Bahrain-based life insurance firm LIC International has awarded its bancassurance partner UAE-based FGB (formerly known as First Gulf Bank) for achieving record sales of one billion dirhams as first premium income.
Bancassurance has been tipped as one of the fastest growing distribution channels of insurance in the GCC over the next two years, as a recent report estimates the insurance industry across the GCC will reach $37.5 billion by 2017.
Bancassurance, which involves banks selling insurance products, is a major industry for the Middle East region and Bahrain is spearheading this growth, according to an expert.
In the West banks play a major role in selling insurance produc
The Bahrain Association of Banks (BAB) and The Bahrain Insurance Association (BIA) will be jointly organising a seminar on “Profiting from Bancassurance” on Tuesday at the Gulf Hotel in Manama.
Bancassurance is the sale of insurance and ba
Standard Chartered Bank and American Life Insurance Company (Alico) AIG Life in Bahrain, have entered into a strategic arrangement to launch Bancassurance products from the bank's branches.
The range of products includes retirement pla
Although the sale of insurance through banks is yet to match European standards, the prospects for further growth and development in bancassurance in Bahrain remain strong.
That was the message from Central Bank of Bahrain financial instit