Markel Insurance, part of the Markel Group, has launched a new clinical trials insurance product to support research and product development globally.
The newly introduced offering is aimed at sponsors, researchers and participants involved in clinical trials, providing insurance coverage throughout all phases of research.
The insurer stated that the product is tailored to align with the regulatory requirements of more than 100 territories.
Markel’s service offering includes same-day quotations, and expedited issuance of certificates and policy documents, leveraging an automated document production platform.
Markel life science senior underwriter Robert Hannaford said: “At Markel, we understand the time-sensitive nature of these requests and have developed a compliant solution – backed by our expert underwriting and award-winning claims service, making sure clients are fully protected to carry out the clinical research of products worldwide.
“We do not want insurance to be a delaying factor to allowing important clinical research to begin, which is why we have produced a customer-centric product that streamlines all parts of the insurance value chain to prioritise service.”
The company leverages its Lloyd’s licences and global network to meet compliance standards in the required jurisdictions.
Hannaford added: “We look forward to supporting innovation in the life science industry by continuing to deliver effective risk transfer solutions for future lifesaving treatments through open communication, dialogue and transparency with our brokers, insureds and trading partners.”
Recently, Markel Group reported total operating income of $282.5m for the first quarter of 2025 (Q1 2025), a decrease from the $1.4bn recorded in Q1 the previous year.
Diluted net income per common share was $12.08 in the quarter, versus $75.43 in Q1 2024.
Total operating revenues for Markel Group also plunged to $3.4bn in Q1 2025, down 31.4% from $4.47bn in the prior year.
“Markel unveils new insurance product for clinical trials ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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