Peak Reinsurance Company Limited (“Peak Re”), a Hong Kong-based global reinsurer, has developed a unique multiple cancer benefits reinsurance solutions for Vietnam. It is part of the Company’s strategy to support the evolving needs of the emerging middle class and address the protection gaps in emerging Asia.
“Cancer Multi-Pay” is a multi-protection policy that provides comprehensive coverage for different types and stages of cancer. It does not only allow multiple pay-outs for policyholders but also provides supplementary treatment benefits to help them go through difficult times.
More importantly, Cancer Multi-Pay embraces a simplified underwriting process and creates a seamless purchase experience. It precludes lengthy and expensive medical examinations in policy applications, and instead relies on three simple questions for underwriting assessment.
“The emerging middle class is the main underserved population by both the social welfare system and insurers. Cancer Multi-Pay is the latest example of how Peak Re endeavours to alleviate the financial difficulties of the emerging middle class in case of an adverse health event, thereby protecting not only their health needs but also their financial security,” said David V. Cabral, Chief Operating Officer of Peak Re.
The solution, developed in collaboration with Peak Re’s strategic partner and in response to the demographic profile and risk factors of Vietnam, also empowers local insurance companies with the ability to address the growing needs for better health protections, and tap into new opportunities.
“I’m happy to see that we take real actions to support the growth and prosperity of emerging markets by mitigating risks and providing peace of mind. This solution embodies Peak Re’s commitment to acting agile and collaborating with our clients to identify growth opportunities,” said Franz Josef Hahn, Chief Executive Officer of Peak Re.
Health protection gap has become one of the highly concerned issues in emerging countries. The Geneva Association, an international think tank for strategically important insurance and risk management issues, estimates that the annualised health protection gap for all emerging markets is as high as around USD 310 billion, or 1% of these countries’ combined GDP*. The innovative initiatives from the private sector remains a meaningful tool to address the health protection gap.
Peak Re plans to offer more solutions that boost affordable and simple insurance products in Asia. Beyond Vietnam, Peak Re is also actively engaging in developing customised solutions for different protection needs in other Asian markets, including China, India, Thailand, the Philippines and Cambodia.
*Source: Healthcare in Emerging Markets: Exploring the Protection Gaps, The Geneva Association