The banks are increasingly viewing the life insurance business as a market with significant growth potential and an opportunity to diversify their revenues, Moure said.
Leveraging distribution synergies through their large branch networks, banks can expand their reach in the insurance market, Moure added.
"Some banks entered many years ago while others are entering now."
These new entrants primarily concentrate on the group life segment, particularly credit life insurance; however, some also provide personal accident coverage, the publication quoted him as saying.
Moure believes that some merger and acquisition deals are likely to complete this year in the country’s largest insurance segments, including P&C and workers compensation.