Malaysian Re inks MoU with CPIC for health and medical initiative
Malaysian Re inks MoU with CPIC for health and medical initiative | Insurance Business New Zealand
Reinsurance
Malaysian Re inks MoU with CPIC for health and medical initiative
It will focus on the development of health products in the country
Reinsurance
By
Kenneth Araullo
Malaysian Re has entered a memorandum of understanding (MoU) with China Pacific Property Insurance Company Limited (CPIC) and Kunpeng Insurance Broker Company Limited, aimed at the development of health and medical insurance products in Malaysia, with a particular focus on Cancer Precision Medicine treatment.
The agreement was formalized at a signing ceremony held on April 14, 2024, during the Innovation Insurance Product Launch Conference in Hainan, attended by Madam Xie Jing, vice governor of Hainan Province.
Representing Malaysian Re at the event were Datuk Johar Che Mat, chairman, Ahmad Noor Azhari Abdul Manaf, president & CEO, and Mohammad Nizam Yahya, SVP & head of the Malaysian Re Retakaful division.
Malaysian Re noted that the collaboration is expected to lead to the introduction of more innovative products, improved outcomes, and enhanced protection for the community.
In December, the firm also made headlines after it signed an MoU with the ASEAN Reinsurance Working Committee (ARWC) to support the establishment of the ASEAN Renewable Energy Pool (AREP), conceptualized by the reinsurer and under the oversight of the ASEAN Insurance Council (AIC).
“The inherent financial risk associated with these ventures can be potentially overwhelming for one insurance company to manage effectively. Therefore, there is a need for a group of companies to pool their resources and band together to form an insurance pool to underwrite the risks associated with these renewable energy sources,” Manaf said.
Malaysian Re, the largest national reinsurer in Southeast Asia by assets and gross premiums, handles all categories of general reinsurance and general and family retakaful businesses through its Malaysian Reinsurance Retakaful Division.
As the top reinsurer in the country, Malaysian Re plays a critical role in providing financial relief following significant unexpected events. Beyond its core business activities, the MNRB Group, which includes Malaysian Re, has been actively involved in various initiatives aimed at fostering industry and community development as part of its commitment to economic, environmental, and social (EES) contributions.
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