Bancassurance Trends 2023 | Market Size, Share, Opportunity and Forecast

Bancassurance Market Trends and Drivers:

The rising geriatric population, coupled with the growing need for health and life insurance and retirement product plans are driving the global bancassurance market. Furthermore, the elevating economic growth and expanding middle-class population are augmenting the product demand.

Besides this, several technological advancements and increasing internet penetration are influencing consumer behaviors and purchasing patterns. This, in turn, is fueling the growth of the bancassurance market. Additionally, the widespread consolidation in the banking sector and the growing incremental deposits being raised by private banks are expected to bolster the market growth over the forecast period.

What is the size of the global bancassurance market?

The global bancassurance market size reached US$ 1,354 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,888 Billion by 2028, exhibiting a growth rate (CAGR) of 5.6% during 2023-2028.

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What Is Bancassurance?

Bancassurance is an arrangement between an insurance firm and a bank, wherein the bank can earn additional revenue by selling the services of the insurance company. It assists in expanding the financial product portfolio of banks, which increases their turnover with little or no capital outlay, further giving a high return on equity. Bancassurance also benefits the insurance firms as it enhances their market reach and expands their consumer base.

Also Read:- Bancassurance Company:- https://www.imarcgroup.com/top-bancassurance-companies

The report cover the below key market segments:

By Product Type of Bancassurance:

Life Bancassurance
Non-Life Bancassurance

By Model Type of Bancassurance:

Pure Distributor
Exclusive Partnership
Financial Holding
Joint Venture

Regional Insights:

Asia Pacific
Europe
Latin America
North America
Middle East and Africa

Click here to view detailed information with table of content: https://www.imarcgroup.com/bancassurance-market

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are ABN AMRO Bank N.V., Australia and New Zealand Banking Group Limited (ANZ), Banco Bradesco SA, The American Express Company, Banco Santander, S.A., BNP Paribas S.A., ING Bank N.V., Wells Fargo Group, Barclays plc, Intesa Sanpaolo S.p.A., Lloyds Banking Group plc, Citigroup Inc., Crédit Agricole SA, HSBC Holdings plc, NongHyup Financial Group Inc, Société Générale S.A., and Nordea Bank Abp group.

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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