Muzn Islamic Banking, the Islamic banking window of National Bank of Oman, has formed a partnership with Takaful Oman, to offer its customers a wide range of takaful products.
IndiaFirst Life Insurance has appointed Mr Sumeet Sahni as president and chief distribution officer - agency and alliances and Mr Varun Gupta as president and chief distribution officer - bancassurance.
The removal of a restriction that limits the number of Chinese insurers allowed to cooperate with a commercial bank branch to a maximum of three will benefit life insurers' new business sales in the bancassurance channel, particularly for those with more recognisable brands, says Fitch Ratings.
Zurich Malaysia through its family takaful business, Zurich Takaful Malaysia Berhad (ZTMB) and its general takaful business, Zurich General Takaful Malaysia Berhad (ZGTMB) has established a strategic partnership with AEON Bank, Malaysia's first Islamic digital bank.
The announcement by the National Financial Regulatory Administration (NFRA) earlier this month that it is removing limits on the number of insurance companies in bancassurance arrangements with banks is expected to have a considerable impact on the insurance market.
The National Financial Regulatory Administration (NFRA) has issued the "Notice on Matters Concerning the Insurance Agency Business of Commercial Banks", to promote the standardised and healthy development of bancassurance, better meet the diverse needs of consumers, and protect consumers' legitimate rights and interests.
GX Bank Berhad (GXBank), Zurich General Insurance Malaysia and Zurich Life Insurance Malaysia have formed a 10-year exclusive bancassurance tripartite partnership to co-create micro protection products for underserved Malaysians.
Samsung Fire & Marine Insurance, South Korea's biggest general insurer, has stopped offering bancassurance services after 21 years of such collaboration with banks.
There are ongoing discussions between the Insurance Regulatory Authority (IRA) and the Uganda Bankers Association to mobilise and license banking agents to distribute insurance products, particularly in rural areas.
Sohar International, the fastest-growing bank in the Sultanate of Oman, has signed a strategic partnership agreement with Insurance House (Bima), the first insurance portal in the Sultanate of Oman.