• Phone: +1-631-791-1145
  • Email: sales@imarcgroup.com

Global Bancassurance Market to Reach US$ 1.8 Billion by 2025, Propelled by Improving Digital Strategies

According to the latest report by IMARC Group, titled “Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global bancassurance market size reached US$ 1.2 Billion in 2019. Bancassurance refers to the arrangement between a bank and an insurance company that allows selling of insurance products, such as health and life insurance, annuities and mortgage, via the bank. Through this partnership, the bank earns a profitable sum of income. The insurance company, on the other hand, gets the opportunity to expand its consumer base without investing in sales agents or incurring broker commissions. The use of banks as a distribution channel also aids in improving their financial product portfolio while offering a high return on equity.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Bancassurance Market Trends:

The global market is primarily driven by consolidation in the banking sector. This, along with the growing proportion of incremental deposits being raised by private banks, has led banking institutes to offer lucrative plans and credible solutions with better customer service. Furthermore, banks are continually evolving their digital strategies to provide mobile-based services that are increasing their digital sales at an accelerated pace. Significant growth in the geriatric population is also expected to provide a thrust to the market growth. This demographic shift has contributed to the increasing need for lucrative retirement plans, life and health insurance policies. The partnership between banks and insurance firms provides a one-stop-shop solution for various financial requirements that offer enhanced convenience to the users, particularly to elderly customers. Some of the other factors, such as the growing middle-class population and improving economy, along with increasing high-speed internet penetration in the daily lives, are also expected to contribute to the market growth. On account of the aforementioned factors, the market is projected to reach a value of US$ 1.8 Billion by 2025.

Market Summary:

  • Based on the product type, the market has been bifurcated into life and non-life segments, wherein life bancassurance represents the preferred product type.
  • On the basis of the model type, the market has been divided into pure distributors, exclusive partnerships, financial holdings and joint ventures. At present, pure distributors hold the majority of the total market share.
  • On the geographical front, Europe holds the leading position in the market. Other major regions include Asia Pacific, North America, Latin America, and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report with the detailed profiles of the key players operating in the market. Some of these players 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., ING Bank N.V., Wells Fargo & Company, Barclays PLC, Intesa Sanpaolo SpA, Lloyds Banking Group plc, Citigroup Inc., Crédit Agricole S.A., HSBC Holdings plc, NongHyup Financial Group, Société Générale and Nordea Group.


About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.


Contact Us

IMARC Group
USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter: @imarcglobal

REACH OUT TO US

Call us on

( US: +1-631-791-1145 )
( UK: +44-702-409-7331 )
( India: +91-120-433-0800 )


Drop us an email at

sales@imarcgroup.com