Large commercial banks that have not yet established or acquired insurance companies or trust companies should do so as soon as possible, according to the former Governor of the People's Bank of China, Dai Xianglong.
The bancassurance sector maintained its growth momentum, registering a 6.6% increase in 2024. The total premiums generated amounted to MAD20.5bn ($2.25bn), collected through banks network, finance companies, payment institutions, and microcredit associations, according to the Insurance and Social Security Supervisory Authority (ACAPS).
The National Financial Regulatory Administration (NFRA) has officially released an industry standard for the systems interface between banks and insurers engaged in bancassurance.
Allianz Life Insurance Egypt and Arab Bank have renewed their strategic bancassurance partnership for another five years.
BNP Paribas Cardif has appointed Mr Michael Nguyen as CEO of Asia.
Several banks are moving to establish insurance companies to expand their financial ecosystems and gain a stronger foothold in the bancassurance market. The banks include Asia Commercial Joint Stock Bank (ACB), VPBank and Techcombank.
Sun Life has appointed Mr Anshuman Das as chief bancassurance officer, Asia. In his new role, he will be responsible for leading the company's bancassurance strategy, working closely with the senior leadership team across Asia to drive a world class distribution function founded on excellence, quality and innovation.
AI adoption is well underway in Asian bancassurance, but the transition to agentic AI, where AI actively performs tasks autonomously, is just beginning, according to BCG principal Joshua Tan.
India's central bank and the banking regulator Reserve Bank of India (RBI) has said that it does not envisage any ban or restrictions on bancassurance. According to a report in the financial daily livemint the RBI governor Mr Sanjay Malhotra has said the regulatory safeguards in this regard should, however, be strengthened.
RHB Banking Group (RHB) entered into bancassurance and bancatakaful partnerships with Tokio Marine Life Insurance Malaysia and its takaful partners - Syarikat Takaful Malaysia Keluarga, and its wholly owned subsidiary, Syarikat Takaful Malaysia.