The United Kingdom bancassurance market value is projected to grow at a CAGR of 5.20% in the forecast period between 2024 and 2032, driven by the growing client base of banks and increasing awareness of the advantages of insurance.
Base Year
Historical Year
Forecast Year
Bancassurance is defined as a setting or arrangement or a collaboration between a bank and an insurance company which enables the insurance company to reach out to the client base of the bank and sell insurance-based products and schemes. This agreement is usually profitable for both entities by expanding the customer base and increasing customer loyalty.
The United Kingdom bancassurance industry growth is being driven by the increased accessibility to insurance coverage that bancassurance provides. In addition, some of the critical advantages of bancassurance include high regulatory standards, closer relationship of customers with the bank, and convenient and easy management of money, among others.
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The growing elderly population in the country is driving a surge in life insurance policies and other insurance schemes designed to enhance the financial well-being of retired seniors, thus fuelling demand in the United Kingdom bancassurance market.
The United Kingdom bancassurance market dynamics and trends are driven by the advancement of technology, particularly the increasing use of artificial intelligence (AI). These developments are expected to enhance fraud protection and improve customer experience, thereby building greater trust among customers during the forecast period.
In 2021, 97.3% of residents aged 65 and over in England and Wales lived in private households, with only 2.7% residing in communal establishments, primarily care homes. The ageing population in the UK, with over 11 million people aged 65 and older make up 18.6% of the total population, is boosting the United Kingdom bancassurance market revenue. The increasing number of elderly individuals is driving demand for insurance products designed to meet their needs, including life insurance, health insurance, and retirement plans.
In terms of living arrangements, 3.3 million older people lived alone in 2021, with 36.3% of older women living alone, down from 39.2% in 2011, and 22.7% of older men living alone, up from 21.8%. The trend highlights a shift towards more men living alone and a slight reduction in women. Additionally, older couples are more likely to report good or very good health compared to those living alone or in communal settings.
Ethnic diversity among the population aged 65 and over has increased, with a decrease in the percentage identifying as a white ethnic group from 95.5% in 2011 to 93.6% in 2021. This trend reflects the broader demographic changes occurring within the ageing population, indicating a more ethnically diverse elderly population.
The growing elderly population and their living arrangements have significant implications for the UK's housing and care sectors. The majority preference for living in private households suggests a demand for age-friendly housing and community-based care services. With fewer older adults moving to care homes, there is a greater need for in-home care services and support systems to enable independent living, thus driving the demand for the United Kingdom bancassurance industry revenue.
Robinsons Bank Corporation
Lloyds Bank Plc.
Barclays Bank UK Plc
Pru Life UK
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“United Kingdom Bancassurance Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Product Type
Market Breakup by Business Models
Market Breakup by Age-Group
Market Breakup by Region
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In the United Kingdom bancassurance market, the non-life segment holds a substantial share. The growing elderly population is boosting demand for health and life insurance, leading to increased collaboration between banks and insurers to cater to seniors.
High demand for casualty, health, car, and property insurance is fuelling the United Kingdom bancassurance industry growth. Despite NHS coverage, long wait times are prompting more individuals to choose private health insurance for quicker access to care.
The companies provide a range of financial services including banking, insurance, and investment solutions tailored to diverse customer needs.
United Kingdom Bancassurance Market Size
United Kingdom Bancassurance Market Trends
*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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The United Kingdom bancassurance market value is projected to grow at a CAGR of 5.20% between 2024 and 2032.
The critical advantages offered by bancassurance such as high regulatory standards, enhanced financial management, and better customer-bank relationship, and growing geriatric population leading to an increased need for proper money management are the major drivers of the market.
The key trends in the market include the technological advancements in the banking and finance sector to improve customer satisfaction, and growing collaborations by the major market players to expand their offerings.
The market is broken down into life bancassurance and non-life bancassurance.
The major business models based on which the market has been segmented are pure distributors, exclusive partners, financial holdings, and joint ventures, and others.
The different age-groups based on which the United Kingdom bancassurance market has been divided are 18-30 years, 31-45 years, 46-60 years, and above 60 years.
The market is broken down into England, Wales, Scotland, and Northern Ireland.
Bancassurance is a type of distribution channel which approaches the clients of a bank and offers them insurance schemes related to life, health, and casualty, among others.
Bancassurance is provides efficient protection against risks towards life, health, and money by assuring greater financial management for customers.
The competitive landscape consists of Robinsons Bank Corporation (IPONsurance), Lloyds Bank Plc., Barclays Bank UK Plc, Pru Life UK, and Direct Line Group, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Business Models |
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| Breakup by Age-Group |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
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+91-858-608-1494
Philippines
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+63-287-899-028, +63-967-048-3306
United Kingdom
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+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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
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