The United States bancassurance market size reached US$ 44.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 60.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Bancassurance refers to the arrangement between a bank and an insurance company that enables the bank to sell insurance products and benefits to its customers. The insurance company uses banks as a medium to sell their products under distribution contracts, which enables the bank to earn additional profits and further its market reach. This setup aids in sales generation, profit maximization, retention of existing and new customers and customization of products and services. Some of the commonly available bancassurance services include endowment and unit-linked, health, marine and property insurances.
The market in the United States (US) is primarily driven by the widespread consolidation in the banking sector. In addition to this, there has been a significant rise in the geriatric population in the country that increasingly requires life and health insurance policies, along with lucrative retirement plans, which is anticipated to provide an impetus to the market growth. As this setup between banks and insurance firms serves as a convenient one-stop solution for multiple financial requirements, this is creating a positive outlook for the market. Furthermore, the rapid digitization of several bancassurance services in the US has provided a significant boost to the online sales. Some of the other factors contributing to the market growth include continual improvements in the digital strategies adopted by numerous key players.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the United States bancassurance market report, along with forecasts at the country and regional level from 2023-2028. 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 Region:
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, Region
||Northeast, Midwest, South, West
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Key Questions Answered in This Report:
- How has the United States bancassurance market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the United States 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 United States bancassurance market and who are the key players?
- What is the degree of competition in the industry?