DBS Bank and Chubb announced a 15-year regional general insurance distribution partnership agreement.
With effect from 1 January 2018, DBS will distribute, on an exclusive or preferred basis, Chubb’s coverage for home, contents and selected personal accident and supplemental health insurance products as well as general insurance products for small and medium enterprises (SME). The 15-year deal is estimated to be valued at up to $350 million, and covers Singapore, Hong Kong, China and Taiwan.
The launch of the co-operation agreement in Indonesia will commence at a later date, subject to regulatory approval. With its coverage across Asia boosted following its acquisition of the ANZ retail and wealth units, a tie-in with the DBS branch network is a coup for the insurer.
Through the partnership, DBS’ six million retail, wealth and SME customers will gain access to Chubb’s suite of products, across the bank’s network of over 200 branches as well as via its digital banking platforms, the bank said in a press release.
In January 2016 DBS, Singapore's largest banking group, signed a 15-year regional distribution agreement with Manulife Financial Asia to sell life insurance in four mutually significant markets, namely Singapore, Hong Kong, China and Indonesia.
