Bancassurance Market Analysis by Product (Life Bancassurance, Non-Life Bancassurance), by Bancassurance Models (Pure Distributor, Exclusive Partnership, Financial Holding, Joint Venture), Key Players and Region – Industry Outlook to 2028.
What are the growth prospects of the Bancassurance industry?
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.
Request for a sample copy of this research report:https://www.imarcgroup.com/bancassurance-market/requestsample
What is a Bancassurance?
Bancassurance is a financial partnership between a bank and an insurance company that allows the bank to generate additional revenue and profit. This setup permits the sale of a wide range of insurance products, including annuities, mortgages, and health insurance and life insurance. The use of banks as a distribution channel allows insurance companies to grow their customer base without having to hire salespeople or pay broker commissions. This also aids them in expanding their market reach while offering a high return on investment and significantly enhancing their financial portfolio.
What are the major market drivers in the bancassurance market?
The global market is majorly driven by widespread consolidation in the banking sector. This is supported by the rising proportion of incremental deposits being raised by private banks, which has resulted in banking institutes in providing plans and credible solutions with better service to their customers. Additionally, a considerable rise in the aging population that increasingly needs 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 firms serves as a one-stop-shop solution for numerous financial requirements and offers enhanced convenience to the customers, this is anticipated to gain prominence among the masses, particularly among the elderly customers.
The market is further driven by the introduction of mobile-based services by banks, which has enabled them to boost their digital sales. This, coupled with increasing penetration of high-speed internet connection across the globe and the continual improvements in their digital strategies, is expected to provide an impetus to the market growth. Other factors, including the shifting purchasing patterns of the masses and the growing middle-class population on the global level, are diving the market further toward growth.
Competitive Scenario with Key Players:
The competitive landscape of the market has also been analyzed, with some of
Top Companies in Bancassurance Market
ABN AMRO BANK N.V. (ABN.AS), ANZ BANK FPO (ANZ.AX), Banco Bradesco Sa (BBD), The American Express Company (AXP), 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., Credit Agricole Group, HSBC Holdings plc, NongHyup Financial Group, Societe Generale S.A. and Nordea Group.
Key Insights from the Report:
The report has bifurcated the market according to the product type, which includes life and non-life bancassurance. Currently, life bancassurance is the most preferred segment.
The market has been segregated on the basis of the model type, which consists of pure distributors, exclusive partnerships, financial holdings and joint ventures. Amongst these, pure distributors represent the most popular model type.
On a regional basis, Europe is the biggest market for bancassurance, holding the majority of the total market share. This can be accredited to the favorable tax structure and reduced social security expenditure by governments. Other major regions include Asia Pacific, North America, Latin America, and Middle East and Africa.
Ask Analyst for 10% Free Customized Report:- https://www.imarcgroup.com/request?type=report&id=982&flag=C
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
Related Reports By IMARC Group
Marine Electric Vehicle Market Size
Asia Pacific Handicrafts Market Analysis
Europe Biodegradable Food Service Disposables Market Report
Europe Cable Accessories Market Share
Enterprise Content Management Software Market Analysis
Green Building Materials Market Growth
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us
134 N 4th St. Brooklyn, NY 11249,
USA
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter: @imarcglobal