Industry Report

According to the global  bancassurance market report  by IMARC Group, The market size reached US$ 1,354 Billion in 2022. Looking forward, the market expected to reach US$ 1,888 Billion by 2028, exhibiting a growth rate (CAGR) of 5.6% during 2023-2028. Bancassurance is a financial agreement between a bank and an insurance institution, wherein the bank earns additional revenue and interest by selling the insurance products and expanding the consumer base of insurance companies. It comprises various insurance plans and policies, including endowment, unit-linked insurance plans (ULIPs), marine, annuities, mortgage, health, and property. It depends on a mutual partnership that benefits the bank, insurance company, and the customers. It helps insurance companies in expanding their geographical presence and increasing their product portfolio. It assists in sales generation, retention of new and existing customers, profit maximization, and product and service customization. Bancassurance also