Friday, April 20, 2018

AIA, Bangkok Bank renew bancassurance deal

The Hong Kong-based operation of AIA Group Ltd has extended its agreement with Bangkok Bank Plc for the latter to distribute the former’s insurance products, the two firms said in a statement.

Under the new 15-year bancassurance deal, Thai customers will have access to AIA’s wide range of life insurance products through Bangkok Bank’s network of around 1,200 branches and other distribution points across the country.

The partnership, which will take effect in the first half of next year, is expected to take advantage of Thailand’s insurance market which is the eighth largest in Asia.

The country’s ageing population and absence of a proper social security system also provide insurers with fertile ground to do business.

In 2015, direct premiums from life insurance in Thailand reached Bt533.2 billion (US$16.10 billion), while non-life premiums hit Bt209.3 billion.

 

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