Hong Kong:
Peak Reinsurance Company Limited (“Peak Re”), a Hong Kong-based global reinsurer, has developed a unique multiple cancer benefits reinsurance solutions for Vietnam.
“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.
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.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.
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.
“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.