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Bancassurance Market

Bancassurance Market

Bancassurance Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

144

Base Year:

2021

Date

Jun - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1686

Segments Covered
  • By Product Type Life Bancassurance, Non-Life Bancassurance
  • By Model Type Pure Distributor, Exclusive Partnership, Financial Holding, Joint Venture
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 1,251.4 Billion
Revenue 2028Revenue 2028: USD 1,725.4 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 5.50%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Bancassurance Market Share

Market Synopsis:

The Global Bancassurance Market is valued at USD 1,251.4 Billion in the year 2021 and is projected to reach a value of USD 1,725.4 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.50% over the forecast period.

Bancassurance is a connection between insurance and the bank that offers the protection administration or protection plans to the bank clients. In this method, both the bank and insurance agency work mutually together to give protection to the end-buyer. For this situation, banks will urge their buyers to buy protection plans. On the off chance that the quantity of backup plans expands, it would be an advantage to both bank and insurance agency which thus diminishes the general expenses included. The Bancassurance sorted into the plan of action type are the coordinated model and the non-incorporated model. The coordinated bank model is simply incorporated with the bank. In this model, the premium is straightforwardly charged from the customer's record in the bank. In the non-coordinated model, the insurance contract is given by the approved monetary assistance which is more modest than the bank.

Bancassurance Market Size, 2021 To 2028 (USD Billion)

Factors, for example, the surge in the number of merchants or specialist drives the general market development. However, the larger part of the banks are executing the Bancassurance idea, yet trouble associated with drawing in their customers for up-selling the protection item is supposed to restrict the development of the general business. Furthermore, a lack of awareness with respect to the protection plans given by the bank to their clients controls the market development. The market is exceptionally serious in nature, with major players focused on creating awareness regarding the Bancassurance industry. The key part in the Bancassurance Market has presentations and classes to show and advance contact with the bank and give data of insurance contracts to the record holders.

Market Segmentation:

The Bancassurance Market is segmented on the basis of Product Type, Model Type and Region. Based on Product Type, the market is further sub segmented as Life Bancassurance, and Non-Life Bancassurance. Based on Model Type, the market is sub segmented as Pure Distributor, Exclusive Partnership, Financial Holding, and Joint Venture.

Below tree is interactive. You can click the nodes to get more information.

Based on Model Type:

On the basis of Model Type, the Joint Venture sub- segment is expected to lead the market as the joint venture's products are only distributed through the banking parent's network. In some cases, strategic shareholding strengthens the relationship between the bank and the insurance. This model has the advantage of equal partnerships and collective decision-making, as well as the ability for partners to harness each other's capabilities because each will be focused on its own area of business.

Based on Model Type:

On the basis of the Model Type, in Pure Distributor sub-segment is also expected to grow at a higher rate as in this segment the bank serves as an intermediary in this approach, offering products from multiple insurance companies. The insurance company typically pays the bank distribution commissions, which are offset by policyholder entrance and management fees. A more or less significant shareholding or cross-shareholding may be used to supplement the relationship between the bank and the insurer. The financial reasoning for such a model stems from the bank's realization of a real need to be able to offer insurance products to its customers while being unable or unwilling to build such expertise internally, not to mention the considerable upfront investments required. Customers respect adviser independence. Therefore this concept is thought to function well in certain markets. At the same time, insurers may face a disadvantage in that they have limited influence over the customers to whom their policies are sold.

Asia Pacific is Projected to Grow at the Fastest CAGR during the Forecast Period

Asia Pacific is accounted to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. The Asia–Pacific market is divided in terms of penetration: on the one side, Bancassurance now accounts for a great percentage of total new life insurance business. On the other hand, Bancassurance remains a small percentage of a bank's total client base, often ranging upwards. The relatively low European penetration rates of non-life products show that Bancassurance sales have plenty of space to develop. Whether banks want to expand non-life or life product sales, they'll need to leverage digital tools.

Competitive Landscape:

The key players in the Global Bancassurance Market 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., The ING Group, Wells Fargo & Company, Barclays plc, Intesa Sanpaolo S.p.A., Lloyds Banking Group plc, Citigroup Inc., Crédit Agricole Group, HSBC Holdings plc, NongHyup Financial Group, Société Générale S.A., Nordea Group and others.

Segmentation of the Global Bancassurance Market:

Parameter Details
Segments Covered
  • Product Type (Life Bancassurance, Non-Life Bancassurance)
  • Model Type (Pure Distributor, Exclusive Partnership, Financial Holding, Joint Venture)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • 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.
  • The ING Group
  • Wells Fargo & Company
  • Barclays plc
  • Intesa Sanpaolo S.p.A.
  • Lloyds Banking Group plc
  • Citigroup Inc.
  • Crédit Agricole Group
  • HSBC Holdings plc
  • NongHyup Financial Group
  • Société Générale S.A.
  • Nordea Group
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Bancassurance Market to Reach Valuation of USD 1,725.4 Billion by 2028 – Surge in the Number of People Getting Old and their Need for Different Investment Opportunities to Plan their Retirement and Other Financial Needs Drives the Market
In terms of revenue, the Global Bancassurance Market is expected to reach USD 1,725.4 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.50% from 2022 to 2028. The surge in the number of people getting old and their need for different investment opportunities to plan their re...
FAQ
Frequently Asked Question
  • The global Bancassurance valued at USD 1,251.4 Billion in 2020 and is expected to reach USD 1,725.4 Billion in 2028 growing at a CAGR of 5.50%.

  • The prominent players in the market are 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., The ING Group, Wells Fargo & Company, Barclays plc, Intesa Sanpaolo S.p.A., Lloyds Banking Group plc, Citigroup Inc., Crédit Agricole Group, HSBC Holdings plc, NongHyup Financial Group, Société Générale S.A., Nordea Group.

  • The market is project to grow at a CAGR of 5.50% between 2021 and 2028.

  • The driving factors of the Bancassurance include

    • Continual improvements in digital strategies by banks

  • Asia Pacific was the leading regional segment of the Bancassurance in 2020.