USD 1354 billion
Bancassurance Market Size, Share, Growth Analysis, By Type(Life Insurance and Non - life Insurance), By Distribution Channels(Traditional Banks, Digital Platform and Insurtech Startups.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG40A2013 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
60
|Figures:
75
Bancassurance Market Insights
Bancassurance Market size was valued at USD 1354 billion in 2021 and is poised to grow from USD 1429.82 billion in 2022 to USD 2211.03 billion by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).
The global bancassurance market has witnessed significant growth over the years, one of the primary drivers of the bancassurance market's expansion is the increasing demand for financial products and insurance services. As customers seek convenient and one-stop solutions for their financial needs, bancassurance emerges as an attractive option, providing them with easy access to insurance products alongside their banking services. This trend is particularly prevalent in emerging economies, where rising disposable incomes and financial awareness have bolstered the demand for insurance coverage. Additionally, the strong presence of established banking networks across the globe has played a pivotal role in propelling the growth of bancassurance. Banks possess an extensive customer base, trust, and a deep understanding of customer preferences, which creates a natural platform for insurance companies to tap into. As banks continue to expand their reach and digitalize their services, the distribution of insurance products through online banking platforms further enhances the accessibility and convenience for customers, boosting the bancassurance market.
US Bancassurance Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Life Insurance
Fastest Growth
Growth Rate
5.6% CAGR
Global Bancassurance Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Bancassurance Market Segmental Analysis
The global bancassurance market is segmented by type, distribution channel, and region. Based on type, the market can be segmented intoLife Insurance and Non - life Insurance. Based on distribution channel, the market is segmented into Traditional Banks, Digital Platforms and Insurtech Startups. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Bancassurance Market Analysis by Type
Among the types of the global bancassurance market, the dominant one is Life Insurance. Life insurance products offered through bancassurance channels have witnessed strong demand from customers seeking comprehensive financial protection for themselves and their families. Banks' widespread customer base and established trust have contributed to the significant market share of life insurance within the bancassurance sector.
The fastest growing type in the global bancassurance market is Non-Life Insurance. Non-life insurance products, also known as general insurance, encompass a range of coverages such as property, casualty, health, and motor insurance. The bancassurance model's ability to cross-sell and upsell non-life insurance policies has been instrumental in driving the rapid growth of this segment. Additionally, the increasing awareness of risk mitigation and the need for asset protection have spurred the demand for non-life insurance products through bancassurance channels.
Bancassurance Market Analysis by Application
In the bancassurance market, the most dominant distribution channel is traditional banks. Traditional banks have been long-established players in the financial industry, and they have successfully integrated insurance products into their service offerings. The extensive reach of traditional banks, with a wide network of branches and customer base, has enabled them to capture a significant share of the bancassurance market.
On the other hand, the fastest growing distribution channel in the bancassurance market is insurtech startups. Insurtech startups are relatively new entrants to the insurance landscape, leveraging technology and innovation to disrupt the traditional insurance market. With a focus on customer-centricity and streamlined digital processes, insurtech startups are attracting a growing number of tech-savvy consumers seeking insurance products and services.
Global Bancassurance System Market By Type
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Bancassurance Market Regional Insights
The most dominant region in the global bancassurance market is Asia-Pacific. This region has witnessed substantial growth in recent years due to its large population, rapid economic expansion, and increasing awareness of insurance products among the emerging middle class. Countries such as China, India, and Southeast Asian nations have been pivotal in driving the growth of Bancassurance in this region. The presence of a vast network of banks and financial institutions, coupled with growing consumer demand for insurance services, has made Asia-Pacific the primary hub for Bancassurance activities.
The Middle East & Africa is the fastest-growing region in the global Bancassurance market. While Bancassurance is relatively nascent in this region compared to other parts of the world, it has been experiencing significant growth in recent years. Factors contributing to this growth include an expanding middle-class population, rising disposable incomes, and a growing awareness of insurance products and their benefits. Additionally, strategic partnerships between banks and insurance companies have fueled the expansion of Bancassurance offerings, providing customers with convenient access to insurance products through bank channels.
Global Bancassurance System By Geography
- Largest
- Fastest
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Bancassurance Market Dynamics
Bancassurance Market Drivers
Cross-selling Opportunities
- Bancassurance opens up cross-selling opportunities for both banks and insurance companies. Banks can promote insurance products to their existing customer base, while insurers can offer banking products to their policyholders. This synergy creates a win-win situation for all parties involved.
Bancassurance Market Restraints
Market Saturation
- In mature markets, where bancassurance has been established for some time, the potential for further growth may be limited due to market saturation. Expansion may require venturing into new geographical regions or exploring untapped customer segments.
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Bancassurance Market Competitive Landscape
The global bancassurance market is highly competitive and dynamic, characterised by the convergence of banking and insurance services within financial institutions.Insurance companies, on the other hand, are actively partnering with banks to access a broader customer base. By collaborating with banks, insurance firms can expand their distribution channels and reach customers who might not have considered insurance products otherwise. These partnerships are often mutually beneficial, with banks receiving commissions from the sale of insurance products, and insurance companies gaining access to a new customer pool.
Bancassurance Market Top Player’s Company Profiles
- BNP Paribas Cardif (France)
- Aviva (UK)
- Prudential plc (UK)
- MetLife (US)
- Zurich Insurance Group (Switzerland)
- Assicurazioni Generali S.p.A. (Italy)
- Ping An Insurance (China)
- China Life Insurance Company (China)
- HSBC Insurance (UK)
- Nippon Life Insurance Company (Japan)
- Prudential Financial, Inc. (US)
- Standard Chartered Bank (UK)
- BNP Paribas (France)
- Citigroup (US)
- Wells Fargo (US)
- Credit Agricole (France)
- Societe Generale (France)
Bancassurance Market Recent Developments
- In May 2023, AIA announced a new bancassurance partnership with Bank of China. This partnership will allow AIA to offer its insurance products to Bank of China's customers in China.
- In April 2023, AXA announced a new bancassurance partnership with Standard Chartered Bank. This partnership will allow AXA to offer its insurance products to Standard Chartered Bank's customers in Asia.
- In March 2023, Prudential announced a new bancassurance partnership with CIMB Bank. This partnership will allow Prudential to offer its insurance products to CIMB Bank's customers in Malaysia.
- In February 2023, Zurich announced a new bancassurance partnership with Bank of America. This partnership will allow Zurich to offer its insurance products to Bank of America's customers in the United States.
- In January 2023, Aviva announced a new bancassurance partnership with HSBC. This partnership will allow Aviva to offer its insurance products to HSBC's customers in the United Kingdom.
Bancassurance Key Market Trends
- Adoption of Digital Technologies: In response to changing consumer preferences and increasing competition, banks are leveraging digital platforms to offer a wide array of insurance products seamlessly within their banking ecosystem. By integrating insurance services into their online banking platforms and mobile apps, banks can provide customers with convenient access to insurance offerings, personalised recommendations, and a simplified purchasing process. Moreover, data analytics and artificial intelligence are being harnessed to gain insights into customer behaviour, enabling targeted marketing, customised products, and improved risk assessment. This digital transformation not only enhances customer engagement but also optimises internal processes, leading to greater operational efficiency and cost savings for both banks and insurance providers. As the demand for digital banking and insurance solutions continues to rise, the trend of integrating bancassurance with cutting-edge technologies is expected to shape the future landscape of the global bancassurance market.
Bancassurance Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global bancassurance market analysis, there is a significant surge in the demand for integrated insurance services offered through banks, which serves as a key driver for market growth. The growing focus on financial security and risk management in the banking and financial services industry is another significant factor driving the market. Bancassurance enables banks to diversify their product offerings and cater to the evolving needs of customers, meeting regulatory standards and enhancing overall financial stability. In terms of regional analysis, North America and Europe hold substantial market shares in the bancassurance industry, owing to well-established banking and insurance sectors, along with favourable regulatory environments. The Asia Pacific region is witnessing rapid growth in bancassurance, driven by the increasing financial inclusion, rising disposable incomes, and government initiatives to boost insurance penetration in emerging economies.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1354 billion |
| Market size value in 2031 | USD 2211.03 billion |
| Growth Rate | 5.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Bancassurance Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Bancassurance Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Bancassurance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Bancassurance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Bancassurance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Bancassurance Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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