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Report Overview
The global bancassurance market reached around USD 1.57 billion in the year 2023. The market is further expected to grow at a CAGR of 7.5% between 2024 and 2032 to reach a value of USD 3.03 billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- As per the Allianz Global Insurance report, the global insurance industry witnessed a growth of 7.5% in 2023, fuelling the growth of bancassurance services.
- India is the fifth largest life insurance market, with an annual growth rate of 33-34% which is expected to boost the demand of bancassurance.
- Asia Pacific region accounted for more than half of absolute premium growth across the world, followed by North America and Europe.
Global Bancassurance Market Analysis
In recent years, with the growth of the private banking sector, the banking sector has undergone a systemic and functional change. Banking institutions have begun introducing improved products and customer service to withstand the growing competition. To promote domestic business development, new legislation was also introduced by the governments of developing regions, such as East Africa, China, and the Middle East.
The bancassurance market dynamics and trends are being driven by market consolidation, which has established banking insurance as a key element in the advancement of financial services. The industry is also likely to increase with the increased internet penetration as well as technological innovations affecting consumers' behaviour and purchase habits.
Bancassurance Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global bancassurance market reached a value of USD 1.57 billion in 2023.
The market is projected to grow at a CAGR of 7.5% between 2023 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach about USD 3.03 billion by 2032.
The major drivers of the market include rising disposable incomes, increasing population, and increasing knowledge about the value of insurance among customers.
The implementation of stringent guidelines associated with wealth management products and rising living standards are expected to be key trends guiding the growth of the market.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Life bancassurance and non-life bancassurance are the various products considered in the market report.
Pure distributor, exclusive partnership, financial holding, and joint venture are the different bancassurance models in the market.
The competitive landscape consists of Zurich Insurance Company Ltd, ABN AMRO Bank N.V., The ING Group, Barclays, Wells Fargo, Lloyds Bank plc, Crédit Agricole Group, and HSBC Bank, among others.
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