Swiss Re has partnered with composite insurer, Income Insurance Limited (Income Insurance), on a first-in-market cancer insurance product that offers a guaranteed post-cancer term option and support throughout the journey from diagnosis to recovery.
Complete Cancer Care provides continuous care in addition to financial assistance to those diagnosed with cancer. For those with advanced stage cancer, the product extends a guaranteed post-cancer coverage option for the insured without needing prerequisite health assessment, even after a cancer diagnosis.
The proposition focuses on support for active cancer treatment with monthly payouts and a premium waiver benefit, on top of conventional offerings, which predominantly centre around lump sum payments upon diagnosis. It also offers a hospice care benefit to support patients during palliative care.
To cater to the ageing population in Singapore, the product offers the highest entry age, up to 74 years old, with coverage to a maximum age of 84 years old.
“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, Head of Life & Health Reinsurance APAC ex China, Swiss Re. “We are committed to helping insurers tailor comprehensive insurance solutions that proactively address the health concerns of individuals facing cancer.”
In anticipation of Singapore's cancer treatment costs exceeding SGD 2 billion by 20301, the Ministry of Health introduced the Cancer Drug List (CDL) to negotiate lower drug prices2. This initiative, aimed at improving cost-effectiveness and reducing patients' financial strain underscores the importance of comprehensive insurance offerings. Notably the country's nine per cent insurance penetration surpasses the Asia average but lags Hong Kong (18%) and Taiwan (14%), per findings from The Swiss Re Institute.
“The cancer journey is daunting and often filled with high emotional and financial stress for our customers and their loved ones," said Dhiren Amin, Chief Customer Officer, Income Insurance. "To allay some fears so that they can focus on treatment, we are pleased to partner with a like-minded company, Swiss Re, to offer a holistic cancer proposition that provides complete care, from cancer diagnosis to recovery. Being the first in Singapore with a guaranteed post-cancer cover option, we hope to build our customers’ resilience to recover and live the fulfilling life they wanted, when their treatment is over."
The launch of Complete Cancer Care is a continuation of Swiss Re and Income Insurance’s collaborative effort to address the insurance needs of Singaporeans and address the country’s protection gap challenges. In March 2022, both companies announced a longevity arrangement for Singapore's aging population3.
1 Ministry of Health Singapore: "Recommendations of the MediShield Life Council on MediShield Life's Coverage for Outpatient Cancer Drug Treatments"
2 Ministry of Health Singapore: Cancer Drug List, 23 Feb 2023
3 Swiss Re: "Swiss Re partners with NTUC Income on a first-in-market longevity arrangement to shield against future variation in Income's annuity book", 08 Mar 2022
