With the emergence and long-term Impact of COVID-19, Global Bancassurance Market to reach USD 1790.82 Billion by 2028
Bizwit Research & Consulting LLP’s Recent Analysis on Global Bancassurance Market is poised to raise up to USD 1790.82 Billion by 2028. Bancassurance is a financial agreement between a bank and an insurance company that allows the bank to generate additional revenue and profit. This setup permits the sale of a wide range of insurance products, including annuities, mortgages, and health and life insurance. Increasing geriatric population demanding health and life insurance, rising trend of mobile banking services, rising economic growth in developing countries and increasing amalgamation in the banking sector has driven the adoption of Bancassurance across the projected period. For Instance: In 2011, MetLife India Insurance Company and Punjab National Bank formed a strategic relationship in India. MetLife gained access to over 78 million Indian bank customers, while Punjab National Bank purchased a 30% share in the company. Also, increasing incorporation of technology is most likely to boost the overall growth of the Bancassurance market.
Geographically, the global Bancassurance market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America is the leading region across the world. Growing geriatric population is driving the market growth in North America. In terms of sales, Asia Pacific is anticipated to exhibit the highest growth rate over the forecast period 2022-2028. The market is expected to grow during the projected period, due to rising disposable income in the region.
The global Bancassurance market industry is highly competitive owing to the presence of several key manufacturers such as ABN Amro Bank N.V. The Australia and New Zealand Banking Group Limited Banco Bradesco SA The American Express Company BNP Paribas S.A Wells Fargo & Company Citigroup Inc. NongHyup Financial Group Société Générale S.A. Nordea Group and others.
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Global Bancassurance Market Size study, by Product Type (Life Bancassurance, Non-life Bancassurance), by Model Type (Pure Distributor, Exclusive Partnership, Financial Holding, Joint Venture) and Regional Forecasts 2022-2028
Key findings of the study suggest:
- Global Bancassurance Market is anticipated to grow with a healthy growth rate of more than 6% over the forecast period 2022-2028.
- North America is anticipated to hold the leading position owing to growing demand for lucrative health and life insurance and retirement plans in the region.
- Asia-Pacific is anticipated to emerge as the fastest growing market region due to growing demand for the automotive due to increasing middle-class population, the shifting purchasing patterns of customers.
Bizwit Research & Consulting has considered following segments for the study:
By Product Type:
- Life Bancassurance
- Non-life Bancassurance
By Model Type:
- Pure Distributor
- Exclusive Partnership
- Financial Holding
- Joint Venture
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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