DUBLIN, May 3, 2019 /PRNewswire/ -- The "Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The global bancassurance market size reached around US$ 1,166 Billion in 2018. The market is further projected to reach a value of US$ 1,665 Billion by 2024, growing at a CAGR of 6.1% during 2019-2024.
Bancassurance refers to an arrangement between a bank and an insurance firm, wherein the bank can earn additional revenue by selling the products of the insurance company. It also helps to expand the financial product portfolio of banks, thereby increasing their turnover with little or no capital outlay which further gives a high return on equity.
Since banks have become the main distribution channels for insurance products, bancassurance also benefits the insurance firms as it increases their market reach and expands their consumer base. As this arrangement can be profitable for both companies, it is gaining popularity across the globe.
Global Bancassurance Market Drivers:
According to a report by the World Health Organization, the proportion of the world's population over 60 years will nearly double from 12% to 22% between 2015 to 2050. As the aging population has a greater need for health and life insurance as well as retirement product plans, this global demographic shift will positively impact the bancassurance industry.
Increasing economic growth in developing economies is further contributing to the growth of the market. For instance, the MetLife India Insurance Company in India entered into a strategic partnership with Punjab National Bank in 2011. MetLife got access to over 78 million bank customers in India, whereas Punjab National Bank acquired 30% stakes in the company.
Bancassurance is becoming an important factor for the overall growth of financial services due to consolidation in the sector. With rising internet penetration and technological advancements influencing consumer behaviors and their purchasing patterns, the market is expected to witness a continuous rise in its valuation.
Breakup by Product Type:
Currently, life bancassurance dominates the market, accounting for the biggest share. Rising awareness about insurance services and the implementation of strict guidelines related to wealth management products is majorly stimulating the demand for life bancassurance services.
Breakup by Model Type:
Pure distributor represents the most popular bancassurance model, holding the majority of the total market share. Pure distribution offers added sales opportunities to both banks and insurance firms with minimum investment.
On a geographical front, Europe enjoys the leading position in the market due to a favorable tax structure. Countries like France, Italy, Portugal and Austria are the major contributors to the industry growth, whereas Luxembourg, Russia and Slovenia serve as potential markets for bancassurance in Europe.
Key Questions Answered in This Report:
- How has the global bancassurance market performed so far and how will it perform in the coming years?
- What are the key regions in the global bancassurance market?
- Which are the popular product types in the global bancassurance market?
- What are the key business model types in the global bancassurance market?
- What are the various stages in the value chain of the global bancassurance industry?
- What are the key driving factors and challenges in the global bancassurance industry?
- What is the structure of the global bancassurance industry and who are the key players?
- What is the degree of competition in the global bancassurance industry?
Key Topics Covered:
2 Scope and Methodology
2.1 Objectives of the Study
2.3 Data Sources
2.4 Market Estimation
2.5 Forecasting Methodology
3 Executive Summary
4.2 Key Industry Trends
5 Global Bancassurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Market Breakup by Product
5.4 Market Breakup by Bancassurance Models
5.5 Market Breakup by Region
5.6 Market Forecast
5.7 SWOT Analysis
5.8 Value Chain Analysis
5.8.2 Product Development
5.8.3 Marketing and Promotion
5.8.4 Lead Generation and Sales
5.8.5 New Business Processing
5.8.6 Servicing, CRM and Repeat Sales
5.9 Porters Five Forces Analysis
6 Market Breakup by Product
6.1 Life Bancassurance
6.2 Non-Life Bancassurance
7 Market Breakup by Bancassurance Models
7.1 Pure Distributor
7.2 Exclusive Partnership
7.3 Financial Holding
7.4 Joint Venture
8 Market Breakup by Region
9 Competitive Landscape
9.1 Market Structure
9.2 Key Players
9.3 Profiles of Key Players
9.3.1 American Express
9.3.2 Banco Santander
9.3.3 BNP Paribas
9.3.5 Crdit Agricole
9.3.7 ING Group
9.3.8 Wells Fargo
9.3.9 ABN AMRO
9.3.11 Banco Bradesco
9.3.13 Intesa Sanpaolo
9.3.14 Lloyds Bank Group
9.3.15 NongHyup Financial Group
9.3.16 Nordea Group
9.3.17 Societe Generale
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