Allianz to distribute general insurance plans through StanChart in 15-year banca deal

STANDARD Chartered Bank and German insurer Allianz have agreed on a 15-year bancassurance deal for the bank to distribute the latter's general insurance products in five markets in Asia.

Under the arrangement - the value of which is not disclosed - the insurer's travel, personal accident, fire and motor plans will be sold through the lender's retail banking clients in Hong Kong, Singapore, Malaysia, Indonesia and China.

Besides the bank's branch network, the products will also be available for distribution via a proprietary digital bancassurance platform, the two parties said on Thursday.

Karen Fawcett, chief executive of retail banking at StanChart, said that bancassurance is "a key focus" for the lender as it continues to innovate and expand its offerings to meet the needs of its clients in branches and online.

Said George Sartorel, regional CEO for Asia-Pacific at Allianz: "As the world's largest general insurer, we are excited at the opportunity to bring our best-in-class insurance solutions and leading digital technology to serve the needs of Standard Chartered's customers in Asia."

He added that the partnership is in line with the insurer's ambitions to expand its presence regionally.

In 2015, the insurer had outlined a plan to grow earnings by 5 per cent between 2015 and 2018.

Its business expansion in the region is expected to contribute to this as demand for non-life insurance in Asia is projected to grow at 10.8 per cent per annum over the next four years to reach a total market size of about US$280 billion by 2020, driven by growth of emerging markets and Asia's insurance penetration gap.