Manulife and Munich Re Jointly Offer New Group Medical Insurance Product to Hong Kong

Posted on May 27, 2010 by Sergio Ulloa (G+)  | Tags: Manulife

Manulife (International), based in Hong Kong and Munich Health, a unit of the global re-insurer Munich Re, have recently decided to form a long-term business partnership to capture a share of the group life and medical insurance market created by the ongoing government-driven medical reforms, plus other factors created by an ageing population, increasing medical costs and the effects caused by the global financial tsunami. The medical insurance business in Hong Kong during the past year has surged as a results of stronger domestic employment. The employer-provided medical benefits have become the main source of healthcare for the majority of the working population in Hong Kong. The perception of medical and health protection is gaining importance, together with the concept of public healthcare and preparation for retirement among the topics of importance created by changes to the social structure stirred by the public consultations and media coverage. The market opportunities have been duly noted by the providers of health insurance. The cooperation between Manulife and Munich Health aims to contribute to the evolution of the health insurance environment in Hong Kong by offering an option to tackle challenges such as the increasing needs of the elderly, management of lifestyle conditions and in turn, offer a product to the working public in line with the proposed voluntary private healthcare insurance scheme. Munich Health brings on the table worldwide knowledge of medical insurance, spanning data analysis, risk management, bespoke underwriting tools and techniques, whilst Manulife contributes with local experience in dealing with the local market for employee benefits products, knowledge of which the partnering German re-insurer will most readily assimilate. For Manulife the partnership with Munich Health is a first, and from the perspective that its local customer in Hong Kong have the appetite for trying new things, there is confidence that the new group medical insurance product will find acceptance. Insurance Companies mentioned: Manulife Manulife (International) Limited is a member of the Manulife Financial group of companies. Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Munich Re Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. It operates in all lines of insurance, with around 47,000 employees throughout the world. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. The primary insurance operations are mainly concentrated in the ERGO Insurance Group. ERGO is one of the largest insurance groups in Europe and Germany and 40 million clients in over 30 countries place their trust in the services and security it provides. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand.