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The global bancassurance market reached a value of US$ 1191 Billion in 2020.
What will be the global bancassurance market to reach a value of US$ 1696 Billion by 2026, exhibiting a CAGR of 5.98% during 2021-2026?
Rising geriatric population with greater need for health and life insurance as well as retirement plans, represents one of the key drivers for the global bancassurance market.
The rising penetration of digitalization trends in the banking sector and numerous technological advancements influencing consumer behaviors and their purchasing patterns, are some of the key trends in the global bancassurance market.
Sudden outbreak of the COVID-19 pandemic had resulted in increasing health concerns among individuals, thereby augmenting the demand for life bancassurance.
On the basis of the product type, the market has been bifurcated into life bancassurance and non-life bancassurance. Currently, life bancassurance holds the largest market share.
On the basis of the model type, the market has been classified into pure distributor, exclusive partnership, financial holding, and joint venture. Currently, pure distributor exhibits a clear dominance in the market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Europe dominates the global market.
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