Bancassurance Market Report 2018: Trends, Share, Size, Key Players and Forecast Till 2023

Global Bancassurance Market Report & Growth Analysis by 2023

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Report Description and Highlights

Report Description

Bancassurance Market Report By Product (Life Bancassurance and Non-Life Bancassurance), Bancassurance Models (Pure Distributor, Exclusive Partnership, Financial Holding and Joint Venture), Region The global bancassurance market is envisaged to witness a healthy growth in the near future due to various favourable factors such as benefits for both insurance companies and banks, increasing awareness about bancassurance, ageing population, rising private banking sector and thriving developing economies.

Market Overview: IMARC Group’s latest report, titled “Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global bancassurance market reached a value of more than US$ 1,100 Billion in 2017, registering a CAGR of 6.4% during 2010-2017.

Bancassurance refers to the partnership between a bank and an insurance company, wherein the insurance company is enabled to sell its products by using bank as a distribution channel. This collaboration helps the bank in earning a revenue, apart from the interest, also known as fee-based income. Whereas, the insurance company gets to expand its consumer-base without rising its broker commissions and sales force.

Report Description and Highlights

Report Description

With bancassurance, these institutions offer a wide range of banking as well as investment products and services to the consumers, such as health insurance along with mortgage, life insurance, and annuities. These products tend to complement the existing bank products which further leads to additional selling opportunities for both the insurance company and bank.

Global Bancassurance Market Drivers: Selling insurance through banks is a cost-effective affair than approaching customers through an agent.

Agent’s involvement increases labour cost for the insurance company, thereby decreasing its profit margins. As a result, banking sector has appeared to be a potential distribution channel for insurance products. Further, the adoption of advanced technologies by the private sector banks have resulted in superior customer services for an increasingly sophisticated client base. In addition to this, these banks are continuously revising their policies in order to sustain escalating market competition which is expected to boost the market performance in short and medium terms. Moreover, economic growth, expanding middle-class population and inflating income levels in the emerging economies, such as Asia Pacific and Latin America, have created immense growth prospect for the bancassurance market. Due to the aforementioned forces, the market value is anticipated to reach US$ 1,571 Billion by 2023, exhibiting a CAGR of more than 6% during 2018-2023.

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Market Forecast

Sample Figure: Global: Bancassurance Market Forecast: Sales Value (in Billion US$), 2018-2023

184.3

191.7

199.3

207.3

2018

2019

2020

2021

215.6

224.2

2022

2023

Market Segmentation

Report Description

Bancassurance Market Segmentation: Market Segmentation by Product o Life Bancassurance o Non-Life Bancassurance The market has been bifurcated on the basis of product type into life and non-life bancassurance. At present, life bancassurance accounts for more than three-fourth of the total market share. This can be attributed to rising awareness about bancassurance among the consumers.

Market Segmentation by Bancassurance Models o o o o

Pure Distributor Exclusive Partnership Financial Holding Joint Venture

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Market Segmentation

Report Description

On the basis of type of bancassurance models, the market has been categorised into exclusive partnership, financial holding, pure distributor, joint venture and others. Currently, pure distributor represents the most popular model type of bancassurance as it offers added sales opportunities with minimum investment to both banks and insurance companies.

Market Segmentation by Region • • • • •

North America Europe Asia Pacific Latin America Middle East and Africa

Region-wise, Europe is the largest market for bancassurance, holding a dominant share of the global market. This can be ascribed to favourable tax structure and initiatives undertaken by various governments in the region. Other major regions include Asia Pacific, Latin America, North America, and the Middle East and Africa.

Regional Segmentation

North America

Europ e

Asia- Pacific

Latin America

Middle East and Africa

Market Segmentation

Report Description Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players.

• • • • • • • • • • •

ABN AMRO ANZ Banco Bradesco American Express Banco Santander BNP Paribas ING Group Wells Fargo Barclays Intesa Sanpaolo Others

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Partial List of Clients world's leading corporates, governments, and A partial List of our Clients institutions

We are the trusted business partners to the

Partial Listworld's of Clients leading corporates, governments, and

A partial List of our Clients

institutions

Report Description and Highlights

Report Description

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