Standard Chartered Bank and Allianz have announced a 15-year bancassurance agreement for the distribution of Allianz’s general insurance products, including travel, personal accident, fire, and other insurance products, to Standard Chartered’s retail banking clients in five key markets across Asia.

The new partnership arrangements in Hong Kong, Singapore, Malaysia, Indonesia, and China, will be implemented during the course of 2017.

Asia's demand for non-life insurance is expected to grow at 10.8% per annum over the next four years, to reach a total market size of approximately US$280 billion by 2020, driven by emerging markets growth and Asia’s rising insurance penetration rates, according to Allianz Economic Research.