Bancassurers - banks which underwrite and sell life assurance - are aiming to take 30 per cent or more of the Irish life assurance market, according to the winter 1997 issue of the Irish Banking Review.

The Irish bancassurers - Bank of Ireland with Lifetime, AIB with Ark Life and Irish Permanent with Irish Progressive - accounted for about 25 per cent of all new business in 1996, according to Ark Life finance director, Mr Brian Woods.

These companies plan to increase their market shares by targeting company pension business.

In addition, there may be prospects for further growth through the export of bancassurance expertise, possibly through joint ventures in continental Europe and/or the Far East, he suggested.

The bancassurers were in a stronger position than traditional savings plan providers to comply with new regulations expected next year, Mr Woods argued.

Insurers are expected to have to disclose charges on life assurance products at the point of sale.

Because of their "level-charge" products - regular charges to customers through the life of a policy rather than once-off large lump sum deductions out of the customers first year's premium payment - bancassurers would be better placed to comply with the new regulations, he suggested.