Swiss Re has announced a new cancer proposition in partnership with Singapore-based Income Insurance, resulting in a first-in-market cancer product that offers a guaranteed post-cancer term option and support from diagnosis to recovery.
Swiss Re and Income Insurance’s Complete Cancer Care is designed to provide continuous care in addition to financial assistance to those diagnosed with cancer. The product also extends a guaranteed post-cancer coverage option for those with advanced stage cancer without needing prerequisite health assessment even after diagnosis.
It centres around support for active treatment with monthly payouts and a premium waiver benefit, in addition to other conventional offerings including lump sum payments upon diagnosis. The product also has hospice care benefits to support patients during palliative care. Catering to Singapore’s ageing population, it also offers the highest entry age of up to 74 years old, with coverage to a maximum age of 84 years old.
As Singapore anticipates cancer treatment expenses to surpass SGD 2 billion by 2030, the Ministry of Health has launched the Cancer Drug List (CDL) with the purpose of securing more affordable drug prices. This strategic move, directed at enhancing cost efficiency and alleviating the financial burden on patients, highlights the significance of robust insurance solutions. While it is worth noting that Singapore’s insurance penetration rate of 9% exceeds the Asia-wide average, the country falls behind figures observed in Hong Kong (18%) and Taiwan (14%), as revealed by research conducted by The Swiss Re Institute.
“The launch of Complete Cancer Care demonstrates our dedication to supporting policyholders in their time of need by enabling our partners as they innovate and adapt to evolving customer needs,” said Daisy Ning, Swiss Re head of life and health reinsurance APAC ex China. “We are committed to helping insurers tailor comprehensive insurance solutions that proactively address the health concerns of individuals facing cancer.”
A recent report from the global reinsurer also indicated that global economic growth is expected to be 2.3% in real terms for both this year and the next, which is slightly lower than market consensus.
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