Consolidation in the medical supplies industry means that underwriters must adapt to an ever-changing landscape. Mark Wood, president and chief executive officer at LifeScienceRisk, discussed the challenges this creates with Intelligent Insurer.
The medical supplies industry is experiencing extensive consolidation. With firms struggling to find new avenues of growth, many are choosing to expand through mergers and acquisitions (M&A) rather than through creating new product lines.
This means that insurers specialising in covering these risks face dealing with and assessing an ever-changing client base. It also means a diminishing pool of potential clients for these insurers.
Mark Wood, president and chief executive officer at LifeScienceRisk, a managing general underwriter specialising in generic pharmaceuticals, medical devices and nutritional supplements, says this dynamic is especially true in the US. “It is a particularly big issue in the States,” he says.
Mark Wood, President, Chief Executive Officer, LifeScienceRisk, Insurance