Hong Kong domiciled global reinsurer, Peak Reinsurance Company Limited (Peak Re) has announced the creation of a unique multiple cancer benefits reinsurance solution for Vietnam.
Peak Re states that the development of this solution is part of its broader strategy to support the evolving needs of the emerging middle class and tackle the rising protection gaps in Asia.
Named “Cancer Multi-Play”, the new solution provides comprehensive protection for different types and stages of cancer. As well as enabling multiple payouts for policyholders, the product also offers supplementary treatment benefits to help them during difficult times.
Peak Re says that the product embraces a simplified underwriting process while offering a seamless purchase experience. For underwriting assessment, the policy relies on just three simple questions, as opposed to lengthy and expensive medical examinations that exist in policy applications.
David Cabral, Chief Operating Officer (COO) of Peak Re, said: “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.”
The new product was developed in collaboration with the reinsurer’s strategic partner, and is a response to the demographic profile and risk factors of Vietnam. At the same time, Peak Re says its new solutions provides local insurers with the ability to address the need for improved health protections.
Like the majority of emerging regions, much of Asia has a vast health protection gap that appears to be on the rise. New products and solutions from private sector participants that make it easier for consumers play a meaningful role in broadening the availability and hopefully the take-up of insurance protection in emerging parts of the world.
Peak Re’s Chief Executive Officer (CEO), Franz Josef Hahn, commented: “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.”