Siam Commercial, Prudential sign bancassurance dealJanuary 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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The two institutions have forged a bancassurance partnership, initially covering parts of Europe and Australia.
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The Indian insurer is planning to partner with a host of banks as it shifts from its traditional stance.
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Regulators have given the green light for the proposed bancassurance tie-up with Robinsons Bank.