Bancassurance Market Size, Share, Industry Analysis, Report 2023-2028

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 improves the turnover without any capital outlay and provides a high return on equity. At present, it is gaining traction in the banking, financial services and insurance (BFSI) sector across the globe.

COVID-19 scenario-

We are constantly tracing and assessing the impact of the COVID-19 pandemic on the industry. These influences have been covered in our report as significant market contributors.

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Bancassurance Market Trends/ Drivers, restraints, and opportunities-

• The increasing adoption of health and life insurance and retirement product plans, especially among the geriatric population, represent one of the key factors driving the demand for bancassurance around the world.
  
• Furthermore, key players are utilizing innovative technologies to enhance their information technology (IT) base and provide superior customer services to meet the evolving needs and demands of an increasingly sophisticated client base.
  
• Moreover, the rising collaboration between banks and insurance companies serves as a one-stop solution for numerous financial requirements and offers enhanced convenience to the customers, which is contributing to the market growth.
  
• In addition, several banks are introducing mobile applications that enables them to improve their digital sales. This, coupled with the rising penetration of the high-speed internet connection and the continual improvements in digital strategies of insurance companies, is favoring the market growth.
  

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Key Market Segmentation/ Report Segmentation/ Key Highlights of the Report/ Key Features of the Report:

On the basis of Product Type, the market includes:

Life Bancassurance
Non-Life Bancassurance

On the basis of Model Type, the market includes:

Pure Distributor
Exclusive Partnership
Financial Holding
Joint Venture

On the basis of Geography, the market includes:

North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Competitive Landscape:

Some of these players are ABN AMRO Bank N.V. (ABN.AS) , Australia and New Zealand Banking Group Limited (ANZ), Banco Santander Brasil (NYSE: BSBR) , The American Express Company, Banco Santander, S.A., BNP Paribas S.A., ING Bank N.V., Wells Fargo Group, Barclays plc, Intesa Sanpaolo S.p.A., Lloyds Banking Group plc, Citigroup Inc., Crédit Agricole SA, HSBC Holdings plc, NongHyup Financial Group Inc, Société Générale S.A., and Nordea Bank Abp group.

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