The Insurance and Social Welfare Supervisory Authority (ACAPS) has granted six participating banks approval to market takaful products.
Bancassurance sales of life insurance companies surged by 18.63% in 2021 to CNY1,199.1bn ($180bn) in premium income, compared to 2020, according to the Insurance Association of China (IAC).
The Bangladesh Bank (BB), the central bank, has finalised bancassurance guidelines, setting out how the banks can participate in the distribution channel.
RSA Middle East has entered into a 5-year distribution agreement with Dubai-headquartered Emirates NBD, a leading banking group in the Middle East, North Africa and Turkey (MENAT) region, to provide general insurance solutions.
The bancassurance distribution channel is facing huge challenges from the digital space and ecosystems. These are increasingly appealing to today's technology-driven marketplace both in terms of products and reach, said speakers at the virtual "Asia Conference on Bancassurance and Alternative Distribution Channels" that opened yesterday.
Banks in Vietnam are generating high fee incomes from bancassurance, and experts in the financial sector expect the channel to be continue to be the main driver of the banks' service income growth.
The CBIRC has issued a revised "Administrative Measures for Life Insurance Sales (Draft for Comment)", following up on a draft published in November 2021.
More than 90% of insurance companies that have multichannel distribution provide access to auto and home insurance products online, according to the Insurance Federation of Egypt (IFE).
Generali Hong Kong and virtual bank-ZA Bank-yesterday announced the commencement of their bancassurance partnership.
Life Insurance Corporation of India (LIC), which is getting set for its initial public offering (IPO), continues to lose its market share to private insurers such as SBI Life, HDFC Life, ICICI Prudential, and Max Life, finds GlobalData, a leading data, and analytics company.