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Global Bancassurance Market Report 2020, Covid-19 Impact, Industry Trends, Share, Size and Forecast Till 2025

06-02-2020 11:13 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: IMARC Group

bancassurance market trends

bancassurance market trends

The global bancassurance market reached around US$ 1.2 Billion in 2019. Looking forward, the market is expected to continue its moderate growth during the next five years, according to a new report by IMARC Group.

Bancassurance is defined as the partnership between an insurance company and a bank, where the former uses the latter as a distribution channel to sell its products. This arrangement helps the bank to earn a revenue apart from the interest, also known as fee-based income. On the other hand, the insurance company can expand its consumer base without paying agents or elevating broker commissions and sales force. With the help of bancassurance, these institutions can offer a variety of investment and banking services and products, such as health insurance, credit life, annuities, life insurance and mortgage.

Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/bancassurance-market/requestsample

Market Trends:

Over the past few years, the banking sector has been going under structural and functional changes with the growth of the private banking sector. To sustain the increasing competition, banking institutions have started introducing better products and customer service. Besides, governments in developing regions, like East Africa, China and the Middle East, have been implementing new regulations in order to support the domestic growth of the market. For instance, in 2018, the Insurance Authority (IA) of the United Arab Emirates (UAE) issued Decision No. (13) of 2018, which regulated bancassurance through banks in the UAE. The new instructions require insurance companies in the UAE, including takaful, to market policies through banks that are established or licensed to operate in the UAE. Similarly, in 2019, the Bank of Tanzania (BoT), launched bancassurance regulations in the supervision of the Tanzania Insurance Regulatory Authority (TIRA) to broaden the opportunities for insurance services in the country.

For more information about this report visit: https://www.imarcgroup.com/bancassurance-market

Insight on Market Segmentation:

Breakup by Product Type:

Life Bancassurance

Non-Life Bancassurance

Breakup by Model Type:

Pure Distributor
Exclusive Partnership
Financial Holding
Joint Venture

Regional Insights:

Asia Pacific
Europe
Latin America
North America
Middle East and Africa

Competitive Landscape:

On examining the competitive landscape of the market, it has been found that it is highly fragmented with a number of small and large players.

Contact US: IMARC Group
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Website: https://www.imarcgroup.com/
Email: sales@imarcgroup.com
USA: +1-631-791-1145
Follow us on twitter: @imarcglobal
Linkedin: https://www.linkedin.com/company/imarc-group

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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