According to a recent report, Life Sciences companies are likely to lose US$642 billion globally to cyber-attacks over the next five years, and the pandemic drove significant demand from Life Sciences companies to better understand their global supply chain and product liability risk exposures.
Global commercial insurance prices increased 18% and Asia insurance pricing increased 8% in the first quarter of 2021. Property insurance pricing across Asia rose 10%, while cyber insurance rose up to 50% on average, driven by a rise in the frequency and severity of losses.
With double-digit rate increases, many organizations often ask how much they should pay for insurance to transfer their risks, how much risk they should retain to manage their costs, what kinds of choices do their peers in the industry make in covering the various risk exposures, and what kinds of claims are they covering.
To address these common questions, Marsh has put together a benchmark report specifically for the Life Sciences Industry, which faces some unique challenges not seen in other industries. This proprietary report, customized to your organization’s individual profile and revenue size, will allow you to compare your limits, deductibles, and claims against your peers’ and align your risk and insurance buying decisions to your long-term growth strategies, driving preparedness and building resilience.
Decide on your insurance premium and deductible levels based on data. Watch the video and provide us with some basic information in the form, for us to create your complimentary Life Sciences Industry Benchmark Report.