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Global Bancaaurance Market Analysis by Type, Model, Region and segments forecast till 2033
Market Overview
The global Bancassurance market valued at USD 1,343.55 million in 2022 is expected to reach a value of USD 2,125.31 Billion by 2033, exhibiting a CAGR of 5.9%.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 1,343.55 million |
Market Forecast in 2033 | USD 2,125.31 million |
CAGR % 2023-2033 | 5.9% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | ABN AMRO Bank N.V., American Express Company, Banco Bradesco SA, Banco Santander, S.A., Barclays plc, BNP Paribas, Citigroup, Inc., Crdit Agricole, HSBC Group, ING Group, Intesa Sanpaolo Group, Lloyds Banking Group, Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group, Inc., NongHyup Financial Group, Nordea Bank, Royal Bank of Canada, Societe Generals, Wells Fargo. |
Global Bancaaurance Market- Description
Bancassurance refers to an arrangement between a bank and an insurance firm, wherein the bank can earn additional revenue by selling the products of the insurance company. It also helps to expand the financial product portfolio of banks, thereby increasing their turnover with little or no capital outlay which further gives a high return on equity. Since banks have become the main distribution channels for insurance products, bancassurance also benefits the insurance firms as it increases their market reach and expands their consumer base. As this arrangement can be profitable for both companies, it is gaining popularity across the globe. The bancassurance categorized into business model type are integrated model and non-integrated model. The integrated bank model is purely integrated with bank. In this model the premium is directly debited from the consumers account in the bank. In non-integrated model the insurance policy is provided by the authorized financial service which is smaller than the bank.
Factors such as surge in number of brokers or agent drives the overall market growth. However, majority of the banks are implementing bancassurance concept, but difficulty involved in attracting their costumers for upselling the insurance product is expected to limit the growth of the overall industry. In addition, lack awareness regarding the insurance plans provided by the bank to their customers restrain the market growth. Bancassurance is becoming an important factor for the overall growth of financial services due to consolidation in the sector. With rising internet penetration and technological advancements influencing consumer behaviours and their purchasing patterns, the market is expected to witness a continuous rise in its valuation.
Key Trends Of Global Bancassurance Market:
Increasing Economic Growth:
Increasing economic growth in developing economies is further contributing to the growth of the market. For instance, the MetLife India Insurance Company in India entered into a strategic partnership with Punjab National Bank in 2011. MetLife got access to over 78 million bank customers in India, whereas Punjab National Bank acquired 30% stakes in the company. As the aging population has a greater need for health and life insurance as well as retirement product plans, this global demographic shift will positively impact the bancassurance industry.
Bancassurance is becoming an important factor for the overall growth of financial services due to consolidation in the sector. With rising internet penetration and technological advancements influencing consumer behaviour and their purchasing patterns, the market is expected to witness a continuous rise in its valuation.
Widespread Consolidation In The Banking Sector:
The global market is majorly driven by widespread consolidation in the banking sector. This is supported by the rising proportion of incremental deposits being raised by private banks, which has resulted in banking institutes in providing plans and credible solutions with better service to their customers. Additionally, a considerable rise in the aging population that increasingly needs life and health insurance and lucrative retirement plans is expected to create a positive outlook for the market.
Since this partnership between banks and insurance firms serves as a one-stop-shop solution for numerous financial requirements and offers enhanced convenience to the customers, this is anticipated to gain prominence among the masses, particularly among the elderly customers.
Segmental Analysis Of Global Bancassurance Market:
Based On Type:
Life Bancasuurance
Non-Life Bancassurance
Based on Model
Joint Venture
Financial Holding
Exclusive
Pure Distributor
Global Bancassurance Market: Geographical Analysis
The global Bancassurance market is segmented into 4 major countries North America, Europe, Asia-pacific, LAMEA. Where in Asia-pacific is said to witness a significant growth, and become the leading revenue share holder of the market.
Global Bancaaurance Market- Recent Developments
In March 2023, HDFC Bank, one of the leading private sector banks in India, announced that it had entered into a partnership with Max Life Insurance to offer a range of insurance products to its customers through its branches.
In February 2023, Standard Chartered Bank announced that it had signed a bancassurance agreement with Chubb Insurance to offer a range of insurance products to its customers in Hong Kong.
In January 2023, BNP Paribas announced that it had acquired a 50% stake in AXA Cooperative Insurance Company, a subsidiary of AXA in Saudi Arabia, as part of its strategy to expand its bancassurance business in the Middle East.
Global Bancaaurance Market: Key Companies
ABN AMRO Bank N.V.
American Express Company
Banco Bradesco SA
Banco Santander, S.A.
Barclays plc
BNP Paribas
Citigroup, Inc.
Crdit Agricole
HSBC Group
ING Group
Intesa Sanpaolo Group
Lloyds Banking Group
Mitsubishi UFJ Financial Group Inc.
Mizuho Financial Group, Inc.
NongHyup Financial Group
Nordea Bank
Royal Bank of Canada
Societe Generals
Wells Fargo
Others.
Global Bancaaurance Market: Regional Scope
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
South Africa
Rest of Middle East and Africa
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1. Global Bancassurance Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Bancassurance Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years 2020 to 2021
1.3.2. Projected Data Reporting Years 2022 to 2033
1.3.3. Reporting Data Parameters Value (US$ Million)
1.4. Global Bancassurance Market Scope and Market Estimation
1.4.1. Global Bancassurance Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Bancassurance Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Bancassurance Market Segmentation
1.5.1. Type of Global Bancassurance Market
1.5.2. Model of Global Bancassurance Market
1.5.3. Key Regions of Bancassurance Market
2. Global Bancassurance Market - Executive Summary
2.1. Global Bancassurance Market Summary & Snapshot
2.2. Global Bancassurance Market, By Type (US$ Million)
2.3. Global Bancassurance Market, By Model (US$ Million)
2.4. Global Bancassurance Market, By Geography (US$ Million)
2.5. Global Bancassurance Market Outlook & Future Opportunities
3. Bancassurance Market Trends, Outlook, and Factors Analysis
3.1. Global Bancassurance Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Bancassurance Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Bancassurance Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Surge in the number of financial advisors and agents
3.2.1.2. Growth in geriatric population which majorly need health and life insurance as well as retirement plans
3.2.1.3. Introduction of mobile based services, one stop solutions through partnering with other firms
3.2.1.4. Driver 4
3.2.1.5. Driver 5
3.2.2. Restraints
3.2.2.1. Lack of awareness regarding insurance products across the consumers.
3.2.2.2. Restrain 2
3.2.2.3. Restrain 3
3.2.3. Opportunities
3.2.3.1. Growing demand for getting life cover and health insurance after Covid-19 pandemic.
3.2.3.2. Consumer behavior is being influenced positively by rising internet usage and technical innovation.
3.2.3.3. Opportunity 3
3.2.3.4. Opportunity 4
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porters Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Bancassurance Market
3.8. Key Investment Pockets of Bancassurance Market
3.8.1. By Type
3.8.2. By Model
3.8.3. By Regions
4. Global Bancassurance Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Bancassurance Market, 2020 2021 (US$ Million)
4.2. Global Bancassurance Market, By Type, 2020 To 2021 (US$ Million)
4.3. Global Bancassurance Market, By Model, 2020 To 2021 (US$ Million)
4.4. Global Bancassurance Market, By Region, 2020 To 2021 (US$ Million)
5. Global Bancassurance Market Estimates & Forecast Trend Analysis, By Type
5.1. Global Bancassurance Market Share (%) Estimates and Forecasts, By Type, 2022 & 2033
5.2. Global Bancassurance Market Revenue (US$ Million) Estimates and Forecasts, By Type, 2022 to 2033
5.2.1. Life Insurance
5.2.2. Non-Life Insurance
6. Global Bancassurance Market Estimates & Forecast Trend Analysis, By Model
6.1. Global Bancassurance Market Share (%) Estimates and Forecasts, By Model, 2022 & 2033
6.2. Global Bancassurance Market Revenue (US$ Million) Estimates and Forecasts, By Model, 2022 to 2033
6.2.1. Pure Distributor
6.2.2. Exclusive Partnership
6.2.3. Financial Holding
6.2.4. Joint Venture
7. Global Bancassurance Market Analysis and Forecast, by Region
7.1. Global Bancassurance Market Share (%) Estimates and Forecasts, By Region, 2022 & 2033
7.2. Global Bancassurance Market Revenue (US$ Million) Estimates and Forecasts, By Region, 2022 To 2033
7.2.1. North America
7.2.2. Europe
7.2.3. Asia Pacific
7.2.4. Middle East and Africa
7.2.5. Latin America
8. North America Bancassurance Market: Estimates & Forecast Trend Analysis
8.1. North America Bancassurance Market Assessments & Key Findings
8.2. North America Bancassurance Market Share (%) Estimates and Forecasts, 2022 & 2033
8.3. North America Bancassurance Market Size Estimates and Forecast (US$ Million) (2022 To 2033)
8.3.1. By Type
8.3.2. By Model
8.3.3. By Major Country
8.3.3.1. The U.S.
8.3.3.2. Canada
9. Europe Bancassurance Market: Estimates & Forecast Trend Analysis
9.1. Europe Bancassurance Market Assessments & Key Findings
9.2. Europe Bancassurance Market Share (%) Estimates and Forecasts, 2022 & 2033
9.3. Europe Bancassurance Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
9.3.1. By Type
9.3.2. By Model
9.3.3. By Major Country
9.3.3.1. Germany
9.3.3.2. The U.K.
9.3.3.3. France
9.3.3.4. Italy
9.3.3.5. Spain
9.3.3.6. Rest of Europe (includes all other European countries)
10. Asia Pacific Bancassurance Market: Estimates & Forecast Trend Analysis
10.1. Asia Pacific Bancassurance Market Assessments & Key Findings
10.2. Asia Pacific Bancassurance Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. Asia Pacific Bancassurance Market Size Estimates and Forecast (US$ Million) (2022 To 2033)
10.3.1. By Type
10.3.2. By Model
10.3.3. By Major Country
10.3.3.1. China
10.3.3.2. Japan
10.3.3.3. India
10.3.3.4. ASEAN
10.3.3.5. South Korea
10.3.3.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
11. Middle East & Africa Bancassurance Market: Estimates & Forecast Trend Analysis
11.1. Middle East & Africa Bancassurance Market Assessments & Key Findings
11.2. Middle East & Africa Bancassurance Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Middle East & Africa Bancassurance Market Size Estimates and Forecast (US$ Million) (2022 To 2033)
11.3.1. By Type
11.3.2. By Model
11.3.3. By Major Country
11.3.3.1. GCC
11.3.3.2. South Africa
11.3.3.3. Egypt
11.3.3.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
12. Latin America Bancassurance Market: Estimates & Forecast Trend Analysis
12.1. Latin America Market Assessments & Key Findings
12.2. Latin America Bancassurance Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Latin America Bancassurance Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
12.3.1. By Type
12.3.2. By Model
12.3.3. By Major Country
12.3.3.1. Brazil
12.3.3.2. Mexico
12.3.3.3. Rest of Latin America (includes all other Latin America countries)
13. Competitive Landscape
13.1. Bancassurance Market Revenue Share Analysis (%), By Major Players (2021)
13.2. Bancassurance Market Competition Matrix, By Leading Players
13.3. Bancassurance List of Emerging, Prominent & Leading Players
13.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, Etc.
14. Company Profiles
14.1. Agricultural Bank of China Ltd
14.1.1. Company Overview & Insights
14.1.2. Financials
14.1.3. Service Portfolio
14.1.4. Geographical Footprint & Share
14.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
14.2. ABN AMRO Bank N.V.
14.3. American Express Company
14.4. Banco Bradesco SA
14.5. Banco Santander, S.A.
14.6. Barclays plc
14.7. BNP Paribas
14.8. Citigroup, Inc.
14.9. Crdit Agricole
14.10. HSBC Group
14.11. ING Group
14.12. Intesa Sanpaolo Group
14.13. Lloyds Banking Group
14.14. Mitsubishi UFJ Financial Group Inc.
14.15. Mizuho Financial Group, Inc.
14.16. NongHyup Financial Group
14.17. Nordea Bank
14.18. Royal Bank of Canada
14.19. Societe Generale
14.20. Wells Fargo
14.21. Others
15. Assumptions and Research Methodology
15.1. Data Mining
15.2. Secondary Research
15.3. Primary Research
15.4. Subject Matter Expert Advice
15.5. Quality Check
15.6. Final Review
15.7. Data Triangulation
15.8. Bottom-Up Approach
15.9. Top Down Approach
15.10. Research Flow
15.11. Key Insights from Industry Experts
15.12. Data Sources
15.13. Assumptions
15.14. Limitations
16. Conclusions and Recommendations
16.1. Key Research Findings and Conclusion
16.2. Key Insights & Recommendations from Analysts
