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Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024

Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024

  • April 2019
  • 112 pages
  • ID: 5500106
  • Format: PDF
  • International Market Analysis Research and Consult

Summary

Table of Contents

The global bancassurance market size reached around US$ 1,166 Billion in 2018.

The market is further projected to reach a value of US$ 1,665 Billion by 2024, growing at a CAGR of 6.1% during 2019-2024. Bancassurance refers to an arrangement between a bank and an insurance firm, wherein the bank can earn additional revenue by selling the products of the insurance company. It also helps to expand the financial product portfolio of banks, thereby increasing their turnover with little or no capital outlay which further gives a high return on equity. Since banks have become the main distribution channels for insurance products, bancassurance also benefits the insurance firms as it increases their market reach and expands their consumer base. As this arrangement can be profitable for both companies, it is gaining popularity across the globe.

Global Bancassurance Market Drivers:
According to a report by the World Health Organization, the proportion of the world’s population over 60 years will nearly double from 12% to 22% between 2015 to 2050. As the aging population has a greater need for health and life insurance as well as retirement product plans, this global demographic shift will positively impact the bancassurance industry.

Increasing economic growth in developing economies is further contributing to the growth of the market. For instance, the MetLife India Insurance Company in India entered into a strategic partnership with Punjab National Bank in 2011. MetLife got access to over 78 million bank customers in India, whereas Punjab National Bank acquired 30% stakes in the company.
Bancassurance is becoming an important factor for the overall growth of financial services due to consolidation in the sector. With rising internet penetration and technological advancements influencing consumer behaviors and their purchasing patterns, the market is expected to witness a continuous rise in its valuation.

Breakup by Product Type:
Life Bancassurance
Non-Life Bancassurance

Currently, life bancassurance dominates the market, accounting for the biggest share. Rising awareness about insurance services and the implementation of strict guidelines related to wealth management products is majorly stimulating the demand for life bancassurance services.

Breakup by Model Type:
Pure Distributor
Exclusive Partnership
Financial Holding
Joint Venture

Pure distributor represents the most popular bancassurance model, holding the majority of the total market share. Pure distribution offers added sales opportunities to both banks and insurance firms with minimum investment.

Regional Insights:
Asia Pacific
Europe
Latin America
North America
Middle East and Africa

On a geographical front, Europe enjoys the leading position in the market due to a favorable tax structure. Countries like France, Italy, Portugal and Austria are the major contributors to the industry growth, whereas Luxembourg, Russia and Slovenia serve as potential markets for bancassurance in Europe.

Competitive Landscape:
On examining the competitive landscape of the market, it has been found that it is highly fragmented with a number of small and large players. Some of the major players operating in the market include:

ABN AMRO
ANZ
Banco Bradesco
American Express
Banco Santander
BNP Paribas
ING Group
Wells Fargo
Barclays
Intesa Sanpaolo
Lloyds Bank Group
Citigroup
Crédit Agricole
HSBC
NongHyup Financial Group
Société Générale
Nordea Group

Key Questions Answered in This Report:
How has the global bancassurance market performed so far and how will it perform in the coming years?
What are the key regions in the global bancassurance market?
Which are the popular product types in the global bancassurance market?
What are the key business model types in the global bancassurance market?
What are the various stages in the value chain of the global bancassurance industry?
What are the key driving factors and challenges in the global bancassurance industry?
What is the structure of the global bancassurance industry and who are the key players?
What is the degree of competition in the global bancassurance industry?

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