The Europe bancassurance market size reached US$ 557 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 766 Billion by 2027, exhibiting a growth rate (CAGR) of 5.4% during 2022-2027.
Bancassurance refers to the joint effort between banks and insurance companies that enables banks to distribute insurance services and financial products to their customers. This set-up assists insurance companies in furthering their geographical presence and aids banks in expanding their product portfolio. Some of the common bancassurance services include unit-linked insurance plans (ULIPs) and endowment, health and property insurance plans. Their widespread adoption helps in sales generation, retention of new and existing customers, profit maximization, and product and service customization.
The market in Europe is primarily driven by significant growth in the banking, financial, services and insurance (BFSI) sector. Along with this, multiple key players across the region are also engaging in merger and acquisitions (M&A) activities as well as partnerships to create numerous growth opportunities in the market. For instance, agreements between multinational insurance companies and regional financial service providers are expected to create a positive outlook for the market. This has restructured the bancassurance business in the region through new distribution agreements, which is anticipated to act as a major growth-induing factor. Moreover, the widespread adoption of advanced analytics for digital marketing and re-engineered insurer-bank collaboration model is expected to create a positive outlook for the market across the region.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Europe bancassurance market report, along with forecasts at the regional and country level from 2022-2027. Our report has categorized the market based on product type and model type.
Breakup by Product Type:
- Life Bancassurance
- Non-Life Bancassurance
Breakup by Model Type:
- Pure Distributor
- Exclusive Partnership
- Financial Holding
- Joint Venture
Breakup by Country:
- United Kingdom
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis
||Product Type, Model Type, Country
||Germany, France, United Kingdom, Italy, Spain, Others
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Key Questions Answered in This Report:
- How has the Europe bancassurance market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Europe bancassurance market?
- What are the key regional markets?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the model type?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the Europe bancassurance market and who are the key players?
- What is the degree of competition in the industry?