The professional intermediary channel business including insurance brokerage has become the third largest distribution for life insurance companies in China after the personal agent and bancassurance channels. It is expected to develop at a relatively fast speed in the next few years.
Finance Minister Ho Duc Phoc has ordered the authorities to inspect insurance sales in the wake of complaints that banks are forcing customers to buy life insurance when the latter seek a loan.
Insurance companies in Nigeria can now partner with more than one bank, according to the revised bancassurance guidelines released by the National Insurance Commission (NAICOM).
A corporate agent may now be associated with up to 27 insurers -- that is nine each in the three branches, that is, life, health and general insurance companies.
The Vietnamese bancassurance market is heating up with a notable exclusive bancassurance agreement signed between LienVietPostBank and Dai-ichi Life Insurance Co of Vietnam (Dai-ichi Life Vietnam).
Pak-Qatar Family Takaful and U Microfinance Bank (U Bank), Pakistan's fastest-growing microfinance bank, have signed a landmark bancatakaful agreement.
Though online purchases of life insurance products have jumped to account for 40.7% of all new policies taken up in the first nine months of 2022, agents still account for the bulk of high-premium policies.
The Insurance Development and Regulatory Authority (IDRA) has proposed that commercial banks be allowed to tie up with four insurance companies at a time in bancassurance operations that are to be commenced soon.
The management of insurance giant China Life has said that the performance of the company's agency channel has not bottomed out yet but its decline is slowing down. Looking to next year, it would be tough to expect positive growth through this channel.
Canadian insurers, Sun Life Financial and Manulife Financial Corp, are among companies considering bids for an insurance partnership with Hong Kong banking group Dah Sing Financial Holdings, reported Bloomberg News quoting people familiar with the matter.