Munich Re Specialty–North America (MRS-NA) has launched a new business line focused on life science liability insurance, which aims to strengthen its presence in the growing healthcare and biotechnology sectors. This announcement was made on June 13, 2025, and reflects the rising demand for specialized coverage among companies in the life sciences field.
The new life science liability offering targets a variety of businesses, including pharmaceutical firms, over-the-counter drug manufacturers, clinical trial sponsors, and medical device developers. This initiative seeks to provide tailored insurance solutions that address the unique risks faced by these organizations.
James Craig, a senior vice president at MRS-NA with extensive experience in life sciences liability insurance, will lead this new division. It will be part of the Healthcare segment within the company’s Excess & Surplus Lines group. Craig emphasized the need for stability and expertise in insurance partnerships as the life sciences industry evolves and faces new challenges.
The new insurance product offers comprehensive coverage. This includes protection against medical product defects, regulatory compliance issues, and risks associated with clinical trials. It also covers errors and omissions, premises liability, cyber risks, and medical professional liability, ensuring that clients are well-protected against various types of litigation and product liability claims.
MRS-NA has assembled a team of experienced claims professionals and litigation experts to assist clients in managing risks effectively. This coverage is available on a non-admitted basis across all 50 states and can be structured as either primary or excess coverage.
The life sciences sector is expected to grow significantly, with projections estimating a compound annual growth rate of around 10% from 2024 to 2033. The new liability solution from Munich Re Specialty is backed by the financial strength of the Munich Re Group, providing additional confidence to clients in this evolving market.
This launch highlights Munich Re’s commitment to supporting the life sciences industry during a time of rapid innovation and increasing complexity in risk management.