SiriusPoint launches health insurance product in China

Specialty insurer SiriusPoint introduced a health insurance product to the Chinese market in partnership with Further Group .

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, produced by pharmaceutical Fosunkite Bio – itself a joint venture between Fosun Group and Kite Pharma.

The product was launched as the first commercially available insurance cover for CAR-T therapy on July 1st, just days after the treatment had been approved by the Chinese regulator .

“We are delighted to bring this important healthcare assistance product to the Chinese insurance market. 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.” – Stuart Liddell, President, Life, Accident & Health, SiriusPoint.

“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% of all development effort 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.” – Doctor Geoff Tothill, Chief Medical Officer of SiriusPoint subsidiary, International Medical Group.

The insurance product comes with concierge services provided by Further that designs and develops cross-border insurance solutions for serious illnesses.

“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. SiriusPoint, working with our partners, is very pleased to be at the forefront of this trend.” – Kathy Xie, Accident & Health (A&H) Underwriter.

SiriusPoint is a global leader in A&H, offering a very broad range of products including Personal Accident, Employer Stop Loss Health, Disability, Travel, Life Reinsurance and Expat Health. The company’s seasoned underwriting team is based in London, New York, Zurich and Shanghai. They underwrite A&H insurance and reinsurance at Lloyd’s Syndicate 1945, SiriusPoint America, SiriusPoint International and Alstead Re, SiriusPoint’s Bermudian Captive Company, on Admitted and Surplus Lines paper as well as via reinsurance.