Malaysian re-signs MoU with CPIC for health and medicine initiative | Insurance business America
The focus will be on developing healthcare products in the country
reinsurance
By Kenneth Araullo
Malaysian Re has entered into a Memorandum of Understanding (MoU) with China Pacific Property Insurance Company Limited (CPIC) and Kunpeng Insurance Broker Company Limited aimed at developing healthcare and medical insurance products in Malaysia with a particular focus on cancer precision medicine treatment .
The agreement was formalized at a signing ceremony on April 14, 2024 at the Innovation Insurance Product Launch Conference in Hainan, which was also attended by Ms. Xie Jing, Vice Governor of Hainan Province.
Representatives from Malaysian Re at the event were Datuk Johar Che Mat, Chairman, Ahmad Noor Azhari Abdul Manaf, President and CEO, and Mohammad Nizam Yahya, SVP and Head of Retakaful Department of Malaysian Re.
Malaysian Re noted that the collaboration is expected to result in the introduction of more innovative products, improved outcomes and improved protection for the community.
In December, the company 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), designed by the reinsurer and under the supervision of ASEAN Insurance Council stands (AIC).
“The financial risk associated with these ventures can potentially be overwhelming for an insurance company if managed effectively. Therefore, there is a need for a group of companies to pool their resources and form an insurance pool to insure the risks associated with these renewable energy sources,” Manaf said.
Malaysian Re, the largest national reinsurer in Southeast Asia by assets and gross premiums, serves all categories of general reinsurance as well as general and family retakaful businesses through its Malaysian Reinsurance Retakaful Division.
As the country’s leading reinsurer, Malaysian Re plays a critical role in providing financial relief following significant unexpected events. Beyond its core business activities, the MNRB Group, of which Malaysian Re is a part, has been actively involved in various initiatives aimed at promoting industrial and community development as part of its commitment to economic, environmental and social contributions (EES).
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2024-04-19 13:10:00
www.insurancebusinessmag.com
