The agreement will take effect in early 2018.

DBS Bank and Chubb, a firm operating in areas including those of protecting high net worth individuals, have entered into a 15-year regional distribution partnership agreement. The pact covers five markets, including Singapore, Hong Kong, Taiwan, Indonesia and China.

DBS will distribute, on an exclusive or preferred basis, Chubb’s coverage for home, contents and selected personal accident and supplemental health (A&H) insurance products as well as general insurance products for SMEs, the bank said in a statement.

The agreement will take effect in early 2018 and plans will be rolled-out throughout 2018.

“Insurance is an important part of our overall customer value proposition and we are delighted to partner with Chubb, a leading global insurer," Tan Su Shan, group head of consumer banking & wealth management at DBS. "Chubb’s track record in delivering digital innovation, collaborating with partners and offering a suite of market leading products across multiple customer segments makes them an ideal partner for DBS. With this partnership, we are looking forward to providing even more solutions and services to meet our customers’ financial needs at every stage of their lives."

Recently, DBS Bank partnered with Infocomm Media Development Authority (IMDA) to create a financial technology training programme under the TechSkills Accelerator (TeSA) initiative. The programme is based in Singapore.

In March this publication reported that Chubb had appointed Michael Ho as country president for Chubb Life, the life insurance division of Chubb, in Hong Kong.