Global Bancassurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Bancassurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank's customers.

Market Overview:

The latest research study on the global Bancassurance market finds that the global Bancassurance market reached a value of USD 23931.0 million in 2022. It’s expected that the market will achieve USD 32415.23 million by 2028, exhibiting a CAGR of 5.19% during the forecast period.

Bancassurance Market Trends

The competition among vendors will increase during the forecast period. Vendors will compete to deliver competitive advantages in the market on the basis of pricing, user-friendly interfaces, value-added benefits, and service portfolios. During the forecast period, we expect this competition to intensify with an increase in service extensions.
Digital technology is gaining traction in the banking sector as it plays a crucial role in improving insurance business processes such as premium collection, policy issuance, and product consulting. Thus, with the growing adoption of digitization, the market for bancassurance is expected to showcase a positive outlook during the forecast period.
At present, bancassurance cooperation is more biased towards the cooperation between the personal business of the bank and the personal life insurance of the insurance company, that is, the savings counter of the bank sells insurance products to consumers who deposit or handle other businesses. Therefore, the products provided by insurance companies are mostly personal insurance products. Various group insurances, such as corporate annuities, group health insurance, and group accident insurance, are all insurance products that companies and enterprises demand. With insurance as a tool for various companies and enterprises to transfer risks and practice of companies providing benefits to employees to increase corporate cohesion is becoming more and more popular, banks have inherent advantages in marketing to corporate business departments and credit business departments to group business.

Region Overview:

From 2023-2028, Europe is estimated to witness robust growth prospects.

Company Overview:

BNP Paribas is one of the major players operating in the Bancassurance market, holding a share of 10.02% in 2019.

BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 74 countries, with more than 192,000 employees, including more than 146,000 in Europe.

The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance.

The Intesa Sanpaolo Group is one of the top banking groups in Europe, with a market capitalisation of 31.1 billion euro(1), and is committed to supporting the economy in the countries in which it operates, specifically in Italy where it is also committed to becoming a reference model in terms of sustainability and social and cultural responsibility.

Intesa Sanpaolo is the leader in Italy in all business areas (retail, corporate, and wealth management). The Group offers its services to 11.8 million customers through a network of approximately 3,700 branches well distributed throughout the country with market shares no lower than 12% in most Italian regions.

Segmentation Overview:

Among different product types, Life Bancassurance segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Adults segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Bancassurance market covered in Chapter 3:

Banco Santander
ABN AMRO
Barclays
Intesa Sanpaolo
AB China
ING Group
ANZ
Lloyds Banking Group
Wells Fargo
ICBC
Banco Bradesco
BNP Paribas
Citigroup
HSBC
Nordea Bank
CMB

In Chapter 4 and Chapter 14.2, on the basis of types, the Bancassurance market from 2018 to 2029 is primarily split into:

Life Bancassurance
Non-Life Bancassurance

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Bancassurance market from 2018 to 2029 covers:

Adults
Kids
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)