WASHINGTON, June 27, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Bancassurance Market finds that a surge in consolidation in the banking industry, increasing usage of digital strategies in banking systems; rising deposits in multiple private banking sectors and provision of credible solutions and plans with better services are some major factors accelerating the growth of the Bancassurance Market.
The Global Market revenue stood at a value USD 1,251.4 Billion in the year 2021.
The Global Bancassurance Market size is forecasted to reach USD 1,725.4 Billion by the year 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.50% during the forecast period; states Vantage Market Research, in a report, titled “Bancassurance Market Size, Share & Trends Analysis Report by Product Type (Life Bancassurance, Non-Life Bancassurance), by Model Type (Pure Distributor, Exclusive Partnership, Financial Holding, Joint Venture), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers:
Increasing Economic Growth in Developing Countries
The Bancassurance Market helps to distinguish a relationship between an insurance agreement and a bank. The latest system is used for the selling of their products as a distribution channel. This system permits the bank to gain advantages other than tax-based advantages. The insurance company, on the other hand, may expand the customer base without charging agents/broker amounts and sales. These institutions may produce a range of investment and financial services & products with the support of financial insurance, including health insurance, credit life, pensions, life insurance, and mortgage. Insurance markets have extended saturation points in developing countries because of the growing awareness and early acceptance of life insurance. However, owing to a growing understanding of the value of insurance, the sector is currently growing rapidly. In addition, raised living standards and the growing middle- and high-income classes in developed regions simultaneously support the development of the Global Bancassurance Market.
Growing Digitalization in Developing Countries
The COVID-19 outbreak led to an increase in the digitization & remote services in many banks globally. According to a survey, European customers believe that it will increase online and mobile banking usage, even after pandemic-related lockdowns and social distancing norms are reduced. Regulatory authorities covering the world implement digitalization measures covering the insurance value chain to gain operational efficiencies. This, in turn, allows an impetus to online Bancassurance Market sales. The mass affluent demographic is being selected by a wide range of financial service providers, from wealth managers to banks to new digital entrants. In addition, digital investment platforms and banks have more competitiveness than ever. Whereas, non-traditional suppliers such as Sofi and Nutmeg have tried to accumulate notable client demand in a short space of time and are continuously innovating at a pace. The Bancassurance Market process improves customer experience and the quality of services they deliver. This includes quicker transaction retrieval times and increased transparency.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Bancassurance market is predicted to grow at a CAGR of roughly 5.50% during the forecast period.
- The Bancassurance market was estimated to be worth roughly USD 1,251.4 Billion in 2021 and is expected to reach USD 1,725.4 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Bancassurance market.
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Segmentation of the Global Bancassurance Market:
- Product Type
- Life Bancassurance
- Non-Life Bancassurance
- Model Type
- Pure Distributor
- Exclusive Partnership
- Financial Holding
- Joint Venture
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/bancassurance-market-1686
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the banking industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Bancassurance Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Anticipated Potential Market Growth
Asia Pacific is expected to dominate the growth of the Bancassurance Market in 2021. The development of the Bancassurance Market is due to the growing requirement for insurance. The number of strategic collaborations and M&A operations in the Bancassurance Market business has grown rapidly. In addition, market participants can get convenience from such activities by expanding their product portfolio, regional presence, and distribution network. Furthermore, strategic partnership projects allow businesses to obtain access to new technology and resources, which in turn, helps to grow the Bancassurance Market in coming years. Countries such as China, France, Germany, Spain, and Japan have large contributions to the growth of the Bancassurance Market, owing to the increased investments in digital platforms and fast banking services.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Bancassurance Market Size, Share & Trends Analysis Report by Product Type (Life Bancassurance, Non-Life Bancassurance), by Model Type (Pure Distributor, Exclusive Partnership, Financial Holding, Joint Venture), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
List of Prominent Players in the Bancassurance Market:
- 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.
- Crédit Agricole Group
- HSBC Holdings plc
- Nong Hyup Financial Group
- Société Générale S.A.
- Nordea Group
Recent Developments:
MAY 2021: Amount Inc., a company that provides technology to financial institutions and banks, announced that it had raised USD 99 million in a Series D funding round at a valuation of just over USD 1 billion.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Bancassurance Market?
- How will the Bancassurance Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Bancassurance Market?
- What is the Bancassurance market drivers and restrictions?
- What will be the CAGR and size of the Bancassurance Market throughout the forecast period?
This market titled “Bancassurance Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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