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Outlook on the Bancassurance Global Market to 2026 - Impact Analysis of COVID-19

Research and Markets
·6-min read

Dublin, Feb. 19, 2021 (GLOBE NEWSWIRE) -- The "Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

The global bancassurance market reached a value of US$ 1191 Billion in 2020. Bancassurance refers to an arrangement between a bank and an insurance firm, wherein the bank can earn additional revenue by selling the products of the insurance company. It also helps to expand the financial product portfolio of banks, thereby increasing their turnover with little or no capital outlay which further gives a high return on equity. Since banks have become the main distribution channels for insurance products, bancassurance also benefits the insurance firms as it increases their market reach and expands their consumer base. As this arrangement can be profitable for both companies, it is gaining popularity across the globe. Looking forward, the publisher expects the global bancassurance market to reach a value of US$ 1696 Billion by 2026, exhibiting a CAGR of 5.98% during 2021-2026.

Global Bancassurance Market Drivers:

  • According to a report by the World Health Organization, the proportion of the world's population over 60 years will nearly double from 12% to 22% between 2015 to 2050. As the aging population has a greater need for health and life insurance as well as retirement product plans, this global demographic shift will positively impact the bancassurance industry.

  • Increasing economic growth in developing economies is further contributing to the growth of the market. For instance, the MetLife India Insurance Company in India entered into a strategic partnership with Punjab National Bank in 2011. MetLife got access to over 78 million bank customers in India, whereas Punjab National Bank acquired 30% stakes in the company.

  • Bancassurance is becoming an important factor for the overall growth of financial services due to consolidation in the sector. With rising internet penetration and technological advancements influencing consumer behaviors and their purchasing patterns, the market is expected to witness a continuous rise in its valuation.

Breakup by Product Type:

  • Life Bancassurance

  • Non-Life Bancassurance

Currently, life bancassurance dominates the market, accounting for the biggest share. Rising awareness about insurance services and the implementation of strict guidelines related to wealth management products is majorly stimulating the demand for life bancassurance services.

Breakup by Model Type:

  • Pure Distributor

  • Exclusive Partnership

  • Financial Holding

  • Joint Venture

Pure distributor represents the most popular bancassurance model, holding the majority of the total market share. Pure distribution offers added sales opportunities to both banks and insurance firms with minimum investment.

Regional Insights:

  • Asia Pacific

  • Europe

  • Latin America

  • North America

  • Middle East and Africa

On a geographical front, Europe enjoys the leading position in the market due to a favorable tax structure. Countries like France, Italy, Portugal and Austria are the major contributors to the industry growth, whereas Luxembourg, Russia and Slovenia serve as potential markets for bancassurance in Europe.

Competitive Landscape:

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. Some of the major players operating in the market include:

  • ABN AMRO Bank N.V.

  • The Australia and New Zealand Banking Group Limited

  • Banco Bradesco SA

  • The American Express Company

  • Banco Santander, S.A.

  • BNP Paribas S.A.

  • The ING Group

  • Wells Fargo & Company

  • Barclays plc

  • Intesa Sanpaolo S.p.A.

  • Lloyds Banking Group plc

  • Citigroup Inc.

  • Credit Agricole Group

  • HSBC Holdings plc

  • NongHyup Financial Group

  • Societe Generale S.A.

  • Nordea Group

Key Questions Answered in This Report
1. What was the global bancassurance market size in 2020?
2. What will be the global bancassurance market outlook during the forecast period (2021-2026)?
3. What are the global bancassurance market drivers?
4. What are the major trends in the global bancassurance market?
5. What is the impact of COVID-19 on the global bancassurance market?
6. What is the global bancassurance market breakup by product type?
7. What is the global bancassurance market breakup by model type?
8. What are the major regions in the global bancassurance market?

Key Topics Covered:

1 Preface

2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Bancassurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Product Type
5.5 Market Breakup by Model Type
5.6 Market Breakup by Region
5.7 Market Forecast
5.8 SWOT Analysis
5.8.1 Overview
5.8.2 Strengths
5.8.3 Weaknesses
5.8.4 Opportunities
5.8.5 Threats
5.9 Value Chain Analysis
5.9.1 Overview
5.9.2 Product Development
5.9.3 Marketing and Promotion
5.9.4 Lead Generation and Sales
5.9.5 New Business Processing
5.9.6 Servicing, CRM and Repeat Sales
5.10 Porters Five Forces Analysis
5.10.1 Overview
5.10.2 Bargaining Power of Buyers
5.10.3 Bargaining Power of Suppliers
5.10.4 Degree of Competition
5.10.5 Threat of New Entrants
5.10.6 Threat of Substitutes

6 Market Breakup by Product Type
6.1 Life Bancassurance
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Non-Life Bancassurance
6.2.1 Market Trends
6.2.2 Market Forecast

7 Market Breakup by Model Type
7.1 Pure Distributor
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Exclusive Partnership
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Financial Holding
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Joint Venture
7.4.1 Market Trends
7.4.2 Market Forecast

8 Market Breakup by Region
8.1 Asia Pacific
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Europe
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Latin America
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 North America
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Middle East and Africa
8.5.1 Market Trends
8.5.2 Market Forecast

9 Competitive Landscape
9.1 Market Structure
9.2 Key Players
9.3 Profiles of Key Players
9.3.1 ABN AMRO Bank N.V.
9.3.2 The Australia and New Zealand Banking Group Limited
9.3.3 Banco Bradesco SA
9.3.4 The American Express Company
9.3.5 Banco Santander, S.A.
9.3.6 BNP Paribas S.A.
9.3.7 The ING Group
9.3.8 Wells Fargo & Company
9.3.9 Barclays plc
9.3.10 Intesa Sanpaolo S.p.A.
9.3.11 Lloyds Banking Group plc
9.3.12 Citigroup Inc.
9.3.13 Credit Agricole Group
9.3.14 HSBC Holdings plc
9.3.15 NongHyup Financial Group
9.3.16 Societe Generale S.A.
9.3.17 Nordea Group

For more information about this report visit https://www.researchandmarkets.com/r/52wzel

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900