Kuala Lumpur – In a move signaling a strategic collaboration, Malaysian Re has inked a Memorandum of Understanding (MoU) with China Pacific Property Insurance Company (CPIC) and Kunpeng Insurance Broker Company. The accord aims to spearhead the development of health and medical insurance products within Malaysia, with a particular emphasis on cancer precision medicine treatment.
The signing ceremony, held on April 14, 2024, during the Innovation Insurance Product Launch Conference in Hainan, China, formalized the agreement between the parties.
Malaysian Re underscored the significance of this collaboration, anticipating it to pave the way for the introduction of innovative insurance products. The alliance is poised to yield enhanced outcomes and bolstered protection for the community.
This recent partnership follows Malaysian Re’s proactive engagement in December 2023 when it penned an MoU with the ASEAN Reinsurance Working Committee (ARWC). The objective was to extend support for the establishment of the ASEAN Renewable Energy Pool (AREP), an initiative conceptualized by Malaysian Re and overseen by the ASEAN Insurance Council (AIC).
Ahmad Noor Azhari Abdul Manaf, President & CEO of Malaysian Re, articulated the rationale behind such ventures, stating, “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.”
The collaboration between Malaysian Re, CPIC, and Kunpeng Insurance Broker Company signifies a concerted effort towards innovation and resilience within the insurance sector, aiming to address critical healthcare needs and advance societal well-being.
