Bancassurance Market Share, Trends, Scope, Demand, Opportunity and Forecast by 2028

NEW YORK - Nov. 23, 2020 - PRLog -- According to the latest report by IMARC Group, the global bancassurance market size reached US$ 1,354 Billion in 2022. Looking forward, the market expected to reach US$ 1,888 Billion by 2028, exhibiting a growth rate (CAGR) of 5.6% during 2023-2028.

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.

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. takaful, to market policies through banks that are established or licensed to operate in the UAE. Similarly, in 2019, the Bank of Tanzania (BoT),

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Market Summary:

The report has bifurcated the market according to the product type, which includes life and non-life bancassurance. Currently, life bancassurance is the most preferred segment.

The market has been segregated on the basis of the model type, which consists of pure distributors, exclusive partnerships, financial holdings and joint ventures. Amongst these, pure distributors represent the most popular model type.

On a regional basis, Europe is the biggest market for bancassurance, holding the majority of the total market share. This can be accredited to the favorable tax structure and reduced social security expenditure by governments. Other major regions include Asia Pacific, North America, Latin America, and Middle East and Africa.

Some of the key players include :- 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.

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