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Market Research Report
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1053303

Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Published: | IMARC Services Private Limited | 109 Pages | Delivery time: 2-3 business days

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Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
Published: January 10, 2022
IMARC Services Private Limited
Content info: 109 Pages
Delivery time: 2-3 business days
  • Description
  • Table of Contents
  • List of Tables

The global bancassurance market size reached US$ 1268.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1802.3 Billion by 2027, exhibiting a CAGR of 5.9% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

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. Global Bancassurance Industry Drivers:

  • According to a report by the World Health Organization, the proportion of the world's population over 60 years will nearly double from 12% to 22% between 2015 to 2050. 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.
  • 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.
  • 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 behaviors and their purchasing patterns, the market is expected to witness a continuous rise in its valuation.

Key Market Segmentation:

  • IMARC Group provides an analysis of the key trends in each sub-segment of the global bancassurance market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on product type and model type.
  • Breakup by Product Type: Life Bancassurance
  • Non-Life Bancassurance
  • Currently, life bancassurance dominates the market, accounting for the biggest share. Rising awareness about insurance services and the implementation of strict guidelines related to wealth management products is majorly stimulating the demand for life bancassurance services.

Breakup by Model Type:

  • Pure Distributor
  • Exclusive Partnership
  • Financial Holding
  • Joint Venture
  • Pure distributor represents the most popular bancassurance model, holding majority of the total global market. Pure distribution offers added sales opportunities to both banks and insurance firms with minimum investment.
  • Regional Insights: Asia Pacific
  • Europe
  • Latin America
  • North America
  • Middle East and Africa
  • On a geographical front, Asia Pacific enjoys the leading position in the market on account of rising disposable incomes and favorable regulatory environment.

Competitive Landscape:

On examining the competitive landscape of the market, it has been found that it is highly fragmented with a number of small and large players. Some of the major players operating in the market include:

  • ABN AMRO Bank N.V.
  • The Australia and New Zealand Banking Group Limited
  • Banco Bradesco SA
  • The American Express Company
  • Banco Santander, S.A.
  • BNP Paribas S.A.
  • The ING Group
  • Wells Fargo & Company
  • Barclays plc
  • Intesa Sanpaolo S.p.A.
  • Lloyds Banking Group plc
  • Citigroup Inc.
  • Credit Agricole Group
  • HSBC Holdings plc
  • NongHyup Financial Group
  • Societe Generale S.A.
  • Nordea Group Key Question Answered in this Report
  • 1. What was the size of the global bancassurance market in 2021?
  • 2. What is the expected growth rate of the global bancassurance market during 2022-2027?
  • 3. What are the key factors driving the global bancassurance market?
  • 4. What has been the impact of COVID-19 on the global bancassurance market?
  • 5. What is the breakup of the global bancassurance market based on the product type?
  • 6. What is the breakup of the global bancassurance market based on the model type?
  • 7. What are the key regions in the global bancassurance market?
  • 8. Who are the key players/companies in the global bancassurance market?
Product Code: SR0122A50_Report

Table of Contents

1 Preface

2 Scope and Methodology

  • 2.1 Objectives of the Study
  • 2.2 Stakeholders
  • 2.3 Data Sources
    • 2.3.1 Primary Sources
    • 2.3.2 Secondary Sources
  • 2.4 Market Estimation
    • 2.4.1 Bottom-Up Approach
    • 2.4.2 Top-Down Approach
  • 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

  • 4.1 Overview
  • 4.2 Key Industry Trends

5 Global Bancassurance Market

  • 5.1 Market Overview
  • 5.2 Market Performance
  • 5.3 Impact of COVID-19
  • 5.4 Market Breakup by Product Type
  • 5.5 Market Breakup by Model Type
  • 5.6 Market Breakup by Region
  • 5.7 Market Forecast
  • 5.8 SWOT Analysis
    • 5.8.1 Overview
    • 5.8.2 Strengths
    • 5.8.3 Weaknesses
    • 5.8.4 Opportunities
    • 5.8.5 Threats
  • 5.9 Value Chain Analysis
    • 5.9.1 Overview
    • 5.9.2 Product Development
    • 5.9.3 Marketing and Promotion
    • 5.9.4 Lead Generation and Sales
    • 5.9.5 New Business Processing
    • 5.9.6 Servicing, CRM and Repeat Sales
  • 5.10 Porters Five Forces Analysis
    • 5.10.1 Overview
    • 5.10.2 Bargaining Power of Buyers
    • 5.10.3 Bargaining Power of Suppliers
    • 5.10.4 Degree of Competition
    • 5.10.5 Threat of New Entrants
    • 5.10.6 Threat of Substitutes

6 Market Breakup by Product Type

  • 6.1 Life Bancassurance
    • 6.1.1 Market Trends
    • 6.1.2 Market Forecast
  • 6.2 Non-Life Bancassurance
    • 6.2.1 Market Trends
    • 6.2.2 Market Forecast

7 Market Breakup by Model Type

  • 7.1 Pure Distributor
    • 7.1.1 Market Trends
    • 7.1.2 Market Forecast
  • 7.2 Exclusive Partnership
    • 7.2.1 Market Trends
    • 7.2.2 Market Forecast
  • 7.3 Financial Holding
    • 7.3.1 Market Trends
    • 7.3.2 Market Forecast
  • 7.4 Joint Venture
    • 7.4.1 Market Trends
    • 7.4.2 Market Forecast

8 Market Breakup by Region

  • 8.1 Asia Pacific
    • 8.1.1 Market Trends
    • 8.1.2 Market Forecast
  • 8.2 Europe
    • 8.2.1 Market Trends
    • 8.2.2 Market Forecast
  • 8.3 Latin America
    • 8.3.1 Market Trends
    • 8.3.2 Market Forecast
  • 8.4 North America
    • 8.4.1 Market Trends
    • 8.4.2 Market Forecast
  • 8.5 Middle East and Africa
    • 8.5.1 Market Trends
    • 8.5.2 Market Forecast

9 Competitive Landscape

  • 9.1 Market Structure
  • 9.2 Key Players
  • 9.3 Profiles of Key Players
    • 9.3.1 ABN AMRO Bank N.V.
    • 9.3.2 The Australia and New Zealand Banking Group Limited
    • 9.3.3 Banco Bradesco SA
    • 9.3.4 The American Express Company
    • 9.3.5 Banco Santander, S.A.
    • 9.3.6 BNP Paribas S.A.
    • 9.3.7 The ING Group
    • 9.3.8 Wells Fargo & Company
    • 9.3.9 Barclays plc
    • 9.3.10 Intesa Sanpaolo S.p.A.
    • 9.3.11 Lloyds Banking Group plc
    • 9.3.12 Citigroup Inc.
    • 9.3.13 Credit Agricole Group
    • 9.3.14 HSBC Holdings plc
    • 9.3.15 NongHyup Financial Group
    • 9.3.16 Societe Generale S.A.
    • 9.3.17 Nordea Group

List of Figures

  • Figure 1: Global: Bancassurance Market: Major Drivers and Challenges
  • Figure 2: Global: Bancassurance Market: Sales Value (in Billion US$), 2016-2021
  • Figure 3: Global: Bancassurance Market: Breakup by Product Type (in %), 2021
  • Figure 4: Global: Bancassurance Market: Breakup by Model Type (in %), 2021
  • Figure 5: Global: Bancassurance Market: Breakup by Region (in %), 2021
  • Figure 6: Global: Bancassurance Market Forecast: Sales Value (in Billion US$), 2022-2027
  • Figure 7: Global: Bancassurance Industry: SWOT Analysis
  • Figure 8: Global: Bancassurance Industry: Value Chain Analysis
  • Figure 9: Global: Bancassurance Industry: Porter's Five Forces Analysis
  • Figure 10: Global: Bancassurance Market (Life Bancassurance): Sales Value (in Million US$), 2016 & 2021
  • Figure 11: Global: Bancassurance Market Forecast (Life Bancassurance): Sales Value (in Million US$), 2022-2027
  • Figure 12: Global: Bancassurance Market (Non-Life Bancassurance): Sales Value (in Million US$), 2016 & 2021
  • Figure 13: Global: Bancassurance Market Forecast (Non-Life Bancassurance): Sales Value (in Million US$), 2022-2027
  • Figure 14: Global: Bancassurance Market (Pure Distributor): Sales Value (in Million US$), 2016 & 2021
  • Figure 15: Global: Bancassurance Market Forecast (Pure Distributor): Sales Value (in Million US$), 2022-2027
  • Figure 16: Global: Bancassurance Market (Exclusive Partnership): Sales Value (in Million US$), 2016 & 2021
  • Figure 17: Global: Bancassurance Market Forecast (Exclusive Partnership): Sales Value (in Million US$), 2022-2027
  • Figure 18: Global: Bancassurance Market (Financial Holding): Sales Value (in Million US$), 2016 & 2021
  • Figure 19: Global: Bancassurance Market Forecast (Financial Holding): Sales Value (in Million US$), 2022-2027
  • Figure 20: Global: Bancassurance Market (Joint Venture): Sales Value (in Million US$), 2016 & 2021
  • Figure 21: Global: Bancassurance Market Forecast (Joint Venture): Sales Value (in Million US$), 2022-2027
  • Figure 22: Asia Pacific: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
  • Figure 23: Asia Pacific: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
  • Figure 24: Europe: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
  • Figure 25: Europe: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
  • Figure 26: Latin America: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
  • Figure 27: Latin America: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
  • Figure 28: North America: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
  • Figure 29: North America: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
  • Figure 30: Middle East and Africa: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
  • Figure 31: Middle East and Africa: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027

List of Tables

  • Table 1: Global: Bancassurance Market: Key Industry Highlights, 2021 and 2027
  • Table 2: Global: Bancassurance Market Forecast: Breakup by Product Type (in Million US$), 2022-2027
  • Table 3: Global: Bancassurance Market Forecast: Breakup by Model Type (in Million US$), 2022-2027
  • Table 4: Global: Bancassurance Market Forecast: Breakup by Region (in Million US$), 2022-2027
  • Table 5: Global: Bancassurance Market: Competitive Structure
  • Table 6: Global: Bancassurance Market: Key Players