Siam Commercial, Prudential sign bancassurance deal

January 12 2018 by InsuranceAsia News Staff

A new bancassurance partnership between Siam Commercial Bank, the second largest bank by assets in Thailand, and Prudential Life Assurance (Thailand), a unit of UK-based Prudential Plc, will target the bank’s wealthy clients.

Thailand’s market is expected to have plenty of growth potential given the greying population and the limited welfare system of the country.

Aman Chowla, chief executive of Prudential Thailand, said in a statement that the nation remains a strong insurance market in Southeast Asia with low insurance penetration.

It has a growing and increasingly prosperous population with significant insurance and savings needs.

According to Swiss Re’s 2016 report, Thailand is Asia’s eighth biggest insurance market.

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