On September 28, DBS Bank and Chubb announced that the two parties have signed a 15-year regional distribution cooperation agreement covering five markets: Singapore, mainland China, Hong Kong (China), Taiwan (China) and Indonesia. DBS will distribute, on an exclusive and preferred basis, Chubb's home, household property, motor and personal accident and supplemental health (A&H) insurance, as well as general insurance products for small and medium-sized enterprises.
This cooperation is a powerful combination of DBS Bank's outstanding Asian banking services and Chubb's world-class property and casualty insurance capabilities. Listed on the New York Stock Exchange and a constituent of the S&P 500 index, Chubb is the world's largest publicly traded property and casualty insurer and a global leader in general insurance and reinsurance. It serves clients in more than 190 countries, with total premium income of USD 35.9 billion in 2016, of which Asia accounted for USD 4.6 billion.
Tan Su Shan, Group Head of Consumer Banking and Wealth Management at DBS Bank, said: "Insurance business is an important part of the value-added services we bring to our clients, and we are delighted to reach this cooperation with Chubb, a world-leading insurer. With continuous digital innovation, outstanding results achieved together with partners, and a range of market-leading products for different customer groups, Chubb is an ideal partner for DBS Bank. We look forward to offering more financial choices to our broad customer base at every stage of their lives through this cooperation."
Pan Yanming, Deputy Head of Consumer Banking and Wealth Management at DBS Bank, said: "For both of us, DBS Bank and Chubb joining hands to provide property and casualty insurance services to our clients in Asia fills a gap and brings more opportunities. We believe the powerful combination of DBS Bank and Chubb will bring our clients great convenience and an excellent experience."
The cooperation agreement will take effect in early 2018 and be rolled out progressively during 2018. More details will be released before the cooperation officially launches.
Source: Hexun 2017-09-29