Peak Re develops cancer multi-protection solution for Vietnam

New product is part of firm’s efforts to narrow emerging Asia’s underinsurance gap

Peak Re develops cancer multi-protection solution for Vietnam

Insurance News

By Gabriel Olano

Peak Reinsurance Company (Peak Re) has developed a multiple-benefit cancer protection solution for the Vietnam market.

Known as ‘Cancer Multi-Pay’, it is a multi-protection policy that provides comprehensive coverage for different types and stages of cancer. Aside from multiple pay-outs for policyholders, it also provides supplementary treatment benefits. According to Peak Re, Cancer Multi-Pay employs a simplified underwriting process along with 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 new product is part of the re/insurer’s strategy to support the evolving needs of the emerging middle class and address the protection gaps in emerging Asian markets, it said in a statement.

“The emerging middle class is the main underserved population by both the social welfare system and insurers,” said David V. Cabral, chief operating officer of Peak Re. “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.”

According to the Hong Kong-based reinsurer, the solution empowers local insurance companies with the ability to address the growing need 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, CEO of Peak Re.

Peak Re also said that, aside from Vietnam, it is actively engaging in developing customised solutions for different protection needs in other Asian markets, including China, India, Thailand, the Philippines, and Cambodia.

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