Bancassurance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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 in the historic period can be attributed to regulatory changes, customer trust, 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 growth in the forecast period can be attributed to regulatory reforms, demographic shifts, customer expectations, globalization, regulatory developments. Major trends in the forecast period include digital transformation, personalization, integration with financial services, product innovation, and utilization of data analytics.
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Scope Of Bancassurance Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Bancassurance Market Overview
Market Drivers –
The increasing need for insurance is expected to propel the growth of the bancassurance market going forward. Insurance is a financial arrangement in which an individual or entity (the insured) pays premiums to an insurance company (the insurer) in exchange for protection against financial losses from specified risks. The growing need for insurance is driven by rising uncertainties and risks in modern life, including health issues, natural disasters, economic instability, and the growing value of personal and business assets. Bancassurance effectively addresses the increasing need for insurance by leveraging banks’ extensive customer networks and trust to provide convenient access to tailored insurance products. For instance, in February 2024, according to LIMRA Inc., a US-based insurance and financial services trade association, in 2023, the total U.S. life insurance new annualized premium rose by 1% year-over-year, reaching $15.6 billion. Additionally, the overall policy count saw a 4% increase, with term policy counts also up by 4%. Notably, the number of indexed universal life policies sold surged by 20% compared to the previous year. Therefore, the increasing need for insurance will drive the growth of the bancassurance market.
Market Trends –
Major companies operating in the bancassurance market are working on technological advancements, such as digital insurance platforms, to enhance the customer experience, streamline operations, and offer more personalized and accessible insurance solutions. A digital insurance platform is an online system that leverages technology to simplify and automate buying, managing, and claiming insurance policies. For instance, in October 2023, NCBA Bancassurance Intermediary LTD, a Kenya-based company specializing in offering a wide range of insurance products and services, launched a digital insurance portal that simplifies insurance management. The platform provides secure, self-service features, including quote comparisons, instant portfolio access, real-time claim submission and tracking, and easy premium payments.
The bancassurance market covered in this report is segmented –
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
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Regional Insights –
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.
Key Companies –
Major companies operating in the bancassurance market are <b>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), Crédit Mutuel, Barclays PLC, Crédit 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.</b>
Table of Contents
- Executive Summary
- Bancassurance Market Report Structure
- Bancassurance Market Trends And Strategies
- Bancassurance Market – Macro Economic Scenario
- Bancassurance Market Size And Growth
…..
- Bancassurance Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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