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The United Kingdom bancassurance market is projected to grow at a CAGR of 5.20% in the forecast period between 2024 and 2032, driven by the growing client base of banks and increasing awareness of the advantages of insurance.
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Bancassurance is defined as a setting or arrangement or a collaboration between a bank and an insurance company which enables the insurance company to reach out to the client base of the bank and sell insurance-based products and schemes. This agreement is usually profitable for both the entities by expanding the customer base and increasing customer loyalty.
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Based on product type, the market can be segmented into life bancassurance, and non-life bancassurance, among others. On the basis of business models, the United Kingdom bancassurance market can be classified into pure distributor, exclusive partners, financial holdings, and joint venture, among others. By age-group, the market has been segmented into 18-30 years, 31-45 years, 46-60 years, and above 60 years. The regional markets for United Kingdom bancassurance can be divided into England, Scotland, Wales, and Northern Ireland.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the United Kingdom bancassurance market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
Based on product type, the non-life bancassurance segment accounts for a significant share in the United Kingdom bancassurance market. The high demand for casualty, health, car, and property-related insurance in this country is driving the segment’s growth. The ageing population in the United Kingdom is providing impetus to health and life insurances which is leading to a greater collaboration between banks and insurance companies to expand their offerings to the geriatric population. Although healthcare is covered by the NHS scheme, extended wait timings may be involved due to which more people are opting for private health insurance for private health care.
The above 60 years segment, based on age-group, accounts for a healthy share of the United Kingdom bancassurance market. The increasing geriatric population in the United Kingdom is leading to an increased focus of the major market players towards diversifying and advancing their pay out offerings to cater to the growing senior needs. In addition, the diverse subsegments of the geriatric population, which can be divided on the basis of wealth, autonomy, and standards of living, among others, is offering lucrative opportunities to more tailored health and life insurance policies. The 31-45 years age-group is also a growing segment in the market, due to increased awareness and earning capacities that are bolstering their interest in bancassurance.
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Robinsons Bank Corporation (IPONsurance) is a leading commercial banking company which is a subsidiary of JG Summit Capital Services Corporation. The company was founded in the year 1997 and is currently headquartered in Quezon City in the Philippines. Robinsons Bank Corporation (IPONsurance) aims at providing banking and financial services to the population.
Lloyds Bank Plc. is a leading banking company in Britain which provides expertise and support to businesses and households, with regards to finances and money management. The company was established in the year 1765 and is currently headquartered in Edinburgh, Birmingham. Lloyds Bank Plc. is often regarded as among the ‘Big Four’ clearing banks in the United Kingdom.
Barclays Bank UK Plc is a universal bank headquartered in London, England. The bank was established in the year 1690 and caters to small businesses and consumers through its retail banking services and to institutions and larger businesses with its corporate and investment banking services. Another ‘Big Four’ of the United Kingdom, the company has dedicated divisions for investment banking, corporate banking, private banking, and wealth management.
Other market players include Pru Life UK, and Direct Line Group, among others.
| 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:
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| Breakup by Product Type |
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| Breakup by Business Models |
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| Breakup by Age-Group |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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United Kingdom Bancassurance Market Size
United Kingdom Bancassurance Market Trends
*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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The bancassurance market in the United Kingdom is estimated to grow at a CAGR of 5.30% in the forecast period of 2024-2032.
The critical advantages offered by bancassurance such as high regulatory standards, enhanced financial management, and better customer-bank relationship, and growing geriatric population leading to an increased need for proper money management are the major drivers of the market.
The key trends in the market include the technological advancements in the banking and finance sector to improve customer satisfaction, and growing collaborations by the major market players to expand their offerings.
Life bancassurance, and non-life bancassurance, among others, are the different product types included in the market.
The major business models based on which market has been segmented are pure distributor, exclusive partners, financial holdings, and joint venture, among others.
The different age-groups based on which the United Kingdom bancassurance market has been divided are 18-30 years, 31-45 years, 46-60 years, and above 60 years.
The key regions in the bancassurance market in the United Kingdom are England, Scotland, Wales, and Northern Ireland.
Bancassurance is a type of distribution channel which approaches the clients of a bank and offers them insurance schemes related to life, health, and casualty, among others.
Bancassurance is provides efficient protection against risks towards life, health, and money by assuring greater financial management for customers.
Robinsons Bank Corporation (IPONsurance), Lloyds Bank Plc., Barclays Bank UK Plc, Pru Life UK, and Direct Line Group, among others, are the key market players, according to the report.
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