Bancassurance Global Market Report 2024

Bancassurance entails a collaboration between a bank and an insurance company, enabling the insurance firm to market its products to the bank's customer base. This partnership capitalizes on the bank's wide-reaching network of customers and the insurance company's specialized knowledge, fostering a mutually advantageous arrangement.

The primary categories of insurance in bancassurance encompass life insurance and non-life insurance. In the context of bancassurance, life insurance pertains to policies that offer financial security to individuals and their families in the event of death, disability, or critical illness. Bancassurance models are classified into various types such as pure distributor models, strategic alliance models, joint venture models, financial holdings, and others tailored for end users, both personal and business.

The bancassurance market research report is one of a series of new reports that provides bancassurance market statistics, including bancassurance industry global market size, regional shares, competitors with an bancassurance market share, detailed bancassurance market segments, market trends and opportunities, and any further data you may need to thrive in the bancassurance industry. This bancassurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bancassurance market size has grown strongly in recent years. It will grow from $1.29 trillion in 2023 to $1.38 trillion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be attributed to regulatory changes, customer confidence, 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 $1.83 trillion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period can be attributed to regulatory reforms, demographic shifts, evolving customer expectations, globalization, and regulatory developments. Key trends expected during this period include digital transformation, personalized services, integration with financial services, innovative product offerings, and the increased utilization of data analytics.

The bancassurance market is poised for growth due to increasing demand for insurance. Insurance involves individuals or entities paying premiums to insurers for financial protection against specified risks. This demand is driven by rising uncertainties such as health issues, natural disasters, economic instability, and the growing value of assets. Bancassurance meets this demand by utilizing banks' customer networks and trust to offer convenient access to tailored insurance products. For example, in February 2024, LIMRA Inc. reported a 1% year-over-year increase in U.S. life insurance new annualized premiums to $15.6 billion in 2023, with a 4% rise in overall policy counts and term policy counts. Indexed universal life policies saw a notable 20% surge from the previous year, highlighting growing insurance needs fueling the bancassurance market.

Key companies in the bancassurance sector are focusing on technological advancements such as digital insurance platforms to improve customer experiences, streamline operations, and offer personalized insurance solutions. These platforms simplify insurance processes through technology, enabling functions such as quote comparisons, real-time claim submission and tracking, and secure premium payments. For instance, in October 2023, NCBA Bancassurance Intermediary LTD launched a digital insurance portal in Kenya, enhancing insurance management with self-service features.

In February 2022, HSBC Holdings plc acquired AXA Singapore for $575 million, aiming to enhance financial product offerings in Singapore through synergies with AXA Group, a provider of life, health, and general insurance solutions based in Singapore.

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.

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.

The countries covered in the bancassurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The bancassurance market consists of revenues earned by entities by providing services such as travel insurance, personalized insurance advice, policy management, customer support, and consultation. The market value includes the value of related goods sold by the service provider or included within the service offering. The Bancassurance market also includes sales software and a digital platform. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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