According to the latest report by IMARC Group, titled “Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” the global bancassurance market size reached US$ 1,428 Billion in 2023. Bancassurance refers to a financial relationship between an insurance company and a bank, wherein banks are used as a distribution channel to sell insurance services, policies, and other financial products of the insurance firm. It is a cost-effective and convenient arrangement that provides different investment and financial services, such as property, life, health, and casualty insurance, credit life, pensions, and mortgage. Bancassurance is a mutually beneficial partnership that helps banks earn additional revenue and a lucrative sum of money other than tax-based profits while aiding insurance companies by selling their policies. It allows banks to diversify their product offerings, enhance turnover without investing any capital outlay, provide a high return on equity, and assist insurance companies in expanding their customer base and customizing products and services.
Global Bancassurance Market Trends:
The significant growth in the banking, financial services, and insurance (BFSI) industry and the rising demand for insurance policies are primarily driving the global bancassurance market growth. Besides this, escalating consumer awareness about the importance of insurance policies and increasing collaborations between banks and insurance companies are aiding in market expansion. In addition to this, leading banks and bancassurance firms are concentrating on updating and revising their existing policies to gain access to new technologies and resources to withstand the escalating market competition, which, in turn, is creating a positive outlook for the market. Moreover, expanding geriatric population is impelling the need for health and life insurance and lucrative retirement policy plans, which is presenting remunerative growth opportunities for the market. In line with this, the increasing frequency of natural disasters resulting in massive material and human losses is propelling the need for insurance policies and bancassurance solutions, thus strengthening the market growth. Furthermore, favorable government regulations and guidelines, the rising penetration of high-speed internet connectivity, innovative advancements in digital strategies, and the advent of mobile-based banking services are influencing the market growth. Looking forward, the market value is projected to reach US$ 2,255 Billion by 2032, expanding at a CAGR of 5.5% during 2024-2032.
- Based on the product type, the market has been bifurcated into life and non-life bancassurance. Currently, life bancassurance dominates the market, holding the largest share.
- On the basis of the model type, the market is segregated into pure distributor, exclusive partnership, financial holding, and joint venture. Among these, pure distributor model type represents the most popular segment.
- Based on the region, the market has been segmented into Asia Pacific, Europe, Latin America, North America, and Middle East and Africa. Presently, Asia Pacific is the leading market, accounting for the majority of the global share.
- The competitive landscape of the market has also been examined, with some of the key players being 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.
|Base Year of the Analysis
||Product Type, Model Type, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||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
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