The global bancassurance market size reached US$ 1268.7 Billion in 2021. Looking forward, the market expects to reach a value of US$ 1802.3 Billion by 2027, exhibiting a CAGR of 5.9% during 2022-2027, according to a new report by IMARC Group.
Bancassurance is an arrangement between a bank and an insurance company that enables the bank to earn additional revenue and a profitable sum of money. This set-up allows the selling of numerous insurance products, which may include annuities, mortgage and health and life insurance.
The utilization of banks as a distribution channel further aids the insurance companies to expand their consumer base without investing in sales agents or incurring broker commissions. This also helps them in growing their market reach while providing a high return of equity and improving their financial portfolio considerably.
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Global Bancassurance Market Trends and Drivers:
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.
Some of the key players include 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.
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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.
Also Read: Top Bancassurance companies or banks
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