Bancassurance Market - Rise in Currencies and Higher Insurance Penetration is Expected to Lead to Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 5.50% from 2022 to 2028

Bancassurance
  • Bancassurance Market

As stated in our extensive report; providing insights on Key Drivers, Key Restraints, and Segments (i.e.,Product Type, Model Type, and Region); the Global Bancassurance Market accounted for USD 1,251.4 Billion in the year 2021.

Key Factors Likely to Drive Growth of Bancassurance Market

Bancassurance refers to a financial endorsement connecting a bank and an insurance company, wherein the bank earns supplemental revenue and a profitable sum of money by selling the policies of the insurance firm. It comprises various insurance plans and policies, such as endowments, unit-linked insurance plans (ULIPs), marine, health, and property. It assists in growing the product portfolio of banks, increases the turnover without any capital outlay, and provides a high return on equity. Besides this, it assists insurance companies to grow their sales and profits by increasing the market reach and consumer base, which, in turn, obtains immense traction worldwide.

The Bancassurance Market is expected to continue its influence in the forecast period as the multiple regions will permit the market to have various growth opportunities. Cross-country growth would be considerable and driven by the rising currencies, higher insurance penetration, as well as the growing population of middle-class families. In current years, with the growth of the private banking sector, the banking sector has encountered a systemic and functional change. Banking institutions have begun initiating enhanced products and customer service to vanquish the increasing competition. To encourage domestic business development, new legislation was also initiated by the governments of developing regions.

The Bancassurance Market has observed a significant increase in the number of strategic collaborations and M&A activities. Such development helps market participants to increase their product portfolio, geographic presence, and distribution network. In addition, the strategic collaboration also permits companies to gain access to new technologies & resources and enhance their market share, which can potentially drive their business growth.

Asia Pacific holds the largest market share due to an increase in investments in insurance as well as increased investments in digital Bancassurance. China, France, Germany, and Spain acquired the maximum market share owing to the growing awareness and increasing number of Bancassurance customers in this region.

Some of the key players in the Global BancassuranceMarketinclude-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., Crédit Agricole Group, HSBC Holdings plc, NongHyup Financial Group, Société Générale S.A., Nordea Group, and others.