Bancassurance Market Size USD 2249 Million by 2026 at CAGR 1.9% | Valuates Reports
BANGALORE, India, Nov. 30, 2020 /PRNewswire/ -- The Bancassurance Market is Segmented by Type (Life Bancassurance, Non-Life Bancassurance), by Application ( Adults, Kids, Other). This report is published on Valuates Reports in the Finance & Banking Category. It also covers Global & Regional Opportunity Analysis and Industry Forecast to 2026.
The global Bancassurance market size is projected to reach USD 2249 Million by 2026, from USD 2008.8 Million in 2020, at a CAGR of 1.9% during 2021-2026.
This report provides a detailed quantitative analysis of the current trends and bancassurance market forecast estimations from 2019 to 2026.
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TRENDS INFLUENCING THE GROWTH OF BANCASSURANCE MARKET SIZE
The increase in aging population is expected to drive the growth of the bancassurance market size. This global demographic change would have a positive effect on the bancassurance market as the aging population has a greater need for health and life insurance and retirement product plans.
Bancassurance provides clients with several advantages, one of which is comfort. For all financial needs, the bank acts as a one-stop-solution. Bancassurance increases the banks and insurance firms' revenue diversification and brings greater volume and benefit for both players. This feature is expected to increase the growth of the bancassurance market size.
Increasing economic growth in developing countries, along with rising internet penetration and technological advancements, are expected to further fuel the growth of the bancassurance market size.
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TOP COMPANIES IN THE BANCASSURANCE MARKET
With the involvement of major international players as well as regional players, the bancassurance market is fragmented. As value-added services help propel the growth of the industry in the future, most banking insurers have begun to concentrate on cross-selling their insurance products by providing customers with additional coverage.
Major players in the bancassurance industry host exhibitions and seminars to showcase and encourage bank interaction and provide account holders with insurance policy information. Online insurance information is also given to the holder of the bank account by the major players in the industry.
Based on parameters such as product features, creative solutions, pricing, market awareness, and product portfolio, competitors in the bancassurance market are distinguishing themselves. In addition, according to shifts in client behavior, businesses strategize their business models.
Some of the top companies discussed in this report include,
- ABN AMRO
- ANZ
- Banco Bradesco
- American Express
- Banco Santander
- BNP Paribas
- ING Group
- Wells Fargo
- Barclays
- Intesa Sanpaolo
- Lloyds Banking Group
- Citigroup
- HSBC
- NongHyup Financial Group
- Nordea Bank
"We can also add the other companies as you want"
BANCASSURANCE MARKET SHARE ANALYSIS
Based on the region, Europe is expected to hold the largest bancassurance market share of about 39% in 2018. This dominance of the European region is attributed to the increasing investment from European banks.
North America and the Asia-Pacific region are expected to hold a bancassurance market share of 25% and 13%, respectively.
Banks have clearly focused on the bancassurance channel for selling life insurance products in many markets, especially in Asia-Pacific and Latin America, which tend to have higher average selling prices and profit margins than most non-life products.
China accounted for two-thirds of the bancassurance market growth in the Asia-Pacific region. Banks' incentive to raise revenues in the face of shrinking net interest margins is driving the growth in this region.
The rapid rise in per-capita GDP and living standards across most of Latin America has led to more disposable income and, in general, more individuals purchasing insurance products. This, in turn, has catalyzed the growth of the bancassurance market in this region.
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