The Business Research Company’s report on the Amusement Parks Global Market Report 2025 Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the bancassurance market in recent years?
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.
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What is the projected market size of the bancassurance industry, and how is it expected to grow?
The bancassurance market size has grown strongly in recent years. It will grow from $162.78 billion in 2024 to $176.76 billion in 2025 at a compound annual growth rate (CAGR) of 8.6%. 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 $238 billion in 2029 at a compound annual growth rate (CAGR) of 7.7%. 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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Who are the key players driving competition in the bancassurance market?
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), 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.
What key trends are expected to drive the bamboo furniture market during the forecast period?
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.
Which key geographies are driving the growth of the bancassurance market?
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.
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What are the key segments driving growth in the bancassurance market?
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
Subsegments:
1) By Life Insurance: Term Life Insurance, Whole Life Insurance, Endowment Policies, Universal Life Insurance, Unit-Linked Insurance Plans (Ulips), Pension Plans, Critical Illness Insurance, Annuities
2) By Non-Life Insurance: Health Insurance, Motor Insurance, Property Insurance, Travel Insurance, Homeowners Insurance, Liability Insurance, Personal Accident Insurance, Commercial Insurance (Including Business Insurance), Marine And Aviation Insurance
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How is the bancassurance market defined, and what are its core characteristics?
Bancassurance is a partnership between a bank and an insurance company, allowing the insurance company to sell its products to the bank’s client base. This model leverages the bank’s extensive customer network and the insurance company’s specialized expertise, creating a mutually beneficial relationship.
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