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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.
Bancassurance Market Share
By Product Insights
Life bancassurance is expected to witness a CAGR of 8.1% in the forecast period as it focuses mainly on products like life insurance, annuities, and pension plans. This sector has seen significant growth, particularly in Asia, where banks leverage their extensive customer bases to promote life insurance offerings. In 2024, Asian markets, especially in countries like China and India, experienced remarkable growth in life bancassurance, fuelled by rising financial literacy and an increasing demand for retirement planning solutions, boosting the bancassurance industry revenue.
Non-life bancassurance includes general insurance products that cover risks related to health, property, vehicles, and liability. In areas such as Europe and North America, non-life bancassurance has rapidly expanded, driven by a growing demand for products like health and auto insurance.
By Bancassurance Models Insights
In the exclusive partnership model, banks establish exclusive partnerships with a single insurance provider to promote their products. This segment is expected to witness a CAGR of 8.0% between 2024 and 2032 as this strategy enhances service integration and fosters better collaboration, enabling banks to utilise customer data for tailored insurance solutions. This approach has proven particularly effective in regions such as Asia and Europe, where consumers are familiar with maintaining long-term relationships with their financial service providers as well as enhancing the bancassurance market opportunities.
In Joint venture model, banks and insurance companies collaborate to form a joint venture, creating a new entity that delivers combined banking and insurance services. this partnership allows both parties to leverage shared resources and customer bases while concentrating on specific regional markets.
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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124