According to the latest report by IMARC Group, titled “Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 1,166 Billion in 2018. 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. With the help of bancassurance, these institutions can offer a variety of investment and banking services and products, such as health insurance, credit life, annuities, life insurance and mortgage.
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Global Bancassurance 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. The new instructions require insurance companies in the UAE, including takaful, to market policies through banks that are established or licensed to operate in the UAE. Similarly, in 2019, the Bank of Tanzania (BoT), launched bancassurance regulations in the supervision of the Tanzania Insurance Regulatory Authority (TIRA) to broaden the opportunities for insurance services in the country. Owing to the aforementioned factors, the market value is expected to reach US$ 1,665 Billion by 2024, at a CAGR of 6.1% during 2019-2024.
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- 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.
- The competitive landscape of the market has also been examined in the report. Some of the key players 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., Crédit Agricole Group, HSBC Holdings plc, NongHyup Financial Group, Société Générale S.A. and Nordea Group.
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UAE Health Insurance Market Research Report and Forecast 2019-2024: https://www.imarcgroup.com/uae-health-insurance-market
Global Takaful Market Research Report and Forecast 2019-2024: https://www.imarcgroup.com/takaful-market
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