(Bloomberg) -- Munich Re and Marsh & McLennan Cos., the largest insurance broker by market value, introduced a product to insure U.S. pharmaceutical companies against regulatory actions that could cause them to suspend manufacturing.
The product would cover as much as $10 million in non- damage business-interruption costs tied to violations of federal manufacturing standards, Munich Re said Wednesday in a statement. The Munich-based company is the world’s biggest reinsurer.
“The question is always, ‘Where do you find kind of the next blockbuster?’” Claudia Hasse, head of special enterprise risks for Munich Re, said in a phone interview. “We saw that this is really a huge danger for pharmaceutical companies.”
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