United States Bancassurance Market Size, Trends, Growth And Forecast 2023-2028

The latest report by IMARC Group, titled "United States Bancassurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", 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 is a financial arrangement between a bank and an insurance company, enabling the insurance company to offer its products to the banks' clientele. This includes various insurance plans such as endowment plans, unit-linked insurance plans (ULIPs), and marine, medical, and property insurance. It proves profitable for both institutions: banks generate additional revenue by selling insurance products, while insurance companies expand their customer base without incurring additional administrative expenses. Additionally, it provides a one-stop solution for customers seeking banking and insurance services, offering the benefits of trust and convenience. As a result, the demand for bancassurance is on the rise across the United States.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/united-states-bancassurance-market/requestsample

United States Bancassurance Market Trends and Drivers:

The increasing demand for a comprehensive financial approach among customers represents one of the key factors driving the United States bancassurance market. Consumers are looking for a more streamlined and convenient way to manage their financial needs, which is catalyzing the demand for bancassurance provided by bundling banking and insurance services. Further, increasing partnerships between banks and insurance companies to expand their revenue growth and customer base expansion is offering a favorable outlook for the regional market. Apart from this, the increasing geriatric population, which is in greater need of retirement policy plans and health and life insurance, is positively influencing the demand for bancassurance. Besides this, the rising occurrences of natural disasters across the region, resulting in massive material and human losses, are driving the need for insurance policies. Moreover, a considerable rise in FinTech and InsurTech collaborations is expected to strengthen the regional bancassurance market.

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.

Explore full report with table of contents: https://www.imarcgroup.com/united-states-bancassurance-market

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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