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United States Bancassurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The United States bancassurance market size reached US$ 41.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 57.6 Billion by 2027, exhibiting a growth rate (CAGR) of 5.47% during 2022-2027.

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 2022-2027. 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:

  • Northeast
  • Midwest
  • South
  • West
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Product Type, Model Type, Region
Region Covered Northeast, Midwest, South, West
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


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?

1   Preface
2   Scope and Methodology 

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   United States Bancassurance Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Product Type
    6.1    Life Bancassurance
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Non-Life Bancassurance
        6.2.1 Market Trends
        6.2.2 Market Forecast
7   Market Breakup by Model Type
    7.1    Pure Distributor
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Exclusive Partnership
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Financial Holding
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Joint Venture
        7.4.1 Market Trends
        7.4.2 Market Forecast 
8   Market Breakup by Region
    8.1    Northeast
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Midwest
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    South
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    West
        8.4.1 Market Trends
        8.4.2 Market Forecast
9   SWOT Analysis
    9.1    Overview
    9.2    Strengths
    9.3    Weaknesses
    9.4    Opportunities
    9.5    Threats
10  Value Chain Analysis
11  Porters Five Forces Analysis

    11.1    Overview
    11.2    Bargaining Power of Buyers
    11.3    Bargaining Power of Suppliers
    11.4    Degree of Competition
    11.5    Threat of New Entrants
    11.6    Threat of Substitutes
12  Policy and Regulatory Landscape
13  Competitive Landscape

    13.1    Market Structure
    13.2    Key Players
    13.3    Profiles of Key Players

List of Figures

Figure 1: United States: Bancassurance Market: Major Drivers and Challenges
Figure 2: United States: Bancassurance Market: Sales Value (in Billion US$), 2016-2021 
Figure 3: United States: Bancassurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: United States: Bancassurance Market: Breakup by Product Type (in %), 2021
Figure 5: United States: Bancassurance Market: Breakup by Model Type (in %), 2021
Figure 6: United States: Bancassurance Market: Breakup by Region (in %), 2021
Figure 7: United States: Bancassurance (Life Bancassurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 8: United States: Bancassurance (Life Bancassurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 9: United States: Bancassurance (Non-Life Bancassurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: United States: Bancassurance (Non-Life Bancassurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: United States: Bancassurance (Pure Distributor) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: United States: Bancassurance (Pure Distributor) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: United States: Bancassurance (Exclusive Partnership) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: United States: Bancassurance (Exclusive Partnership) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: United States: Bancassurance (Financial Holding) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: United States: Bancassurance (Financial Holding) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: United States: Bancassurance (Joint Venture) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: United States: Bancassurance (Joint Venture) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Northeast: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Northeast: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Midwest: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Midwest: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: South: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: South: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: West: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: West: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027 
Figure 27: United States: Bancassurance Industry: SWOT Analysis
Figure 28: United States: Bancassurance Industry: Value Chain Analysis
Figure 29: United States: Bancassurance Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: United States: Bancassurance Market: Key Industry Highlights, 2021 and 2027
Table 2: United States: Bancassurance Market Forecast: Breakup by Product Type (in Million US$), 2022-2027
Table 3: United States: Bancassurance Market Forecast: Breakup by Model Type (in Million US$), 2022-2027
Table 4: United States: Bancassurance Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 5: United States: Bancassurance Market: Competitive Structure
Table 6: United States: Bancassurance Market: Key Players


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