Global Bancassurance Market is valued at approximately USD 1,191 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 6 % over the forecast period 2022-2028. Bancassurance is a financial agreement between a bank and an insurance company that allows the bank to generate additional revenue and profit. This setup permits the sale of a wide range of insurance products, including annuities, mortgages, and health and life insurance. Increasing geriatric population demanding health and life insurance, rising trend of mobile banking services, rising economic growth in developing countries and increasing amalgamation in the banking sector has driven the adoption of Bancassurance across the projected period.
For Instance: In 2011, MetLife India Insurance Company and Punjab National Bank formed a strategic relationship in India. MetLife gained access to over 78 million Indian bank customers, while Punjab National Bank purchased a 30% share in the company. Also, increasing incorporation of technology is most likely to boost the overall growth of the Bancassurance market. However, extremely labile market and people lacking awareness about the benefits of bancassurance. can obstruct the market’s expansion over the projection period of 2022-2028.
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The key regions considered for the global Bancassurance market study include Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world. Growing geriatric population is driving the market growth in North America. Whereas, Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2022-2028. The market is expected to grow during the projected period, due to rising disposable income.
Major market players included in this report are:
ABN Amro Bank N.V.
The Australia and New Zealand Banking Group Limited
Banco Bradesco SA
The American Express Company
BNP Paribas S.A
Wells Fargo & Company
Citigroup Inc.
NongHyup Financial Group
Societe Generale S.A.
Nordea Group
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
Life Bancassurance
Non-life Bancassurance
By Model Type:
Pure Distributor
Exclusive Partnership
Financial Holding
Joint Venture
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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