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Global Bancassurance Market: By Product: Life Bancassurance, Non-Life Bancassurance; By Bancassurance Models; Regional Analysis; Historical Market and Forecast (2015-2025); Market Dynamics; Value Chain Analysis; Competitive Landscape; Industry Events and Developments

Global Bancassurance Market Outlook

The global bancassurance market reached around USD 1.3 billion in the year 2019. The market is further expected to grow at a CAGR of 6% between 2020 and 2025 to reach a value of USD 2 billion by 2025.

The global bancassurance market was led by the Asia Pacific region in 2019 and the region is likely to continue its dominance during the forecast period as the region will give market players several opportunities for growth. Cross-country growth would be substantially driven by the rising currencies, higher insurance penetration, as well as the increasing population in the middle class. In recent years, with the growth of the private banking sector, the banking sector has undergone a systemic and functional change. Banking institutions have begun introducing improved products and customer service in order to withstand the growing competition. In order to promote domestic business development, new legislation was also introduced by the governments of developing regions, such as East Africa, China, and the Middle East.

As a result of consolidation in the market, banking insurance has become a major factor for the development of financial services. The industry is also likely to increase with the increased internet penetration as well as technological innovations affecting consumers' behaviour and purchase habits.

 

Properties and Applications

Bancassurance is characterised as a relationship between an insurance undertaking and a bank, the latter being used for the selling of their products as a distribution channel. This system allows the bank to gain profits other than tax-based profits. The insurance company, on the other hand, may broaden the customer base without charging agents or broker fees and sales. These institutions may provide a range of investment and financial services and products with the aid of financial insurance, including health insurance, credit life, pensions, life insurance, and mortgage.

Based on product, the bancassurance market can be divided into the following:

  • Life Bancassurance
  • Non-Life Bancassurance

On the basis of bancassurance models, the bancassurance market can be divided into:

  • Pure Distributor
  • Exclusive Partnership
  • Financial Holding
  • Joint Venture

The major regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Market Analysis

Insurance markets have reached saturation points in developing countries because of the growing awareness and early acceptance of life insurance. In addition, the developed countries have specific state insurance coverage laws, including life and health insurance, property and casualty insurance, and specialist plans like marine and aviation policy. Because of weak understanding among citizens, and the lack of governmental efforts in raising awareness, the implementation of banking protection in developed and emerging countries has been low in the past. However, due to a growing understanding of the value of insurance, the sector is currently expanding rapidly. The growth of the bancassurance market is expected to be driven by the emerging markets, particularly China and India. Moreover, raising living standards and the growing middle- and high-income classes in developed regions simultaneously are leading to the growth of the global bancassurance market.

 

Competitive Landscape

The report gives a detailed analysis of the following key players in the global bancassurance market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Zurich Insurance Company Ltd
  • ABN AMRO Bank N.V.
  • The ING Group 
  • Barclays
  • Wells Fargo
  • Lloyds Bank plc
  • Crédit Agricole Group
  • HSBC Bank
  • Others

The comprehensive EMR report provides an in-depth assessment of the bancassurance market based on the Porter's five forces model along with giving a SWOT analysis.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Bancassurance Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Bancassurance Historical Market (2015-2019) 
    8.3    Global Bancassurance Market Forecast (2020-2025)
    8.4    Global Bancassurance Market by Product 
        8.4.1    Life Bancassurance
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2015-2019)
            8.4.1.3    Forecast Trend (2020-2025)
        8.4.2    Non-Life Bancassurance
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2015-2019)
            8.4.2.3    Forecast Trend (2020-2025)
    8.5    Global Bancassurance Market by Bancassurance Models
        8.5.1    Pure Distributor
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2015-2019)
            8.5.1.3    Forecast Trend (2020-2025)
        8.5.2    Exclusive Partnership
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2015-2019)
            8.5.2.3    Forecast Trend (2020-2025)
        8.5.3    Financial Holding
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2015-2019)
            8.5.3.3    Forecast Trend (2020-2025)
        8.5.4    Joint Venture
            8.5.4.1    Market Share
            8.5.4.2    Historical Trend (2015-2019)
            8.5.4.3    Forecast Trend (2020-2025)
    8.6    Global Bancassurance Market by Region
        8.6.1    Market Share
            8.6.1.1    North America
            8.6.1.2    Europe
            8.6.1.3    Asia Pacific
            8.6.1.4    Latin America
            8.6.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2015-2019)
        9.1.2    Forecast Trend (2020-2025)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2015-2019)
        9.2.2    Forecast Trend (2020-2025)
        9.2.3    Breakup by Country
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2015-2019)
        9.3.2    Forecast Trend (2020-2025)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2015-2019)
        9.4.2    Forecast Trend (2020-2025)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2015-2019)
        9.5.2    Forecast Trend (2020-2025)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyers Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Key Players
    12.3    Company Profiles
        12.3.1    Zurich Insurance Company Ltd
            12.3.1.1    Company Overview
            12.3.1.2    Product Portfolio
            12.3.1.3    Demographic Reach and Achievements
            12.3.1.4    Certifications
        12.3.2    ABN AMRO Bank N.V.
            12.3.2.1    Company Overview
            12.3.2.2    Product Portfolio
            12.3.2.3    Demographic Reach and Achievements
            12.3.2.4    Certifications
        12.3.3    The ING Group 
            12.3.3.1    Company Overview
            12.3.3.2    Product Portfolio
            12.3.3.3    Demographic Reach and Achievements
            12.3.3.4    Certifications
        12.3.4    Barclays
            12.3.4.1    Company Overview
            12.3.4.2    Product Portfolio
            12.3.4.3    Demographic Reach and Achievements
            12.3.4.4    Certifications
        12.3.5    Wells Fargo
            12.3.5.1    Company Overview
            12.3.5.2    Product Portfolio
            12.3.5.3    Demographic Reach and Achievements
            12.3.5.4    Certifications
        12.3.6    Lloyds Bank plc
            12.3.6.1    Company Overview
            12.3.6.2    Product Portfolio
            12.3.6.3    Demographic Reach and Achievements
            12.3.6.4    Certifications
        12.3.7    Crédit Agricole Group
            12.3.7.1    Company Overview
            12.3.7.2    Product Portfolio
            12.3.7.3    Demographic Reach and Achievements
            12.3.7.4    Certifications
        12.3.8    HSBC Bank
            12.3.8.1    Company Overview
            12.3.8.2    Product Portfolio
            12.3.8.3    Demographic Reach and Achievements
            12.3.8.4    Certifications
        12.3.9    Others
13    Industry Events and Developments

 

List of Figures and Tables

1.    Global Bancassurance Market: Key Industry Highlights, 2015 and 2025
2.    Global Bancassurance Historical Market: Breakup by Product (USD Billion), 2015-2019
3.    Global Bancassurance Market Forecast: Breakup by Product (USD Billion), 2020-2025
4.    Global Bancassurance Historical Market: Breakup by Bancassurance Models (USD Billion), 2015-2019
5.    Global Bancassurance Market Forecast: Breakup by Bancassurance Models (USD Billion), 2020-2025
6.    Global Bancassurance Historical Market: Breakup by Region (USD Billion), 2015-2019
7.    Global Bancassurance Market Forecast: Breakup by Region (USD Billion), 2020-2025
8.    North America Bancassurance Historical Market: Breakup by Country (USD Billion), 2015-2019
9.    North America Bancassurance Market Forecast: Breakup by Country (USD Billion), 2020-2025
10.    Europe Bancassurance Historical Market: Breakup by Country (USD Billion), 2015-2019
11.    Europe Bancassurance Market Forecast: Breakup by Country (USD Billion), 2020-2025
12.    Asia Pacific Bancassurance Historical Market: Breakup by Country (USD Billion), 2015-2019
13.    Asia Pacific Bancassurance Market Forecast: Breakup by Country (USD Billion), 2020-2025
14.    Latin America Bancassurance Historical Market: Breakup by Country (USD Billion), 2015-2019
15.    Latin America Bancassurance Market Forecast: Breakup by Country (USD Billion), 2020-2025
16.    Middle East and Africa Bancassurance Historical Market: Breakup by Country (USD Billion), 2015-2019
17.    Middle East and Africa Bancassurance Market Forecast: Breakup by Country (USD Billion), 2020-2025
18.    Global Bancassurance Market Structure

Key Questions Answered in the Report

The global bancassurance market reached a value of USD 1.3 billion in 2019. 

The market is projected to grow at a CAGR of 6% between 2020 and 2025.

The market is estimated to witness a healthy growth in the forecast period of 2020-2025 to reach about USD 2 billion by 2025.

The major drivers of the industry include rising disposable incomes, increasing population, growing awareness among consumers, rising living standards, and the increasing understanding of the value of insurance.

The implementation of stringent guidelines associated with wealth management products is expected to be a key trend guiding the growth of the bancassurance market.

North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the leading regions in the market, with Europe accounting for the largest market share.

Life bancassurance is the dominant product in the market.

Pure distributor is the leading bancassurance model in the industry.

The leading players in the market are Zurich Insurance Company Ltd, ABN AMRO Bank N.V., The ING Group, Barclays, Wells Fargo, Lloyds Bank plc, Crédit Agricole Group, and HSBC Bank, among others.

Analyst Review

The global bancassurance market attained a value of USD 1.3 billion in 2019, driven by the growth in consumer awareness about the importance of life insurance. Aided by the rising implementation of stringent guidelines by the government, the bancassurance market is expected to witness a further growth at a CAGR of 6% in the forecast period of 2020-2025 to attain USD 2 billion by 2025.

EMR's meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on its products, the global bancassurance market can be segmented into life bancassurance and non-life bancassurance, with life bancassurance accounting for the largest market share. On the basis of the bancassurance model, the pure distributor sector accounts for the largest share in the global bancassurance market. The major regional markets for bancassurance are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with Europe accounting for the largest share of the market. The key players in the above industry include Zurich Insurance Company Ltd, ABN AMRO Bank N.V., The ING Group, Barclays, Wells Fargo, Lloyds Bank plc, Crédit Agricole Group, and HSBC Bank, among others.

EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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