United States Bancassurance Market Size To Hit US$ 60.3 Billion By 2028, at CAGR of 5.2%

IMARC Group, a leading market research company, has released a report titled "United States Bancassurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028",  According to the report, The United States bancassurance market size reached US$ 44.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 60.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

Bancassurance refers to an affiliation between a bank and insurance firm that permits the organization to offer various insurance plans, products, and services. It is widely employed in the banking, financial services, and insurance (BFSI) industry for improving the overall sales, profit, and product portfolios offered by a firm. Bancassurance can be differentiated into two approaches, including integrated and non-integrated models. Amongst these, the integrated model is associated with banks whereas, the non-integrated model is joint with the official financial service.

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United States Bancassurance Market Trends and Drivers:

Numerous initiatives undertaken by the Federal Government of the United States to improve the BFSI industry infrastructure are majorly driving the United States bancassurance market. The rising requirement for effective insurance policies amongst the geriatric population is further contributing the market growth. Other than this, the increasing utilization of smart devices across different financial institutions, such as smartphones, computers, and laptops, is increasingly influencing consumer purchasing patterns, which is creating a positive outlook for the market across the country.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Product Type:

Life Bancassurance
Non-Life Bancassurance

Breakup by Model Type:

Pure Distributor
Exclusive Partnership
Financial Holding
Joint Venture

Breakup by Region:

Northeast
Midwest
South
West

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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