Cancer insurance helps ease the financial burden of cancer

With more than three million new cases and 1.7 million deaths each year, cancer is the most significant cause of death and morbidity in Europe after cardiovascular diseases, according to the WHO.

No insurance in the world can alleviate the suffering involved. However, insurance can help to reduce the financial stress resulting from treatment costs and the lifestyle changes experienced by cancer patients and their families.

Cancer can affect anyone, but it is possible to prepare for it

Although the likelihood of developing cancer often increases with age, it can of course affect anyone. It is important to have not only the very best medical care, but also as much support for the patient and their family as possible – both emotionally and financially. The needs of those affected by cancer are vastly different, and they require flexible and individual solutions that can be provided quickly.

Cancer insurance tailored to individual needs

Working in collaboration with life insurance providers in Central and Eastern Europe, Swiss Re is developing a new kind of cancer insurance. Its defining feature: The product focuses clearly on the benefits for cancer patients and their families, and considers the challenges that their situation may pose. The modular design means that the product can be configured by the insured, in line with their specific requirements.

This might be a one-off payment when a diagnosis is made, or the package could cover the costs of a second medical opinion, screening and/or alternative treatments. Together with our partners we also often provide the option of assistance services that support patients during treatment, for instance the navigation to the best medical experts.

Swiss Re provides financial support to more than 10,000 cancer patients annually

This product is in particularly high demand, particularly in the countries of Central and Eastern Europe (CEE). Although healthcare systems in CEE are heavily government-subsidised, the services provided are often of low quality that people suffering from serious illnesses often require supplementary insurance. The numbers bear this out: Swiss Re's cancer product is now employed successfully in all countries across CEE, with a growing number of clients.

And this is just the tip of the iceberg: There is huge demand, and this is continuously increasing. Cancer products developed and reinsured by Swiss Re are used around the world. Every year, Swiss Re provides financial support to more than 10,000 cancer patients worldwide, helping to improve their treatment and making everyday life easier to manage. We are pleased to be able to help at this difficult time.

How does the cooperation between Swiss Re and primary insurers work?

In order to bring this innovative cancer product to market and allow us to help even more people, Swiss Re is working hand-in-hand with with primary insurers, affinity groups and service providers to develop new cancer products covering all ages from zero to 100.

We're handling the development of pricing, underwriting, monitoring and claims, with partners taking responsibility for marketing and sales, supported by us. This collaboration with our customers gives us the chance to help those affected by cancer to deal with a cancer diagnosis.

 

Read the interview with Michael Haas in XPRIMM

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