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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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