For some time, the writing has been on the wall for bancassurance. But the credit crisis is forcing bankers and insurers to rethink the way they do business together.

In recent days, no fewer than six big European bancassurance groups – Fortis, Dexia, ING, Aegon, KBC and Ethias – have been broken up, salvaged by their governments, restructured or rushed to raise fresh funds from shareholders.