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Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

  • January 2022
  • 109 pages
  • ID: 5500106
  • Format: PDF
  • IMARC Group


Table of Contents

The global bancassurance market size reached US$ 1268.7 Billion in 2021. Looking forward, the analyst expects the market to reach a value of US$ 1802.3 Billion by 2027, exhibiting a CAGR of 5.9% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

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 Industry 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.

Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global bancassurance market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on product type and model type.

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 majority of the total global market. Pure distribution offers added sales opportunities to both banks and insurance firms with minimum investment.

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

On a geographical front, Asia Pacific enjoys the leading position in the market on account of rising disposable incomes and favorable regulatory environment.

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:

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

Key Question Answered in this Report
1. What was the size of the global bancassurance market in 2021?
2. What is the expected growth rate of the global bancassurance market during 2022-2027?
3. What are the key factors driving the global bancassurance market?
4. What has been the impact of COVID-19 on the global bancassurance market?
5. What is the breakup of the global bancassurance market based on the product type?
6. What is the breakup of the global bancassurance market based on the model type?
7. What are the key regions in the global bancassurance market?
8. Who are the key players/companies in the global bancassurance market?

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