The global bancassurance market size reached US$ 1,354 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,888 Billion by 2028, exhibiting a growth rate (CAGR) of 5.6% during 2023-2028, according to the recent report by IMARC Group.
What is bancassurance market?
Bancassurance represents an agreement between the bank and an insurance firm that permits the sales of financial products and insurance services through banking institutions. This setup is dependent on a mutual partnership that seeks to benefit the insurance company, the bank, and the customers. Bancassurance is a cost-effective partnership that enables insurance companies to promote their geographical presence and banks to extend their product portfolio. As a result, this agreement aids in profit maximization, retention of existing and new customers, sales generation, and customization of products and services.
Recent Trends in Bancassurance Market:
The expansion of the banking, financial services, and insurance (BFSI) industry is among the primary factors driving the bancassurance market. Besides this, various banks and insurance companies across countries are engaging in strategic partnerships and collaborations to expand their presence in the global market and expand their activities, which is further augmenting the market growth. Moreover, the launch of several policies by the government bodies to provide a framework for bancassurance activities is also catalyzing the global market. Apart from this, the escalating demand for retirement guideline plans and health and life insurance policies, owing to the rising geriatric population, is acting as another significant growth-inducing factor. Additionally, the elevating requirement for these solutions, on account of the growing instances of natural disasters resulting in massive material and human losses across the globe, is also stimulating the market growth. Furthermore, the increasing penetration of high-speed internet, continual improvement in digital strategies, and the introduction of mobile-based banking services are expected to bolster the bancassurance market in the coming years.
Read other report : Foreign Exchange Market Growth 2023-2028, Industry Size, Share, Trends and Forecast
The report has categorized the market based on the product type and model type.
By Product Type Insights:
- Life Bancassurance
- Non-Life Bancassurance
By Model Type Insights:
- Pure Distributor
- Exclusive Partnership
- Financial Holding
- Joint Venture
Regional Insights:
- Asia Pacific
- Europe
- Latin America
- North America
- Middle East and Africa
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global bancassurance market. Some of the companies covered in the report 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, 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 S.A.
- HSBC Holdings plc
- Nonghyup Bank Financial Group
- Société Générale
- Nordea Group
Download a free sample report to get a detailed overview of the report: https://www.imarcgroup.com/bancassurance-market/requestsample
