The North America bancassurance market size reached US$ 51 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 76.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.51% during 2024-2032.
Market Size in 2023
|US$ 51 Billion
Market Forecast in 2032
|US$ 76.2 Billion
|Market Growth Rate 2024-2032
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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the North America bancassurance market report, along with forecasts at the regional and country level from 2024-2032. Our report has categorized the market based on product and bancassurance models.
- Key Regions Analysed
- United States
- Analysis for Each Country
- Market by Product
- Life Bancassurance
- Non-Life Bancassurance
- Market by Bancassurance Models
- Pure Distributor
- Exclusive Partnership
- Financial Holding
- Joint Venture
- Value Chain Analysis
- Key Drivers and Challenges
- Porters Five Forces Analysis
- PESTEL Analysis
- Government Regulations
- Competitive Landscape
- Competitive Structure
- Key Player Profiles
|Base Year of the Analysis
||Product, Bancassurance Models, Country
||United States, Canada, Mexico
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Key Questions Answered in This Report:
- How has the North America bancassurance market performed so far and how will it perform in the coming years?
- What are the key regions in the North America bancassurance market?
- What has been the impact of COVID-19 on the North America bancassurance market?
- What is the breakup of the North America bancassurance market based on product?
- What is the breakup of the North America bancassurance market based on bancassurance models?
- What are the various stages in the value chain of the North America bancassurance industry?
- What are the key driving factors and challenges in the North America bancassurance industry?
- What is the structure of the North America bancassurance industry and who are the key players?
- What is the degree of competition in the North America bancassurance industry?