SINGAPORE - Standard Chartered Bank will distribute Allianz's general insurance products to its retail banking clients in five key markets across Asia in a 15-year deal announced on Thursday (Jan 19).
The deal involving travel, personal accident, fire and motor insurance products will cover Singapore, Hong Kong, Malaysia, Indonesia and China. It will be implemented during the course of 2017.
In addition to using Standard Chartered's branch network, Allianz said its products will also be available for distribution via a proprietary digital bancassurance platform.
"Bancassurance is a key focus for Standard Chartered, as we continue to innovate and expand our offerings that meet the evolving needs of our clients in branches and online," said Karen Fawcett, Standard Chartered CEO, retail banking.
The financial terms of the deal were not disclosed.
Asia's demand for non-life insurance is expected to grow at 10.8 per cent per annum over the next four years to reach a total market size of approximately US$280 billion by 2020, driven by emerging markets growth and Asia's rising insurance penetration rates, said Allianz.