SBI General Insurance Company, one of India's leading general insurance companies, and HSBC India have entered into a bancassurance partnership for the distribution of non-life insurance products.
With less than two years to mark the 10th anniversary of bancassurance in Uganda, industry participants are working to pick up the pace of sales through the channel.
Insurance companies and banks are looking for more guidance from the industry regulator on bancassurance operations following the issuance of new regulations.
Al Salam Bank, in collaboration with Solidarity Bahrain, has announced the launch of the first multi-year takaful insurance for cars in Bahrain.
The average commission level of the bancassurance channel in China has fallen by 30% since August 2023 when the National Financial Regulatory Administration (NFRA) ordered that commission fees paid to banks must be consistent with the rates reported to the regulator.
Manulife has appointed Ms Bonnie Qiu as chief distribution officer, Asia, effective 19 August 2024 and Mr Rishi Srivastava as chief agency officer, Asia, also effective 19 August 2024. Both appointments are to Manulife's Asia distribution team.
Commercial banks can continue to sell investment-linked insurance products through the bancassurance channel.
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.