Standard Chartered Bank, the London-based and listed, Asia-focused banking group, has agreed a 15-year deal with Germany’s Allianz to distribute its general insurance products in five key Asian markets.
Under the deal, Standard Chartered offices in Hong Kong, Singapore, Malaysia, Indonesia and mainland China will begin selling all of Allianz’s general insurance products to their clients this year, including travel, insurance, personal accident insurance, and fire and motor insurance.
In a joint statement, the banks said the new “partnership” would combine Standard Chartered’s “strong Asian banking franchise” with Allianz’s “deep insurance expertise”.
In addition to Standard Chartered’s regional branch network, the Allianz products will also be distributed across those five key Asian markets through a proprietary Standard Chartered digital bancassurance platform, the statement said.
Standard Chartered chief executive of retail banking Karen Fawcett noted that the bancassurance sector was “a key focus” for her bank, as it evolved to “meet the evolving needs of our clients in branches and online”.
Asia’s demand for non-life insurance is expected to grow at an annual rate of 10.8% over the next four years, to reach a total market size of approximately US$280bn by 2020, Standard Chartered and Allianz noted, driven, they said, “by emerging markets growth and Asia’s rising insurance penetration rates”.