Malaysia Launches Innovative Reinsurance Treaty for Cancer Precision Medicine
Malaysian Reinsurance Berhad, the national reinsurer of Malaysia, has partnered with China Reinsurance Life Insurance Company Limited to launch a pivotal reinsurance treaty. This initiative aims to establish a framework for Cancer Precision Medicine (CPM) coverage, representing Malaysia's first reinsurance support structure for cutting-edge oncology treatments, including CAR-T cell therapy and targeted therapies.
The treaty was sealed during a visit by Li Qi, General Manager of China Re Life, to Malaysian Re’s Kuala Lumpur office. This collaboration marks a significant milestone within a broader healthcare network crafted by both companies. Malaysian Re has developed a comprehensive market approach, facilitating the conversion of reinsurance and retakaful capacity into viable insurance solutions.
Beacon Global Risk Solutions Limited is coordinating this end-to-end initiative as Malaysian Re’s designated reinsurance broker. The framework covers multiple facets such as reinsurance/retakaful, primary insurance/takaful, pharmacy distribution, hospital integration, and collaborations with leading pharmaceutical firms, showcasing a strong commitment to expanding access to innovative cancer treatments in Malaysia.
The CPM-based insurance/takaful offering is designed to broaden access to precision oncology care, tapping into China Re Life's extensive experience with the CPM model. Malaysian Re is set to provide local insurers and takaful providers with specialized reinsurance/retakaful solutions for this emerging risk area. Additionally, the product includes an overseas treatment option, facilitating patient referrals to accredited cancer clinics in China, where applicable.
Looking ahead, Malaysian Re and China Re Life are exploring additional joint ventures in critical illness, longevity, and health management offerings throughout Southeast Asia. They are also considering personnel exchanges and collaborative technical groups to enhance knowledge and capability sharing.
Ahmad Noor Azhari Abdul Manaf, President & CEO of Malaysian Reinsurance Berhad, highlighted that reinsurance/retakaful is about more than just risk transfer; it also offers access to medical care. With many cancer cases diagnosed at advanced stages, this treaty with China Re Life marks a crucial step in improving access to superior cancer therapies in Malaysia.
Li Qi of China Re Life underscored their leadership in addressing complex and underserved risk segments, stating that the CPM partnership with Malaysian Re aligns with their mission and is poised to have a transformative impact across Southeast Asia, addressing critical needs in the region.