Bancassurance market size to grow by USD 404.89 billion between 2022 and 2027; Increased need for insurance to boost growth - Technavio

NEW YORK, Feb. 28, 2023 /PRNewswire/ -- The global bancassurance market size is projected to grow by USD 404.89 billion between 2022 and 2027, accelerating at a CAGR of 6.66% during the forecast period, according to Technavio. The risk of reputation loss is the key factor hindering the growth of the market. Maintaining a reputation is vital in the banking sector to build trust between the customer and the bank. However, the growth of the market is driven by the increased need for insurance. To know the growth variance and Y-O-Y growth rate for forecast period (2023 to 2027) and the historic period (2017 to 2021) - Request a sample report

Bancassurance Market 2023-2027: Challenges, Drivers, and Trends

• Challenge – The risk of reputation loss is the key factor hindering the growth of the market. Maintaining a reputation is vital in the banking sector to build trust between the customer and the bank. Any inefficiency or poor customer service exhibited in the delivery of services will tarnish the reputation of the banking firms. It will also affect the profitability as well as the revenue of banking firms. Such challenges will reduce the growth potential in the market.
• Driver – The growth of the market is driven by the increased need for insurance. The number of natural catastrophes caused by droughts, floods, hurricanes, tsunamis, earthquakes, epidemics, and volcanic activity has increased significantly over recent years. This is compelling several individuals and organizations worldwide to proactively adopt insurance to financially protect themselves as well as their families from unexpected losses. Besides, the rising number of vehicle accidents has increased the demand for life, medical, accidental, and vehicle insurance. All these factors are increasing the demand for insurance, which, in turn, is driving the growth of the market in focus.
• Trend – The emergence of digital marketing platforms is the key trend in the market. The rising penetration of the internet and the growing adoption of smartphones and mobile devices have increased the scope for social media platforms. Insurance firms are leveraging social media platforms to propagate awareness about the multiple products offered by them. This strategy is also helping insurance firms to resolve product queries, collect consumer feedback, and provide instant policy updates. Many such benefits are encouraging insurance firms to increase their spending on digital marketing campaigns. This trend will positively influence the growth of the market during the forecast period.

Discover additional factors impacting the market, historic period (2017 to 2021) & forecast period (2023 to 2027) - Download a Sample Report

Bancassurance Market 2023-2027: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our bancassurance market report covers the following areas:

• Bancassurance Market size
• Bancassurance Market trends
• Bancassurance Market industry analysis

What`s New for 2023?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial

Bancassurance Market 2023-2027: Vendor Offerings

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Some of the major market participants include:

• Australia and New Zealand Banking - The company bancassurance solutions such as Home and contents insurance, Landlord insurance.
• Banco Bradesco SA - The company bancassurance solutions through its subsidiary Grupo Bradesco Seguros.
• Banco Santander SA - The company bancassurance solutions through its subsidiary CNP Santander Insurance Europe DAC.

Bancassurance Market 2023-2027: Segmentation

The bancassurance market is segmented as below:

• Product 
• Life bancassurance
• Non-Life bancassurance

• Type 
• Pure distributor
• Joint venture
• Exclusive partnership
• Financial holding

• Geography 
• North America 
• The U.S.
• Canada
• Europe 
• The U.K.
• Germany
• France
• Rest of Europe
• APAC 
• China
• India
• South America 
• Chile
• Argentina
• Brazil
• Middle East & Africa 
• Saudi Arabia
• South Africa
• Rest of the Middle East & Africa

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• Add credibility to strategy
• Analyzes competitor's offerings
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Bancassurance Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist bancassurance market growth during the next five years
• Estimation of the bancassurance market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the bancassurance market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of bancassurance market vendors

Related Reports:

• The cyber insurance market is estimated to grow at a CAGR of 35.92% between 2022 and 2027. The size of the market is forecast to increase by USD 42,812.64 million. The adoption of technology is notably driving the market growth, although factors such as lack of standardization may impede the market growth.
• The homeowners insurance market is estimated to grow at a CAGR of 4.18% and the size of the market is forecast to increase by USD 57.01 billion between 2022 and 2027. The rising number of natural disasters and man-made hazards are notably driving market growth, although factors such as vulnerability to cybercrime may impede the market growth.

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Table Of Contents:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global bancassurance market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global bancassurance market 2017 - 2021 ($ billion)

• 4.2 Product Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ billion)

• 4.3 Type Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Life bancassurance - Market size and forecast 2022-2027
• Exhibit 34: Chart on Life bancassurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Life bancassurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Life bancassurance - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Life bancassurance - Year-over-year growth 2022-2027 (%)

• 6.4 Non-Life bancassurance - Market size and forecast 2022-2027
• Exhibit 38: Chart on Non-Life bancassurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Non-Life bancassurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Non-Life bancassurance - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Non-Life bancassurance - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Product
• Exhibit 42: Market opportunity by Product ($ billion)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 43: Chart on Type - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 45: Chart on Comparison by Type
• Exhibit 46: Data Table on Comparison by Type

• 7.3 Pure distributor - Market size and forecast 2022-2027
• Exhibit 47: Chart on Pure distributor - Market size and forecast 2022-2027 ($ billion)
• Exhibit 48: Data Table on Pure distributor - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Chart on Pure distributor - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Pure distributor - Year-over-year growth 2022-2027 (%)

• 7.4 Joint venture - Market size and forecast 2022-2027
• Exhibit 51: Chart on Joint venture - Market size and forecast 2022-2027 ($ billion)
• Exhibit 52: Data Table on Joint venture - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Chart on Joint venture - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Joint venture - Year-over-year growth 2022-2027 (%)

• 7.5 Excusive partnership - Market size and forecast 2022-2027
• Exhibit 55: Chart on Excusive partnership - Market size and forecast 2022-2027 ($ billion)
• Exhibit 56: Data Table on Excusive partnership - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Chart on Excusive partnership - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Excusive partnership - Year-over-year growth 2022-2027 (%)

• 7.6 Financial holding - Market size and forecast 2022-2027
• Exhibit 59: Chart on Financial holding - Market size and forecast 2022-2027 ($ billion)
• Exhibit 60: Data Table on Financial holding - Market size and forecast 2022-2027 ($ billion)
• Exhibit 61: Chart on Financial holding - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Financial holding - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by Type
• Exhibit 63: Market opportunity by Type ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview
• Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation
• Exhibit 65: Chart on Market share by geography 2022-2027 (%)
• Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison
• Exhibit 67: Chart on Geographic comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 73: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 74: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 75: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 77: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 78: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 79: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 89: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 90: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 91: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 France - Market size and forecast 2022-2027
• Exhibit 93: Chart on France - Market size and forecast 2022-2027 ($ billion)
• Exhibit 94: Data Table on France - Market size and forecast 2022-2027 ($ billion)
• Exhibit 95: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 Spain - Market size and forecast 2022-2027
• Exhibit 101: Chart on Spain - Market size and forecast 2022-2027 ($ billion)
• Exhibit 102: Data Table on Spain - Market size and forecast 2022-2027 ($ billion)
• Exhibit 103: Chart on Spain - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Spain - Year-over-year growth 2022-2027 (%)

• 9.12 Japan - Market size and forecast 2022-2027
• Exhibit 105: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 106: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 107: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography
• Exhibit 109: Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors
• Exhibit 115: Matrix on vendor position and classification

• 12.3 ABN AMRO Group NV
• Exhibit 116: ABN AMRO Group NV - Overview
• Exhibit 117: ABN AMRO Group NV - Business segments
• Exhibit 118: ABN AMRO Group NV - Key offerings
• Exhibit 119: ABN AMRO Group NV - Segment focus

• 12.4 American Express Co.
• Exhibit 120: American Express Co. - Overview
• Exhibit 121: American Express Co. - Business segments
• Exhibit 122: American Express Co. - Key offerings
• Exhibit 123: American Express Co. - Segment focus

• 12.5 Australia and New Zealand Banking
• Exhibit 124: Australia and New Zealand Banking - Overview
• Exhibit 125: Australia and New Zealand Banking - Business segments
• Exhibit 126: Australia and New Zealand Banking - Key offerings
• Exhibit 127: Australia and New Zealand Banking - Segment focus

• 12.6 Banco Bradesco SA
• Exhibit 128: Banco Bradesco SA - Overview
• Exhibit 129: Banco Bradesco SA - Business segments
• Exhibit 130: Banco Bradesco SA - Key offerings
• Exhibit 131: Banco Bradesco SA - Segment focus

• 12.7 Banco Santander SA
• Exhibit 132: Banco Santander SA - Overview
• Exhibit 133: Banco Santander SA - Business segments
• Exhibit 134: Banco Santander SA - Key offerings
• Exhibit 135: Banco Santander SA - Segment focus

• 12.8 Barclays PLC
• Exhibit 136: Barclays PLC - Overview
• Exhibit 137: Barclays PLC - Business segments
• Exhibit 138: Barclays PLC - Key news
• Exhibit 139: Barclays PLC - Key offerings
• Exhibit 140: Barclays PLC - Segment focus

• 12.9 BNP Paribas SA
• Exhibit 141: BNP Paribas SA - Overview
• Exhibit 142: BNP Paribas SA - Business segments
• Exhibit 143: BNP Paribas SA - Key offerings
• Exhibit 144: BNP Paribas SA - Segment focus

• 12.10 Citigroup Inc.
• Exhibit 145: Citigroup Inc. - Overview
• Exhibit 146: Citigroup Inc. - Business segments
• Exhibit 147: Citigroup Inc. - Key offerings
• Exhibit 148: Citigroup Inc. - Segment focus

• 12.11 Credit Agricole SA
• Exhibit 149: Credit Agricole SA - Overview
• Exhibit 150: Credit Agricole SA - Product / Service
• Exhibit 151: Credit Agricole SA - Key offerings

• 12.12 Credit Mutuel
• Exhibit 152: Credit Mutuel - Overview
• Exhibit 153: Credit Mutuel - Business segments
• Exhibit 154: Credit Mutuel - Key offerings
• Exhibit 155: Credit Mutuel - Segment focus

• 12.13 HSBC Holdings Plc
• Exhibit 156: HSBC Holdings Plc - Overview
• Exhibit 157: HSBC Holdings Plc - Business segments
• Exhibit 158: HSBC Holdings Plc - Key news
• Exhibit 159: HSBC Holdings Plc - Key offerings
• Exhibit 160: HSBC Holdings Plc - Segment focus

• 12.14 ING Groep NV
• Exhibit 161: ING Groep NV - Overview
• Exhibit 162: ING Groep NV - Business segments
• Exhibit 163: ING Groep NV - Key offerings
• Exhibit 164: ING Groep NV - Segment focus

• 12.15 Lloyds Banking Group Plc
• Exhibit 165: Lloyds Banking Group Plc - Overview
• Exhibit 166: Lloyds Banking Group Plc - Business segments
• Exhibit 167: Lloyds Banking Group Plc - Key offerings
• Exhibit 168: Lloyds Banking Group Plc - Segment focus

• 12.16 Metlife Inc.
• Exhibit 169: Metlife Inc. - Overview
• Exhibit 170: Metlife Inc. - Business segments
• Exhibit 171: Metlife Inc. - Key offerings
• Exhibit 172: Metlife Inc. - Segment focus

• 12.17 Wells Fargo and Co
• Exhibit 173: Wells Fargo and Co - Overview
• Exhibit 174: Wells Fargo and Co - Business segments
• Exhibit 175: Wells Fargo and Co - Key offerings
• Exhibit 176: Wells Fargo and Co - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist
• Exhibit 177: Inclusions checklist
• Exhibit 178: Exclusions checklist

• 13.3 Currency conversion rates for US$
• Exhibit 179: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 180: Research methodology
• Exhibit 181: Validation techniques employed for market sizing
• Exhibit 182: Information sources

• 13.5 List of abbreviations
• Exhibit 183: List of abbreviations

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