Standard Chartered and Allianz in Asia bancassurance deal

Standard Chartered, a founding stakeholder of Asia House, has struck a 15 year deal to distribute Allianz insurance products through is extensive branch network in Asia.

Asia’s non life insurance market is experiencing rapid growth and is forecast to hit US$280 billion by 2020. Standard Chartered will sell general insurance products both online and face-to-face with customers in Hong Kong, Singapore, Malaysia, Indonesia and China.

The news comes after Prudential, also a founding stakeholder of Asia House, announced record profits in 2016, with 15 per cent growth in Asian markets.

German insurer Allianz also announced a new head of Asia for its subsidiary PIMCO. Michael Thompson will head the global investment firm regional operations from Singapore.