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.
The Insurance Association of China (IAC) has issued rules to regulate the bancassurance operations of life insurers, complementing moves made in the past six months by the National Administration of Financial Regulation (NAFR).
Several banks in Bangladesh have formed partnerships with insurance companies in bancassurance operations since regulators rolled out guidelines in December 2023.
COVID-19 hit bancassurance in Indonesia hard, OJK deputy commissioner for supervision of insurance, guarantees and pension funds Iwan Pasila said at the 23rd Asia Bancassurance Summit yesterday.
The National Administration of Financial Regulation (NAFR) has issued the "Notice on Matters Related to Regulating the Bancassurance Business of Life Insurance Companies".
Prudential plc has announced that Prudential Life Assurance (Thailand) Public Company (PLT) has signed a 10-year bancassurance partnership with CIMB Thai Bank Public Company, where PLT will become the exclusive life insurance partner for CIMB Thai in Thailand.
The bancassurance channel attracted a record premium volume of MAD18.3bn ($1.85bn) in 2022, exceeding that of brokers for the first time.