AIA widens access to market-leading cancer treatment product

AIA New Zealand’s popular Cancer Treatment Benefit – which funds Medsafe-approved medicines not funded by Pharmac – has been made available this week to a wider group of New Zealanders than ever before.

Previously, the Cancer Treatment Benefit has only been available as an add-on to AIA REAL Trauma policies (subject to qualifying policies and cover levels*). This has now been extended to include AIA REAL Life and Total and Permanent Disability (TPD) policies. Many New Zealanders have previously been denied access to specialist insurance products not offered by existing insurers, because switching health insurance providers can be challenging as pre-existing health conditions may not be covered by a new insurer.

“AIA New Zealand was the first to see a gap in the market for the Cancer Treatment Benefit, which we launched in March this year. Sales to date have been very encouraging,” says David Savidan, AIA New Zealand’s Head of Marketing and Product.

“Detecting cancer early, and getting access to the new generation of proven immunotherapy medicines, can greatly improve a person’s chances of surviving cancer,” says David Savidan.

Medical professionals are hailing cancer immunotherapy drugs as a new pillar in oncology treatment, but are decrying the cost of these drugs.

A course of one of the new generation of immunotherapy drugs such as Yervoy (for previously-treated or newly-diagnosed advanced melanoma cases) or the advanced prostate cancer drug Provenge, can cost between tens to hundreds of thousands of dollars per patient.

“AIA New Zealand’s Cancer Treatment Benefit gives immediate access to specialists and diagnostic tools, as well as the leading medicines, whether they are publicly-funded or not,” says David Savidan.

The Cancer Treatment Benefit provides cover for specialist visits and diagnostic tests for the diagnosis of cancer. If cancer is present, it provides access to both Pharmac and Non-Pharmac treatments and the latest cancer immunotherapy medicines, up to a value of $500,000 per year.

*AIA REAL Life and Total and Permanent Disability policy holders are eligible to purchase the Cancer Treatment Benefit cover if they hold $300,000 or more of cover. AIA Trauma policy holders require a minimum cover of $100,000 or more.

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Media contact:

Jay Harkness, 
Senior Communications Advisor
M. 027 836 2533
E. jay.harkness@aia.com

About AIA New Zealand

AIA New Zealand is a member of the AIA Group. Since the company arrived in New Zealand in 1981, AIA New Zealand has consistently provided the market with innovative personal and business insurance products that suit the Kiwi way of life.

Today AIA offers a complete range of risk management products that focus on the needs of customers. AIA New Zealand is based in Auckland with regional offices in Wellington and Christchurch. However, through a network of financial advisers, AIA reaches every corner of the country.

AIA New Zealand is a member of the Insurance and Savings Ombudsman Scheme (ISO) and the Health Funds Association of New Zealand (HFANZ). Standard and Poor’s reaffirmed AIA New Zealand’s insurer financial strength rating at AA- in June 2016.

AIA Financial Strength Rating

AIA International Limited, trading as AIA New Zealand, has a current insurer financial strength rating of AA- (Very Strong) from Standard and Poor’s. A summary of Standard and Poor’s rating scale is:

AAA – Extremely Strong AA – Very Strong A – Strong, BBB – Good BB – Marginal B – Weak CCC – Very Weak CC – Extremely Weak R – Regulatory Action D – Default NR – Not Rated

Plus (+) or Minus (-): The rating from ‘AA’ to ‘CCC’ may be modified by the addition of a plus or minus sign to show relative standings within the major rating categories.

About AIA

AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.

The business that is now AIA was first established in Shanghai almost a century ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$185 billion as of 30 November 2016.

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 30 million individual policies and over 16 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).