Reports
Global Bancassurance Market Share, Size, Analysis, Growth, Forecast: By Product: Life Bancassurance, Non-Life Bancassurance; By Bancassurance Models: Pure Distributor, Exclusive Partnership, Financial Holding, Joint Venture; Regional Analysis; Market Dynamics; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Global Bancassurance Market Outlook
The global bancassurance market reached around USD 1.57 billion in the year 2023. The market is further expected to grow at a CAGR of 7.5% between 2024 and 2032 to reach a value of USD 3.03 billion by 2032.
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The global bancassurance market was led by the Asia Pacific region in 2020 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.
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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.
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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.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Product, Bancassurance Models, Region |
| Breakup by Product | Life Bancassurance, Non-Life Bancassurance |
| Breakup by Bancassurance Models | Pure Distributor, Exclusive Partnership, Financial Holding, Joint Venture |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Zurich Insurance Company Ltd, ABN AMRO Bank N.V., The ING Group, Barclays, Wells Fargo, Lloyds Bank plc, Crédit Agricole Group, HSBC Bank, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
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 Opportunities and Challenges in the Market
8 Global Bancassurance Market Analysis
8.1 Key Industry Highlights
8.2 Global Bancassurance Historical Market (2018-2023)
8.3 Global Bancassurance Market Forecast (2024-2032)
8.4 Global Bancassurance Market by Product
8.4.1 Life Bancassurance
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Non-Life Bancassurance
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Bancassurance Market by Bancassurance Models
8.5.1 Pure Distributor
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Exclusive Partnership
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Financial Holding
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Joint Venture
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.6 Global Bancassurance Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Bancassurance Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Bancassurance Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Bancassurance Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Bancassurance Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Bancassurance Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Zurich Insurance Company Ltd
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 ABN AMRO Bank N.V.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 The ING Group
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Barclays
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Wells Fargo
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Lloyds Bank plc
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Crédit Agricole Group
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 HSBC Bank
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Bancassurance Market: Key Industry Highlights, 2018 and 2032
2. Global Bancassurance Historical Market: Breakup by Product (USD Billion), 2018-2023
3. Global Bancassurance Market Forecast: Breakup by Product (USD Billion), 2024-2032
4. Global Bancassurance Historical Market: Breakup by Bancassurance Models (USD Billion), 2018-2023
5. Global Bancassurance Market Forecast: Breakup by Bancassurance Models (USD Billion), 2024-2032
6. Global Bancassurance Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Bancassurance Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Bancassurance Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Bancassurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Bancassurance Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Bancassurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Bancassurance Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Bancassurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Bancassurance Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Bancassurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Bancassurance Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Bancassurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Bancassurance Market Structure
Key Questions Answered in the Report
The global bancassurance market reached a value of USD 1.57 billion in 2023.
The market is projected to grow at a CAGR of 7.5% between 2023 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 3.03 billion by 2032.
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 1.57 billion in 2023, 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 7.5% in the forecast period of 2024-2032 to attain USD 3.03 billion by 2032.
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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