Tag: bancassurance

Despite being a relatively new concept, bancassurance is growing rapidly and been identified by insurance companies, especially life insurers, as one of two main distribution channels, along with the agent channel. With the revised Law on Insurance Business to take effect from January 1, 2023, the channel will develop even more strongly and sustainably.

While many banking sector business segments such as credit and foreign exchange are forecast to decline to the end of the year, bancassurance promises to be a growth engine. In the first half of 2021, the proportion of premiums collected from bancassurance out of total insurance premiums stood at 28.8 per cent.