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Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global bancassurance market size reached US$ 1,354 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,888 Billion by 2028, exhibiting a growth rate (CAGR) of 5.6% during 2023-2028.

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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Bancassurance Market Trends

The increasing geriatric population is driving the need for retirement policy plans and health and life insurance policies, which represents one of the key factors positively influencing the demand for bancassurance solutions around the world. In addition, the growing instances of natural disasters across the globe, resulting in massive material and human losses, are escalating the need for insurance policies and bancassurance solutions. Apart from this, numerous leading banks and bancassurance companies are focusing on revising their existing policies and investing in strategic partnership projects to obtain access to new technologies and resources to sustain the increasing market competition. This, in confluence with significant growth in the banking, financial services, and insurance (BFSI) industry, is creating a favorable outlook for bancassurance solutions. Furthermore, the rising penetration of high-speed internet, continual improvement in digital strategies and the introduction of mobile-based banking services are some of the other factors anticipated to provide lucrative growth opportunities to key players operating in the industry.

Key Market Segmentation

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

Breakup by Product Type:

 

 
 

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  • Life Bancassurance
  • Non-Life Bancassurance

Life bancassurance currently holds the largest share on account of the rising awareness among individuals about insurance services and the implementation of stringent government regulations on wealth management products.

Breakup by Model Type:

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

Presently, pure distributor model type dominates the market as it 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
     

The Asia Pacific holds the leading position in the market on account of the favorable regulatory environment and the rising adoption of insurance policies in the region.

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are ABN AMRO Bank N.V., Australia and New Zealand Banking Group Limited (ANZ), Banco Bradesco SA, 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
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 S.A., HSBC Holdings plc, NongHyup Financial Group, Société Générale and Nordea Group
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
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 S.A.
        9.3.14   HSBC Holdings plc
        9.3.15    NongHyup Financial Group
        9.3.16    Société Générale
        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$), 2017-2022
Figure 3: Global: Bancassurance Market: Breakup by Product Type (in %), 2022
Figure 4: Global: Bancassurance Market: Breakup by Model Type (in %), 2022
Figure 5: Global: Bancassurance Market: Breakup by Region (in %), 2022
Figure 6: Global: Bancassurance Market Forecast: Sales Value (in Billion US$), 2023-2028
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$), 2017 & 2022
Figure 11: Global: Bancassurance Market Forecast (Life Bancassurance): Sales Value (in Million US$), 2023-2028
Figure 12: Global: Bancassurance Market (Non-Life Bancassurance): Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Bancassurance Market Forecast (Non-Life Bancassurance): Sales Value (in Million US$), 2023-2028
Figure 14: Global: Bancassurance Market (Pure Distributor): Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Bancassurance Market Forecast (Pure Distributor): Sales Value (in Million US$), 2023-2028
Figure 16: Global: Bancassurance Market (Exclusive Partnership): Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Bancassurance Market Forecast (Exclusive Partnership): Sales Value (in Million US$), 2023-2028
Figure 18: Global: Bancassurance Market (Financial Holding): Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Bancassurance Market Forecast (Financial Holding): Sales Value (in Million US$), 2023-2028
Figure 20: Global: Bancassurance Market (Joint Venture): Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Bancassurance Market Forecast (Joint Venture): Sales Value (in Million US$), 2023-2028
Figure 22: Asia Pacific: Bancassurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Asia Pacific: Bancassurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Europe: Bancassurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Europe: Bancassurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Latin America: Bancassurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Latin America: Bancassurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: North America: Bancassurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: North America: Bancassurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Middle East and Africa: Bancassurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Middle East and Africa: Bancassurance Market Forecast: Sales Value (in Million US$), 2023-2028

List of Tables

Table 1: Global: Bancassurance Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Bancassurance Market Forecast: Breakup by Product Type (in Million US$), 2023-2028
Table 3: Global: Bancassurance Market Forecast: Breakup by Model Type (in Million US$), 2023-2028
Table 4: Global: Bancassurance Market Forecast: Breakup by Region (in Million US$), 2023-2028
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$ 1,354 Billion in 2022.

We expect the global bancassurance market to exhibit a CAGR of 5.6% during 2023-2028. 

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 S.A., HSBC Holdings plc, NongHyup Financial Group, Société Générale, Nordea Group, etc. 

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