Features | Partner Sites | Information | LinkXpress
Sign In
GLOBETECH PUBLISHING LLC
GLOBETECH PUBLISHING LLC
PZ HTL SA

Rising Number of Clinical Trials Challenges Insurers

By BiotechDaily International staff writers
Posted on 18 Feb 2013
The increasing volume of clinical trials and the demand to insure them is creating an underwriting challenge for the global insurance market. These are the latest finding of Allianz Global Corporate & Specialty (AGCS; London, United Kingdom), the Allianz (Munich, Germany) center for corporate and specialist risk.

AGCS reports a consistent rise in the number of clinical trials taking place annually since 2010, with a concomitant 30% uplift in the average number of patients taking part in the clinical trials on their books. This has driven ethic committees—governed by their own country's strict legislation and a keen interest to ensure that their citizens are adequately protected—to continuously alter the requirements that need to be met by the insurer's policies before they endorse any clinical trial to go ahead. One result of this shift is that insurer's need a flexible approach in order to anticipate and address the evolving requirements of individual countries and their ethic committees.

The report highlighted that with clinical trials insurance consistently producing favorable combined operating ratios, it is a class of business that is increasingly attracting more insurers into the market, but still remains a class of business that needs to be significantly resourced with proper underwriting expertise in order to meet the clients ever increasing demands for the very highest level of quality service. New European Union (EU) regulations governing clinical trials have recently been drafted which are targeted to take effect in 2016.

One of the clear aims of the new regulations is to relax and streamline the rules governing the clinical trial approval process aimed at boosting clinical research in Europe. The general accepted view is that legislation and ethic committee approval requirements outside of Europe are far more relaxed, and this has negatively impacted upon the number of clinical trials taking place in Europe (in comparison to the rest of the world), over the past couple of years. The report was presented at the AGCS annual one-day clinical trials conference, held during February 2013 in London (United Kingdom).

“Whilst the EU's proposed changes are likely to have an impact on the insurance industry, particularly if it achieves the desired affect and further increases the number of trials taking place in Europe, there is some way to go before 2016, so in the short to medium term the expected impact is minimal” concluded John Wadsworth, AGCS senior liability underwriter and clinical trials expert.

Related Links:

Allianz Global Corporate & Specialty
Allianz





comments powered by Disqus

Channels

Genomics/Proteomics

view channel
Image: This novel, flexible film that can react to light is a promising step toward an artificial retina (Photo courtesy of the American Chemical Society).

Novel Nanofilm May Be Artificial Retina Precursor

Researchers have used advanced nanotechnology techniques to develop a light-sensitive film that has potential for future artificial retina applications. Investigators at the Hebrew University of Jerusalem... Read more

Drug Discovery

view channel
Image: Disruption and removal of malaria parasites by the experimental drug (+)-SJ733 (Photo courtesy of the University of California, San Francisco).

Experimental Antimalaria Drug Induces the Immune System to Destroy Infected Red Blood Cells

An experimental drug for the treatment of malaria was found to induce morphological changes in infected erythrocytes that enabled the immune system to recognize and eliminate them. Investigators at... Read more

Biochemistry

view channel

Blocking Enzyme Switch Turns Off Tumor Growth in T-Cell Acute Lymphoblastic Leukemia

Researchers recently reported that blocking the action of an enzyme “switch” needed to activate tumor growth is emerging as a practical strategy for treating T-cell acute lymphoblastic leukemia. An estimated 25% of the 500 US adolescents and young adults diagnosed yearly with this aggressive disease fail to respond to... Read more

Business

view channel

R&D Partnership Initiated to Reduce Development Time for New Drugs

nanoPET Pharma, GmbH (Berlin, Germany) signed an open-ended framework contract with the international pharmaceutical company Boehringer Ingelheim (Ridgefield, CT, USA). By developing customized contrast agents for research in both basic and preclinical studies, nanoPET Pharma will contribute to the enhancement of Boehringer... Read more
 
Copyright © 2000-2014 Globetech Media. All rights reserved.