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Report Overview
The global bancassurance market was valued at USD 1.69 Billion in 2024. The industry is expected to grow at a CAGR of 7.50% during the forecast period of 2025-2034. The growing awareness and demand for insurance products across regions have driven the market. It has become popular as consumers increasingly seek for financial security and protection from risk. Using their own customer base, built trust, and easy access, banks expect to enhance their product range in bancassurance by making use of life, health, and general insurance products. In turn, all these factors have resulted in the market attaining a valuation of USD 3.48 Billion by 2034.
2024
Base Year
2018-2024
Historical Period
2025-2034
Forecast Period
- As per the Allianz Global Insurance report, the global insurance industry witnessed a growth of 7.5% in 2023, fuelling the growth of bancassurance services. Expansion of the global insurance market keeping banks and insurance companies opportunistic by diversifying revenue streams through their products and services, boosting the bancassurance market growth. This opens up new avenues to banks and insurers alike to grow their customer base and improve their financial performance.
- India is the fifth largest life insurance market, with an annual growth rate of 33-34% which is expected to boost the demand of bancassurance. This can be further capitalized on by companies as the Indian market is growth with rapid financial inclusion and increase in the number of people falling into the middle-income category. Banks could leverage this emerging market in household penetration by widening their insurance product suites.
- Asia Pacific region accounted for more than half of absolute premium growth across the world, followed by North America and Europe. The increased use of digital banking enhances accessibility that allows banks to improve or alter their products within its bancassurance operations to meet the broader differences among trade groups in this region.
Competitive Landscape
The companies provide a diverse array of insurance products and services, encompassing life, general, and speciality insurance. Growth in regions offers new opportunities to the bancassurance market players for expanding their services. Many companies are leveraging digital platforms to improve the efficiency of selling insurance through banking institutions. They are integrating insurance services into online banking applications and websites, offering smooth experience for customers when purchasing and managing their policies. Furthermore, companies are developing customised insurance products that meet the unique needs of bank customers. For example, they offer life insurance, health insurance, and home insurance as part of mortgage packages.
Key Industry Players
Zurich Insurance Company Ltd
The company has acquired a 51% stake in India’s Kotak Mahindra General Insurance. It has also launched next-generation global API marketplace Zurich exchange to boost its market reach.
ABN AMRO Bank N.V.
The company has launched an advanced digital platform for seamless insurance services. It has also formed alliances with leading insurance providers to meet the growing demand of the market.
The ING Group
ING Belgium and NN strengthen their collaboration by extending their bancassurance partnership until 2034. ING and AXA have further announced digital partnership to build a global insurance platform.
Barclays
Barclays and Blackstone Credit & Insurance agreed to the sale of credit card receivables. the company has also partnered with simply business to capture the market opportunities.
Other major players in the market are Wells Fargo, Lloyds Bank plc, Crédit Agricole Group, and HSBC Bank, among others.
Bancassurance Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the market reached an approximate value of USD 1.69 Billion.
The bancassurance market is assessed to grow at a CAGR of 7.50% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 3.48 Billion by 2034.
The major drivers of the market include rising disposable incomes, increasing population, and increasing knowledge about the value of insurance among customers.
The implementation of stringent guidelines associated with wealth management products and rising living standards are expected to be key trends guiding the growth of the market.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Life bancassurance and non-life bancassurance are the various products considered in the market report.
Pure distributor, exclusive partnership, financial holding, and joint venture are the different bancassurance models in the market.
The competitive landscape consists of 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.
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