SiriusPoint's latest offering to tackle gap in Chinese insurance market
Global re/insurer SiriusPoint has launched a new insurance product in China that it believes will address a gap in the market. It has partnered with Further, an insurance service provider with presence in over 30 countries.
SiriusPoint, a leading re/insurer in accident & health (A&H), has rolled out a new innovative health insurance product to the Chinese market.
The healthcare assistance product pays for the treatment costs of patients with specific cancers of the lymphatic system. It covers costs of up to 1 million RMB over the course of a year in the treatment of named lymphomas with the chimeric antigen receptor T-cell (CAR-T) drug Yescarta.
“It has been a pleasure to collaborate with Further to address a gap in the market and make this insurance available to customers who are relying on our products to support them when they need it most,” said Stuart Liddell, president of life, accident & health at SiriusPoint.
The product was launched as the first commercially available insurance cover for CAR-T therapy on July 1, within days of the treatment being approved by the Chinese regulator. Further provides concierge services as part of the offering.
Doctor Geoff Tothill, chief medical officer of SiriusPoint subsidiary International Medical Group (IMG), said: “CAR-T therapy is specifically developed for each individual patient and involves reprogramming the patient’s own immune system cells which are then used to target their cancer. With over 50 percent of all development efforts occurring in China, the country has been at the forefront of the development of CAR-T therapy, which continues to be refined and developed in China at an impressive rate.”
Kathy Xie, accident and health underwriter at SiriusPoint, added: “China has just welcomed its first commercial CAR-T therapy, which is a milestone for the development of the treatment. SiriusPoint aims to continue work, in partnership with Further, to upgrade and reform the product to best facilitate market and customer needs. The continued development of the Chinese health insurance industry is dependent on product innovation driven by collaboration across the healthcare ecosystem involving medical, pharmaceutical, insurance and service industries.”
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