The latest report by IMARC Group, titled “India Bancassurance Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the India Bancassurance market size reached US$ 85.3 Billion in 2021. Bancassurance is an arrangement between a bank and an insurance company that enables insurance companies to use the bank as a distribution channel for selling their products. Some of the common bancassurance services include endowment plans, unit-linked insurance plans (ULIPs), and marine, health, and property insurances. This setup also allows banks to earn additional revenue through fee-based income from insurance products. In addition, bancassurance aids insurance companies in expanding their consumer base without investing in sales agents or incurring broker commissions. Owing to these properties, it is gaining widespread popularity in India.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Bancassurance Market Trends:
The market is primarily driven by significant growth in the banking, financial, services, and insurance (BFSI) sector in India. This is supported by the rising proportion of incremental deposits by banks, which enables banking institutes to provide plans and credible solutions with better service to their customers. Moreover, numerous banks across the country are engaging in strategic partnerships to strengthen their market presence. They are also engaging in collaborations to expand the bancassurance market coverage in India. Besides this, the introduction of mobile-based and online banking services, along with the rising penetration of high-speed internet, is positively influencing market growth. Moreover, the increasing presence of commercial banking networks and foreign insurance companies across the country and continual improvements in the digital strategies adopted by various key players are also propelling market growth. Looking forward, IMARC Group expects the market value to reach US$ 132.1 Billion by 2027, exhibiting a CAGR of 7.41% during the forecast period (2022-2027).
- Based on the product type, the market has been bifurcated into life and non-life bancassurance.
- Based on the model type, the market has been classified into pure distributor, exclusive partnership, financial holding, and joint venture.
- On the geographical front, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been examined in the report, with detailed profiles of the key players operating in the industry
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