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DBS Bank, Chubb tie up for insurance distribution

DBS Bank and US insurance company Chubb have entered into a 15-year regional general insurance distribution partnership agreement. The agreement will cover Singapore, Hong Kong, China and Taiwan and under it, 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. The agreement will cover Indonesia too, but at a later date, subject to regulatory approval. The nearly 6 million retail, wealth and SME customers of DBS 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. In exchange, DBS’s digital platforms will help Chubb expand its distribution across key Asian markets.

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