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The North America bancassurance market reached a value of US$ 44 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 5.5% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Bancassurance stands for a partnership between an insurance company and a bank, in which the insurance company uses bank as a distribution channel for selling its products. By this, the bank is benefited with the fee-based income which refers to additional revenue earning apart from the interest. Moreover, the insurance company gets the opportunity of consumer base expansion without expanding its sales force or paying agent and broker commissions. Several benefits such as health insurance, life insurance, mortgage and annuities are facilitated by bancassurance.
North America holds one of the largest markets for bancassurance in the world. Distinctive factors such as high level of bank penetration, presence of large international contenders, domestic credit availability and tax advantages are the driving the bancassurance market in the region. Also, increasing aging population in the region has fueled the demand for various life and health insurances. Rising economy due to urbanization and exponential growth in the private banking sector will keep on boosting the market in the upcoming years.
|Base Year of the Analysis||2020|
|Segment Coverage||Product, Bancassurance Models, Country|
|Countries Covered||United States, Canada, Mexico|
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