Singapore-headquartered DBS Bank and Chubb, the world's largest publicly listed P&C insurer, have entered into a 15-year regional distribution partnership agreement covering five markets, namely Singapore, Hong Kong, Taiwan, Indonesia and China.
DBS will distribute, on an exclusive or preferred basis, Chubb’s coverage for home, contents and selected personal accident and supplemental health (A&H) insurance products as well as general insurance products for SMEs.
The agreement will take effect in early 2018 and roll-out is expected progressively through 2018.
This partnership will combine DBS’ superior Asian banking franchise with the world class general insurance capability of Chubb, said DBS in a statement yesterday.
Listed on the NYSE and a component of the S&P 500 index, Chubb is a global leader in general insurance and reinsurance. It serves clients in more than 190 countries around the world, with US$35.9 billion in gross premiums written in 2016 – including $4.6 billion in Asia.
Ms Tan Su Shan, Group Head of Consumer Banking & Wealth Management at DBS, said: “Insurance is an important part of our overall customer value proposition and we are delighted to partner with Chubb, a leading global insurer. Chubb’s track record in delivering digital innovation, collaborating with partners and offering a suite of market leading products across multiple customer segments makes them an ideal partner for DBS.”
In 2015, DBS and Manulife Financial Asia signed a 15-year regional distribution agreement whereby the Canadian insurance group paid the Singapore lender an initial US$1.2 billion. The exclusive life partnership, which took effect on 1 January 2016, covers Singapore, Hong Kong, China and Indonesia.