GX Bank Berhad (GXBank), Zurich General Insurance Malaysia and Zurich Life Insurance Malaysia have formed a 10-year exclusive bancassurance tripartite partnership to co-create micro protection products for underserved Malaysians.
Samsung Fire & Marine Insurance, South Korea's biggest general insurer, has stopped offering bancassurance services after 21 years of such collaboration with banks.
There are ongoing discussions between the Insurance Regulatory Authority (IRA) and the Uganda Bankers Association to mobilise and license banking agents to distribute insurance products, particularly in rural areas.
Sohar International, the fastest-growing bank in the Sultanate of Oman, has signed a strategic partnership agreement with Insurance House (Bima), the first insurance portal in the Sultanate of Oman.
A change in Vietnam law pertaining to the distribution and purchase of insurance products through the bancassurance channel is expected to constrain sales growth over the near term, more so for the life sector than for non-life business, according to a new AM Best report.
China Post Life Insurance, which distributes its products through a network of over 50,000 outlets, has reported a net loss of CNY11.468bn ($1.59bn), according to its 4Q2023 solvency report.
Only select insurers with a strong track record of settling claims will be allowed to undertake bancassurance operations, the Insurance Development and Regulatory Authority (IDRA) has announced.
A new regulation under the amended Law on Credit Institutions, banning commercial banks from bundling insurance together with banking services, is expected to dent bancassurance revenue.
10 insurance companies in China affiliated with mainland banks posted a combined insurance business income of CNY364.2bn ($51.2bn) in 2023, according to solvency reports released by the insurers.
According to The Boston Consulting Group managing director and senior partner Madrid Santiago Mazón, Asia should 'double down' on bancassurance.