Chubb to distribute consumer and commercial P&C insurance products through bancassurance channels in five markets in Asia
ZURICH, Sept. 28, 2017 /PRNewswire/ -- Chubb Limited announced today that it has entered into a 15-year distribution agreement with DBS Bank, the largest banking group in Southeast Asia. Under the terms of the agreement, Chubb will distribute general insurance products on an exclusive or preferred basis through multiple DBS banking channels, including in-branch and various direct marketing channels. The partnership covers five markets in Asia – Singapore, Hong Kong, Taiwan, Indonesia and China. Property and casualty (P&C) insurance products for small to mid-sized enterprises, as well as coverages for home, contents and selected personal accident and supplemental health (A&H) insurance products, will be distributed on an exclusive basis.
Based in Singapore, DBS is a leading financial services group in Asia that offers consumer banking, wealth management, and commercial banking for small and medium-sized enterprises (SMEs). The bank has nearly 7 million customers in six countries, including over 3 million internet and 2 million mobile banking customers.
"For Chubb, our agreement with DBS represents a meaningful long-term opportunity to partner with one of the largest and most respected banking franchises in Asia," said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb. "Access to DBS's large customer base broadens and deepens Chubb's already significant presence in the region, and provides multiple new channels for our individual and small commercial P&C insurance products. DBS's commitment to technology will also provide a strong platform to expand our digital distribution across these important Asian markets."
"At DBS, we were looking for a general insurance partner with a strong, long-standing presence in Asia, a broad product portfolio across P&C and A&H, extensive digital capabilities, and a proven track record of bancassurance sales," said Piyush Gupta, Group Chief Executive Officer of DBS. "Chubb fit our criteria in every respect. We are excited by the opportunity to work with this industry leader to provide a broad range of insurance products to our customers and clients."
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as statements regarding products we will sell, as well as the channels and countries in which we will sell them, reflect our current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those contained in the forward-looking statements. For example, the distribution relationship must be implemented on a country-by-country basis subject to local law and regulation, and the distribution of intended products in desired channels is subject to country-by-country licensing and regulatory requirements. Other important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include competition, pricing and policy term trends, conflicting distribution arrangements and information technology project and systems integration, the frequency and severity of unpredictable catastrophic events, and possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, as well as management's response to these factors.