Heightened bancassurance demand in emerging markets to drive bank-insurer partnerships
Citibank seeks to sell access of its Asian Pacific branch network to life insurers, as life insurance premiums in Asia’s emerging markets expected to grow 9.8% in 2013.
Studies on the bancassurance industry in the Asia Pacific region show 45.8% of over 470 banking entities across eight countries (China, Hong Kong, India, Indonesia, Japan, South Korea, Thailand, and Vietnam) offer at least one form of investment–related life insurance or retirement savings product – a total of over 420 initiatives in both fields.
Focusing on bancassurance distribution of such products by banks, the aggregate market for investment-related life insurances and retirement savings in all eight countries was worth around $710.6 billion in premiums over 2012.
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Categories: Asia Pacific
, Retail Banking
, Swiss Re
, CIMB Aviva Malaysia
, Sun Life Financial
, AIA Group
, ING Group Malaysia
, Thanachart Bank