Standard Chartered Bank and Allianz have this week announced a 15-year bancassurance agreement for the distribution of Allianz general insurance products.

Allianz general insurance products including travel, personal accident, motor insurance, and fire insurance, will be offered to Standard Chartered’s retail banking clients across Singapore, Indonesia, China, Malaysia, and Hong Kong under a 15-year bancassurance partnership agreement.

Allianz regional chief executive, Asia-Pacific, George Sartorel, said the partnership would allow the company to build its presence across the region and drive high profits.

“This partnership builds on our shared commitment towards the growth and development of the Asia region, which is in line with Allianz’s ambitions to expand our presence regionally,” he said.

“[We will] bring our best-in-class insurance solutions and leading digital technology to serve the needs of Standard Chartered’s customers in Asia.”

Standard Chartered chief executive of retail banking, Karen Fawcett, said the bank would continue to expand offerings to its clients in line with its efforts to produce innovate solutions.

“Bancassurance is a key focus for Standard Chartered, as we continue to innovate…to meet the evolving needs of our clients in branches and online,” she said.

“Through this partnership, we combine the expertise of [Allianz] with our extensive distribution network, including our leading digital banking capabilities.

“[This] will offer our retail banking clients convenient access to quality solutions for their protection needs.”

Standard Chartered showed the demand for non-life insurance in Asia is predicted to grow at around 11 per cent per annum over the next four years, driven predominantly by Asia’s rising insurance penetration rates.