Bancassurance Global Market Report 2024

Description

Bancassurance entails a collaboration between a bank and an insurance company, enabling the insurance firm to market its products to the bank's customer base. This partnership capitalizes on the bank's wide-reaching network of customers and the insurance company's specialized knowledge, fostering a mutually advantageous arrangement.

The primary categories of insurance in bancassurance encompass life insurance and non-life insurance. In the context of bancassurance, life insurance pertains to policies that offer financial security to individuals and their families in the event of death, disability, or critical illness. Bancassurance models are classified into various types such as pure distributor models, strategic alliance models, joint venture models, financial holdings, and others tailored for end users, both personal and business.

The bancassurance market research report is one of a series of new reports from the business research company that provides bancassurance market statistics, including bancassurance industry global market size, regional shares, competitors with an bancassurance market share, detailed bancassurance market segments, market trends and opportunities, and any further data you may need to thrive in the bancassurance industry. This bancassurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bancassurance market size has grown strongly in recent years. It will grow from $1,290.19 billion in 2023 to $1,382.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be attributed to regulatory changes, customer confidence, market competition, partnership strategies, and economic conditions.

The bancassurance market size is expected to see strong growth in the next few years. It will grow to $1,830.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period can be attributed to regulatory reforms, demographic shifts, evolving customer expectations, globalization, and regulatory developments. Key trends expected during this period include digital transformation, personalized services, integration with financial services, innovative product offerings, and the increased utilization of data analytics.

The bancassurance market is poised for growth due to increasing demand for insurance. Insurance involves individuals or entities paying premiums to insurers for financial protection against specified risks. This demand is driven by rising uncertainties such as health issues, natural disasters, economic instability, and the growing value of assets. Bancassurance meets this demand by utilizing banks' customer networks and trust to offer convenient access to tailored insurance products. For example, in February 2024, LIMRA Inc. reported a 1% year-over-year increase in U.S. life insurance new annualized premiums to $15.6 billion in 2023, with a 4% rise in overall policy counts and term policy counts. Indexed universal life policies saw a notable 20% surge from the previous year, highlighting growing insurance needs fueling the bancassurance market.

Key companies in the bancassurance sector are focusing on technological advancements such as digital insurance platforms to improve customer experiences, streamline operations, and offer personalized insurance solutions. These platforms simplify insurance processes through technology, enabling functions such as quote comparisons, real-time claim submission and tracking, and secure premium payments. For instance, in October 2023, NCBA Bancassurance Intermediary LTD launched a digital insurance portal in Kenya, enhancing insurance management with self-service features.

In February 2022, HSBC Holdings plc acquired AXA Singapore for $575 million, aiming to enhance financial product offerings in Singapore through synergies with AXA Group, a provider of life, health, and general insurance solutions based in Singapore.

Major companies operating in the bancassurance market are Allianz SE, AXA Group (AXA SA), Wells Fargo & Company, HSBC Holdings plc, Citigroup Inc., MetLife Inc., Assicurazioni Generali S.p.A., Prudential Financial Inc., American Express Company, BNP Paribas SA, ING Groep N.V., Mitsubishi UFJ Financial Group Inc. (MUFG), Credit Mutuel, Barclays PLC, Credit Agricole SA, Intesa Sanpaolo S.p.A., Banco Bradesco S.A., Standard Chartered PLC, Nordea Bank Abp, Australia and New Zealand Banking Group Limited (ANZ), CNA Financial Corporation, Lloyds Banking Group plc, Bank of Nova Scotia (Scotiabank), ABN AMRO Group N.V., Yes Bank Ltd.

Asia-Pacific was the largest region in the bancassurance market in 2023. Middle East And Africa is expected to be the fastest-growing region in the forecast period. The regions covered in the bancassurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the bancassurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The bancassurance market consists of revenues earned by entities by providing services such as travel insurance, personalized insurance advice, policy management, customer support, and consultation. The market value includes the value of related goods sold by the service provider or included within the service offering. The Bancassurance market also includes sales software and a digital platform. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Bancassurance Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on bancassurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
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Where is the largest and fastest growing market for bancassurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The bancassurance market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Insurance Type: Life Insurance; Non-Life Insurance
2) By Model Type: Pure Distributor Model; Strategic Alliance Model; Joint Venture Model; Financial Holding; Other Model Types
3) By End User: Personal; Business
Companies Mentioned: Allianz SE; AXA Group (AXA SA); Wells Fargo & Company; HSBC Holdings plc; Citigroup Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r18797

1. Executive Summary

2. Bancassurance Market Characteristics

3. Bancassurance Market Trends And Strategies

4. Bancassurance Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Bancassurance Market Size and Growth

5.1. Global Bancassurance Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Bancassurance Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Bancassurance Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Bancassurance Market Segmentation

6.1. Global Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Life Insurance
Non-Life Insurance
6.2. Global Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Pure Distributor Model
Strategic Alliance Model
Joint Venture Model
Financial Holding
Other Model Types
6.3. Global Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Personal
Business

7. Bancassurance Market Regional And Country Analysis

7.1. Global Bancassurance Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Bancassurance Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Bancassurance Market

8.1. Asia-Pacific Bancassurance Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Bancassurance Market

9.1. China Bancassurance Market Overview
9.2. China Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Bancassurance Market

10.1. India Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Bancassurance Market

11.1. Japan Bancassurance Market Overview
11.2. Japan Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Bancassurance Market

12.1. Australia Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Bancassurance Market

13.1. Indonesia Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Bancassurance Market

14.1. South Korea Bancassurance Market Overview
14.2. South Korea Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Bancassurance Market

15.1. Western Europe Bancassurance Market Overview
15.2. Western Europe Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Bancassurance Market

16.1. UK Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Bancassurance Market

17.1. Germany Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Bancassurance Market

18.1. France Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Bancassurance Market

19.1. Italy Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Bancassurance Market

20.1. Spain Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Bancassurance Market

21.1. Eastern Europe Bancassurance Market Overview
21.2. Eastern Europe Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Bancassurance Market

22.1. Russia Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Bancassurance Market

23.1. North America Bancassurance Market Overview
23.2. North America Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Bancassurance Market

24.1. USA Bancassurance Market Overview
24.2. USA Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Bancassurance Market

25.1. Canada Bancassurance Market Overview
25.2. Canada Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Bancassurance Market

26.1. South America Bancassurance Market Overview
26.2. South America Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Bancassurance Market

27.1. Brazil Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Bancassurance Market

28.1. Middle East Bancassurance Market Overview
28.2. Middle East Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Bancassurance Market

29.1. Africa Bancassurance Market Overview
29.2. Africa Bancassurance Market, Segmentation By Insurance Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Bancassurance Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Bancassurance Market Competitive Landscape And Company Profiles

30.1. Bancassurance Market Competitive Landscape
30.2. Bancassurance Market Company Profiles
- 30.2.1. Allianz SE
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. AXA Group (AXA SA)
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Wells Fargo & Company
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. HSBC Holdings plc
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Citigroup Inc.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Bancassurance Market Other Major And Innovative Companies

31.1. MetLife Inc.
31.2. Assicurazioni Generali S.p.A.
31.3. Prudential Financial Inc.
31.4. American Express Company
31.5. BNP Paribas SA
31.6. ING Groep N.V.
31.7. Mitsubishi UFJ Financial Group Inc. (MUFG)
31.8. Credit Mutuel
31.9. Barclays PLC
31.10. Credit Agricole SA
31.11. Intesa Sanpaolo S.p.A.
31.12. Banco Bradesco S.A.
31.13. Standard Chartered PLC
31.14. Nordea Bank Abp
31.15. Australia and New Zealand Banking Group Limited (ANZ)

32. Global Bancassurance Market Competitive Benchmarking

33. Global Bancassurance Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Bancassurance Market

35. Bancassurance Market Future Outlook and Potential Analysis

35.1 Bancassurance Market In 2028 - Countries Offering Most New Opportunities
35.2 Bancassurance Market In 2028 - Segments Offering Most New Opportunities
35.3 Bancassurance Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer