Global Bancassurance Market Report 2020, Covid-19 Impact, Industry Trends, Share, Size and Forecast Till 2025
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.
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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.
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Insight on Market Segmentation:
Breakup by Product Type:
Breakup by Model Type:
Middle East and Africa
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.
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