Cigna Healthcare has appointed Rob Peat (pictured) as chief executive officer for its Asia-Pacific operations, effective April 1.
In his new position, Peat will report directly to Jason Sadler, president of Cigna International Health. Peat will be responsible for overseeing operations across Hong Kong, Singapore, mainland China, and Australia.
The company stated that the appointment is aimed at supporting business growth across the region and exploring synergies among the different markets.
Peat has been with the organisation for more than two decades, beginning his career in the actuarial field before taking on a series of finance leadership roles. His prior positions at Cigna Healthcare include:
He has also spent a significant portion of his career in Asia.
Sadler said Peat brings a strong understanding of the markets the company operates in and has played an important role in its global strategy.
“Rob’s extensive experience in health insurance and deep institutional knowledge across the various International Health markets in which we operate makes him the ideal choice to lead the way for our Asia-Pacific business,” he said. “Asia Pacific is an important region for both our global health benefits and domestic health businesses, and I look forward to even greater achievements from our local teams under Rob’s leadership.”
Peat said he was looking forward to shifting his focus to Asia Pacific and working more closely with regional teams and partners.
“I’m thrilled to transition from my role as CFO for International Health to focus on Asia Pacific, an area of our business I’m well acquainted with and very passionate about having lived in Asia for more than a decade,” he said.
As part of this leadership transition, Shaun MacKenzie will assume the role of chief financial officer for International Health, also effective April 1.
MacKenzie has been with Cigna Healthcare for 17 years and has held various roles in actuarial services, financial management, and corporate strategy.
This leadership change comes as rising healthcare expenses have become the leading financial concern for consumers across Asia.
The 2024 Manulife Asia Care Survey, conducted with 8,400 participants across eight Asian markets, found that concerns over medical costs now surpass those about general inflation and are having a direct impact on consumer confidence in future financial security.
Physical health emerged as a top priority for 39% of respondents, ahead of financial (32%) and mental (29%) well-being. The emphasis on physical well-being was consistent across the eight markets surveyed: mainland China, Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Singapore, and Vietnam.
The report identified healthcare cost inflation as a dominant concern for 75% of participants, with the average perceived rate of increase at 23% – more than twice the actual inflation rate. Areas where respondents reported the highest perceived cost increases included prescription medications (52%), preventive healthcare services (37%), outpatient treatments (36%), and hospital stays (35%).
Despite the concerns, critical illness insurance remains underutilised, with only 18% of respondents reporting coverage. By comparison, accident insurance was held by 32%, inpatient coverage by 32%, and outpatient insurance by 26%. Key health issues of concern among respondents included heart disease (35%), cancer (34%), diabetes (32%), and stroke (31%).
