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Insurers and banks need to work together for continued success of bancassurance in SE Asia: Swiss Re

October 20, 2023

It is essential for insurers to help banks understand the evolving insurance landscape of Southeast Asia for the continued success of bancassurance, a recent survey by the Swiss Re Institute has revealed.

Among its highlights, the survey found that bancassurance accounts for an average of 36% of Life and Health (L&H) insurance premiums across six Southeast Asian markets – Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

The SRI also surveyed Singapore, Thailand, and Vietnam markets, where 67% of consumers showed strong preference for insurance agents over banks, particularly for medical and hospitalisation insurance.

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