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Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global bancassurance market size reached US$ 1268.7 Billion in 2021 and it is expected to reach a value of US$ 1802.3 Billion by 2027, exhibiting a CAGR of 5.9% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Bancassurance refers to a financial agreement between a bank and an insurance company, wherein the bank earns additional revenue and a profitable sum of money by selling the policies of the insurance firm. It includes several insurance plans and policies, such as endowment, unit-linked insurance plans (ULIPs), marine, health, and property. It helps expand the product portfolio of banks, increases the turnover without any capital outlay, and offers a high return on equity. Besides this, as it assists insurance companies in increasing their sales and profits by expanding the market reach and consumer base, it is gaining immense traction worldwide.

 

 
 

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Global Bancassurance Industry Drivers:

  • According to a report by the World Health Organization, the proportion of the world's population over 60 years will nearly double from 12% to 22% between 2015 to 2050. As the aging population has a greater need for health insurance and life insurance as well as retirement product plans, this global demographic shift will positively impact the bancassurance industry.
  • Increasing economic growth in developing economies is further contributing to the growth of the market. For instance, the MetLife India Insurance Company in India entered into a strategic partnership with Punjab National Bank in 2011. MetLife got access to over 78 million bank customers in India, whereas Punjab National Bank acquired 30% stakes in the company.
  • Bancassurance is becoming an important factor for the overall growth of financial services due to consolidation in the sector. With rising internet penetration and technological advancements influencing consumer behaviors and their purchasing patterns, the market is expected to witness a continuous rise in its valuation.


Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global bancassurance market report, along with forecasts for growth at the global and regional level from 2022-2027. Our report has categorized the market based on product type and model type.

Breakup by Product Type:

 

 
 

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  • Life Bancassurance
  • Non-Life Bancassurance


Currently, life bancassurance dominates the market, accounting for the biggest share. Rising awareness about insurance services and the implementation of strict guidelines related to wealth management products is majorly stimulating the demand for life bancassurance services.

Breakup by Model Type:

  • Pure Distributor
  • Exclusive Partnership
  • Financial Holding
  • Joint Venture


Pure distributor represents the most popular bancassurance model, holding majority of the total global market. Pure distribution offers added sales opportunities to both banks and insurance firms with minimum investment.  

Regional Insights:

 

 
 

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  • Asia Pacific
  • Europe
  • Latin America
  • North America
  • Middle East and Africa
     

On a geographical front, Asia Pacific enjoys the leading position in the market on account of rising disposable incomes and favorable regulatory environment.

Competitive Landscape:

On examining the competitive landscape of the market, it has been found that it is highly fragmented with a number of small and large players. Some of the major players operating in the market include:

  • ABN AMRO Bank N.V.
  • The Australia and New Zealand Banking Group Limited
  • Banco Bradesco SA
  • The American Express Company
  • Banco Santander, S.A.
  • BNP Paribas S.A.
  • The ING Group
  • Wells Fargo & Company
  • Barclays plc
  • Intesa Sanpaolo S.p.A.
  • Lloyds Banking Group plc
  • Citigroup Inc.
  • Crédit Agricole Group
  • HSBC Holdings plc
  • NongHyup Financial Group
  • Société Générale S.A.
  • Nordea Group
     

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Product Type, Model Type, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered ABN AMRO Bank N.V., The Australia and New Zealand Banking Group Limited, Banco Bradesco SA, The American Express Company, Banco Santander, S.A., BNP Paribas S.A., The ING Group, Wells Fargo & Company, Barclays plc, Intesa Sanpaolo S.p.A., Lloyds Banking Group plc, Citigroup Inc., Crédit Agricole Group, HSBC Holdings plc, NongHyup Financial Group, Société Générale S.A. and Nordea Group
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
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Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Bancassurance Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Product Type
    5.5    Market Breakup by Model Type
    5.6    Market Breakup by Region
    5.7    Market Forecast
    5.8    SWOT Analysis
        5.8.1    Overview
        5.8.2    Strengths
        5.8.3    Weaknesses
        5.8.4    Opportunities
        5.8.5    Threats
    5.9    Value Chain Analysis
        5.9.1    Overview
        5.9.2    Product Development
        5.9.3    Marketing and Promotion
        5.9.4    Lead Generation and Sales
        5.9.5    New Business Processing
        5.9.6    Servicing, CRM and Repeat Sales
    5.10    Porters Five Forces Analysis
        5.10.1    Overview
        5.10.2    Bargaining Power of Buyers
        5.10.3    Bargaining Power of Suppliers
        5.10.4    Degree of Competition
        5.10.5    Threat of New Entrants
        5.10.6    Threat of Substitutes
6   Market Breakup by Product Type
    6.1    Life Bancassurance
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Non-Life Bancassurance
        6.2.1    Market Trends
        6.2.2    Market Forecast
7   Market Breakup by Model Type
    7.1    Pure Distributor
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Exclusive Partnership
        7.2.1    Market Trends
        7.2.2    Market Forecast
    7.3    Financial Holding
        7.3.1    Market Trends
        7.3.2    Market Forecast
    7.4    Joint Venture
        7.4.1    Market Trends
        7.4.2    Market Forecast
8   Market Breakup by Region
    8.1    Asia Pacific
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    Europe
        8.2.1    Market Trends
        8.2.2    Market Forecast
    8.3    Latin America
        8.3.1    Market Trends
        8.3.2    Market Forecast
    8.4    North America
        8.4.1    Market Trends
        8.4.2    Market Forecast
    8.5    Middle East and Africa
        8.5.1    Market Trends
        8.5.2    Market Forecast
9   Competitive Landscape
    9.1    Market Structure
    9.2    Key Players
    9.3    Profiles of Key Players
        9.3.1    ABN AMRO Bank N.V.
        9.3.2    The Australia and New Zealand Banking Group Limited
        9.3.3    Banco Bradesco SA
        9.3.4    The American Express Company
        9.3.5    Banco Santander, S.A.
        9.3.6    BNP Paribas S.A.
        9.3.7    The ING Group
        9.3.8    Wells Fargo & Company
        9.3.9    Barclays plc
        9.3.10    Intesa Sanpaolo S.p.A.
        9.3.11    Lloyds Banking Group plc
        9.3.12    Citigroup Inc.
        9.3.13    Crédit Agricole Group
        9.3.14   HSBC Holdings plc
        9.3.15    NongHyup Financial Group
        9.3.16    Société Générale S.A.
        9.3.17    Nordea Group

List of Figures

Figure 1: Global: Bancassurance Market: Major Drivers and Challenges
Figure 2: Global: Bancassurance Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Bancassurance Market: Breakup by Product Type (in %), 2021
Figure 4: Global: Bancassurance Market: Breakup by Model Type (in %), 2021
Figure 5: Global: Bancassurance Market: Breakup by Region (in %), 2021
Figure 6: Global: Bancassurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 7: Global: Bancassurance Industry: SWOT Analysis
Figure 8: Global: Bancassurance Industry: Value Chain Analysis
Figure 9: Global: Bancassurance Industry: Porter’s Five Forces Analysis
Figure 10: Global: Bancassurance Market (Life Bancassurance): Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Bancassurance Market Forecast (Life Bancassurance): Sales Value (in Million US$), 2022-2027
Figure 12: Global: Bancassurance Market (Non-Life Bancassurance): Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Bancassurance Market Forecast (Non-Life Bancassurance): Sales Value (in Million US$), 2022-2027
Figure 14: Global: Bancassurance Market (Pure Distributor): Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Bancassurance Market Forecast (Pure Distributor): Sales Value (in Million US$), 2022-2027
Figure 16: Global: Bancassurance Market (Exclusive Partnership): Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Bancassurance Market Forecast (Exclusive Partnership): Sales Value (in Million US$), 2022-2027
Figure 18: Global: Bancassurance Market (Financial Holding): Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Bancassurance Market Forecast (Financial Holding): Sales Value (in Million US$), 2022-2027
Figure 20: Global: Bancassurance Market (Joint Venture): Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Bancassurance Market Forecast (Joint Venture): Sales Value (in Million US$), 2022-2027
Figure 22: Asia Pacific: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Asia Pacific: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Europe: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Europe: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Latin America: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Latin America: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: North America: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: North America: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Middle East and Africa: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Middle East and Africa: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027

List of Tables

Table 1: Global: Bancassurance Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Bancassurance Market Forecast: Breakup by Product Type (in Million US$), 2022-2027
Table 3: Global: Bancassurance Market Forecast: Breakup by Model Type (in Million US$), 2022-2027
Table 4: Global: Bancassurance Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 5: Global: Bancassurance Market: Competitive Structure
Table 6: Global: Bancassurance Market: Key Players

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Key Questions Answered in This Report

The global bancassurance market was valued at US$ 1268.7 Billion in 2021.

We expect the global bancassurance market to exhibit a CAGR of 5.9% during 2022-2027. 

Rising geriatric population with greater need for health and life insurance as well as retirement plans represents one of the factors catalyzing the global bancassurance market.  

The sudden outbreak of the COVID-19 pandemic has resulted in increasing health concerns among individuals, thereby augmenting the demand for life bancassurance services. 

Based on the product type, the global bancassurance market has been segregated into life bancassurance and non-life bancassurance. Currently, life bancassurance exhibits a clear dominance in the market. 

Based on the model type, the global bancassurance market can be categorized into pure distributor, exclusive partnership, financial holding, and joint venture. Among these, pure distributor accounts for the majority of the total market share. 

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market. 

Some of the major players in the global bancassurance market include ABN AMRO Bank N.V., The Australia and New Zealand Banking Group Limited, Banco Bradesco SA, The American Express Company, Banco Santander, S.A., BNP Paribas S.A., The ING Group, Wells Fargo & Company, Barclays plc, Intesa Sanpaolo S.p.A., Lloyds Banking Group plc, Citigroup Inc., Crédit Agricole Group, HSBC Holdings plc, NongHyup Financial Group, Société Générale S.A., Nordea Group, etc. 

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