Swiss Re and Income Insurance co-launch Singapore’s first cancer insurance product with guaranteed post-cancer term option

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.

The Swiss Re Group is one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.

Income Insurance Limited (Income Insurance) is one of the leading composite insurers in Singapore, offering life, health and general insurance. Established in Singapore to plug a social need for insurance in 1970, Income Insurance continues to put people first by serving the protection, savings and investment needs of individuals, families and businesses today. Its lifestyle-centric and data-driven approach to insurance and financial planning puts the company at the forefront of innovative solutions that empowers the people it serves with better financial well-being. 

Additionally, Income Insurance is committed to being a responsible business that champions the environment and builds stronger communities by supporting financial inclusion, education for youth-in-need and seniors’ well-being.

For more information, please visit www.income.com.sg

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