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Bancassurance Market Analysis, Key Company Profiles, Types, Applications and Forecast to 2030

Bancassurance Market Is Presently Valued At US$ 1343.55 Billion And Is Expected To Reach A Value Of US$2125.31 Billion By 2030, Exhibiting A CAGR Of 5.9% Over The Forecast Duration.

The global Bancassurance Market is presently valued at US$ 1343.55 Billion and is expected to reach a value of US$2125.31 Billion by 2030, exhibiting a CAGR of 5.9% over the forecast duration.

Bancassurance refers to an arrangement signed between a bank and an insurance firm which allows the latter to sell its schemes to the bank’s customer base. In order words, both the entities work together to offer insurance benefits to their clients. In this form of agreement, the tellers and bank staffs turn into the point of sale and point of contact for the clients. This partnership arrangement enhances the profitability of both the organizations.

Key growth determinants and challenges of this marketplace

The primary factors augmenting the outlook of this business sphere are rapid increase in the number of brokers and agents and technological advancements in the financial sector. Alongside, widespread economic developments across major regions and growing cognizance regarding the benefits of insurance policies are positively swaying the market dynamics.

Furthermore, rising integration of digital marketing techniques in the BFSI sector, surging internet penetration coupled with the increase in geriatric population which is accelerating the need for favorable retirement and health insurance plans are creating lucrative expansion opportunities for the industry.

Also, increase in disposable income of the masses and rise in the number of private banks are adding momentum to the overall market progression. Besides, surging focus of venture capital firms on adopting innovative technologies to help banks in enhancing their overall operations is aiding the industry expansion.

However, rise in fraudulent activities pertaining to insurance schemes is hindering the remuneration scope of the market place.

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.
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.

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Global Bancassurance market- Segmental assessment

Key Players

  • ABN AMRO Bank N.V.
  • American Express Company
  • Banco Bradesco SA
  • Banco Santander, S.A.
  • Barclays plc
  • BNP Paribas
  • Citigroup, Inc.
  • Crédit 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 Generale
  • Wells Fargo

Based on product type

  • Life bancassurance
  • Non-life bancassurance

The life bancassurance segment is poised to amass notable gains owing to the rising prevalence of long term ailments like cancer.

By holding type

  • exclusive partnership
  • financial holding
  • joint venture
  • pure distributer

The joint venture segment is slated to garner significant returns over 2022-2030 attributing to the rising instances of strategic partnership deals between banks and insurance firms.

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Expounding the geographical landscape and competitive hierarchy of the market

North America, Middle East & Africa, Asia Pacific, Europe, and Latin America are the major regions influencing the geographical trends of this business sphere. Among these, Asia Pacific is projected to capture a substantial revenue share over 2022-2030. This is credited to the rise in geriatric population, increase in disposable income levels, and surge in the number of private banks.

The prominent players defining the competitive terrain of global bancassurance market are Wells Fargo, ABN AMRO Bank N.V., Banco Bradesco S.A., ING Group, American Express Company, Credit Agricole, Banco Santander S.A., Citigroup, Inc., BNP Paribas, Lloyds Banking Group, Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group, Inc., NongHyup Financial Group, Nordea Bank, Royal Bank of Canada, Societe Generale, Agricultural Bank of China, Ltd., HSBC Group, and Intesa Sanpaolo Group.

Notably, in May 2021, Amount, Inc., announced to have secured a fund of USD 99 million in a Series D funding round led by Westcap Group, LLC.

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WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets. Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. WE MARKET RESEARCH is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.

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