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Bancassurance Market

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.

 

Global Bancassurance Market

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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.

 

Global Bancassurance Market By Product

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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.

 

Global Bancassurance Market By Region

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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.

 

Key Highlights of the Report

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
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
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 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.

North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the major regions in the market.

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 key players in the global bancassurance 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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