adminKUALA LUMPUR: Malaysian Reinsurance Bhd (Malaysian Re) and China Reinsurance Life Insurance Company Ltd (China Re Life) have signed a reinsurance agreement to support the first reinsurance framework for cancer precision medicine (CPM) treatment coverage in Malaysia.
Malaysian Re is a national reinsurer while China Re Life is one of the leading life and health reinsurers in Asia.
In a joint statement yesterday, the two companies said the agreement creates the first dedicated reinsurance framework in Malaysia for advanced cancer treatment coverage, including CAR-T cell therapy, targeted therapies and access to oncology treatment abroad.
“This agreement is a key pillar of the broader healthcare ecosystem, developed by Malaysian Re in collaboration with China Re Life.
“From product design and market engagement to distributor participation under multi-channel distribution, Malaysian Re is developing a go-to-market infrastructure that transforms reinsurance and retakaful capacity into easily accessible and consumer-ready protection,” he added.
Malaysian Re has appointed reinsurance broker, Beacon Global Risk Solutions Ltd to coordinate the end-to-end ecosystem for the initiative.
“At Malaysian Re, we believe that reinsurance/retakaful should not just transfer or share risk, but should enable meaningful access to protection and care.
“Given that over 60 percent of cancer patients are diagnosed at a late stage, this agreement with China Re Life is a significant achievement in expanding access to advanced cancer treatment with better treatment outcomes for Malaysians,” said Malaysian Re President and Chief Executive Officer, Ahmad Noor Azhari Abdul Manaf.
As Malaysia’s national reinsurer, he also said, Malaysian Re is proud to support the development of affordable and innovative healthcare solutions. The company looks forward to expanding collaboration across the medical, life insurance and takaful segments.
Meanwhile, China Re Life General Manager Li Qi said the company has developed its position as a leading life and health reinsurer in Asia by exploring risk categories that are complex and under-covered, but crucial to people’s lives.
“Our collaboration with Malaysian Re on CPM is a natural manifestation of that commitment.
“Southeast Asia shares the same unmet needs that we have addressed in China and we are confident that this collaboration will have the same transformative impact on millions of families across the region,” said Qi.
The CPM insurance/takaful product, supported by the agreement, is designed to expand access to high-precision cancer care by providing coverage for selected advanced treatments.
Building on China Re Life’s experience in supporting large-scale CPM models in China, Malaysian Re will provide local insurers and takaful operators with access to dedicated reinsurance/retakaful capacity for this growing risk segment.
This product offering also includes overseas treatment benefits, which allow covered patients to seek treatment at selected oncology centers in China when medically appropriate.
This collaboration also reflects the growing cooperation between Malaysia and China in healthcare innovation and insurance coverage, by combining international expertise and local market capabilities to meet the ever-changing healthcare needs.
Building on this significant achievement, both parties will explore opportunities to expand the collaboration into the critical illness, life expectancy and health management solutions segments across Southeast Asia.
In addition, they are also exploring initiatives to strengthen workforce exchange programs and joint technical working groups to accelerate the transfer of capabilities between the two companies.
— BERNAMA
