Bancassurance Market Report 2026

The bancassurance market size has grown strongly in recent years. It will grow from $176.61 billion in 2025 to $189.82 billion in 2026 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to expansion of retail banking networks, growing consumer trust in banks, rising demand for bundled financial products, regulatory support for bancassurance models, increasing insurance penetration.

The bancassurance market size is expected to see strong growth in the next few years. It will grow to $256.29 billion in 2030 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to increasing adoption of digital banking services, rising demand for embedded insurance solutions, expansion of personalized financial products, growing focus on customer-centric distribution models, increasing collaboration between banks and insurers. Major trends in the forecast period include expansion of digital bancassurance platforms, growing use of data-driven cross-selling models, increasing integration of insurance products into banking apps, rising demand for personalized insurance offerings, strengthening strategic bank-insurer alliances.

The growing demand for insurance is expected to drive the expansion of the bancassurance market in the coming years. Insurance is a financial arrangement in which individuals or organizations pay premiums to insurers in return for protection against financial losses arising from specified risks. The rising need for insurance is largely driven by increasing uncertainties in modern life, including health concerns, natural disasters, economic volatility, and the rising value of personal and commercial assets. Bancassurance addresses this growing demand by leveraging banks’ extensive customer bases and established trust to provide convenient access to customized insurance products. For example, in February 2024, according to LIMRA Inc., a US-based insurance and financial services trade association, total U.S. life insurance new annualized premiums increased by 1% year over year in 2023, reaching $15.6 billion. In addition, total policy counts grew by 4%, with term policy volumes also rising by 4%, while sales of indexed universal life policies surged by 20% compared with the previous year. Therefore, the rising need for insurance is contributing to the growth of the bancassurance market.

Companies operating in the bancassurance market are increasingly focusing on technological advancements, such as digital insurance platforms, to improve customer experience, enhance operational efficiency, and deliver more personalized and accessible insurance offerings. A digital insurance platform is an online solution that uses technology to simplify and automate the purchase, management, and claims processing of insurance policies. For instance, in October 2023, NCBA Bancassurance Intermediary Ltd., a Kenya-based provider of insurance products and services, launched a digital insurance portal designed to simplify insurance management. The platform offers secure self-service features, including policy quotation comparisons, instant access to insurance portfolios, real-time claims submission and tracking, and convenient premium payment options.

In November 2025, Piraeus Bank S.A., a Greece-based financial services institution, acquired Ethniki Insurance for approximately $695 million. Through this acquisition, Piraeus Bank aims to diversify and strengthen its revenue streams while expanding its integrated financial services portfolio across banking, insurance protection, and investment solutions. Ethniki Hellenic General Insurance Company S.A. is a Greece-based company that provides bancassurance services.

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 2025. 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, South East Asia, 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, Taiwan, 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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