The global bancassurance market driven by the general consolidation of the banking sector


The Global size of the bancassurance market reached 1268.7 billion US$ in 2021. Looking ahead, IMARC Group expects the market to reach a value of 1802.3 billion US$ by 2027, showing a CAGR of 5.9% in 2022-2027.

Bancassurance is a financial partnership between a bank and an insurance company that allows the bank to generate additional revenue and profits. This configuration allows the sale of a wide range of insurance products, including annuities, mortgages and health insurance and life insurance. Using banks as a distribution channel allows insurance companies to expand their customer base without having to hire salespeople or pay commissions to brokers. It also helps them expand their reach in the market while delivering a high return on investment and significantly improving their financial portfolio.

Global Bancassurance Market Trends and Drivers:

The global market is mainly driven by the general consolidation of the banking sector. This is supported by the growing proportion of additional deposits collected by private banks, which has led banking institutes to provide credible plans and solutions with better service to their customers.

Moreover, a considerable increase in the aging population that is increasingly in need of life and health insurance and lucrative retirement plans is expected to create a positive outlook for the market. Since this partnership between banks and insurance companies serves as a one-stop solution for many financial needs and provides added convenience to customers, it is expected to gain prominence among the masses, especially among elderly customers.

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The market is further driven by the introduction of mobile-based services by banks, which has enabled them to increase their digital sales. This, coupled with the increasing penetration of broadband internet connection across the globe and the continuous improvement of their digital strategies, is expected to provide impetus for the growth of the market. Other factors including changing shopping habits of the masses and growing middle class population globally are further pushing the market towards growth.

Competitive landscape

The competitive landscape of the market has been examined in the report along with the detailed profiles of key players operating in the market. Some of these players include ABN AMRO Bank NV, The Australia and New Zealand Banking Group Limited, Banco Bradesco SA, The American Express Company, Banco Santander, SA, BNP Paribas SA, ING Bank NV, Wells Fargo & Company, Barclays PLC, Intesa Sanpaolo SpA, Lloyds Banking Group plc, Citigroup Inc., Crédit Agricole SA, HSBC Holdings plc, NongHyup Financial Group, Société Générale and Nordea Group.

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Key information from the report:

The report has divided the market based on product type, which includes life and non-life bancassurance. Currently, life bank insurance is the preferred segment.

The market has been segregated on the basis of model type, which consists of pure distributors, exclusive partnerships, financial participations and joint ventures. Of these, pure distributors represent the most popular type of model.

On a regional basis, Europe is the largest bancassurance market, holding the majority of the total market share. This can be attributed to the favorable tax structure and reduction in social security spending by governments. Other major regions include Asia-Pacific, North America, Latin America, Middle East and Africa.

List of Main bancassurance companies Worldwide – IMARC Group

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