include New India Assurance, ICICI Lombard General Insurance and Raheja QBE General Insurance, reported The Indian Express.
Insurers in turn have sought reinsurance support for such coverage from India’s largest reinsurer General Insurance Corporation (GIC Re).
Clinical trial liability insurance seeks to indemnify the insured, including institutions or organisations conducting clinical trials, against legal liability arising out of clinical trials on a claim-made basis, said New India Assurance chairman and managing director Atul Sahai.
The insurance is applicable until the trial of the particular medical product or vaccine covered is completed. Once the product is launched in the market, the cover ceases to operate. A