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Outlook on the Bancassurance Global Market to 2026 – Impact Analysis of COVID-19
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 BancassuranceNon-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 DistributorExclusive PartnershipFinancial HoldingJoint 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 PacificEuropeLatin AmericaNorth AmericaMiddle 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 LimitedBanco Bradesco SAThe American Express CompanyBanco Santander, S.A.BNP Paribas S.A.The ING GroupWells Fargo & CompanyBarclays plcIntesa Sanpaolo S.p.A.Lloyds Banking Group plcCitigroup Inc.Credit Agricole GroupHSBC Holdings plcNongHyup Financial GroupSociete Generale S.A.Nordea Group Key Questions Answered in This Report1. 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 Preface2 Scope and Methodology2.1 Objectives of the Study2.2 Stakeholders2.3 Data Sources2.3.1 Primary Sources2.3.2 Secondary Sources2.4 Market Estimation2.4.1 Bottom-Up Approach2.4.2 Top-Down Approach2.5 Forecasting Methodology3 Executive Summary4 Introduction4.1 Overview4.2 Key Industry Trends5 Global Bancassurance Market5.1 Market Overview5.2 Market Performance5.3 Impact of COVID-195.4 Market Breakup by Product Type5.5 Market Breakup by Model Type5.6 Market Breakup by Region5.7 Market Forecast5.8 SWOT Analysis5.8.1 Overview5.8.2 Strengths5.8.3 Weaknesses5.8.4 Opportunities5.8.5 Threats5.9 Value Chain Analysis5.9.1 Overview5.9.2 Product Development5.9.3 Marketing and Promotion5.9.4 Lead Generation and Sales5.9.5 New Business Processing5.9.6 Servicing, CRM and Repeat Sales5.10 Porters Five Forces Analysis5.10.1 Overview5.10.2 Bargaining Power of Buyers5.10.3 Bargaining Power of Suppliers5.10.4 Degree of Competition5.10.5 Threat of New Entrants5.10.6 Threat of Substitutes6 Market Breakup by Product Type6.1 Life Bancassurance6.1.1 Market Trends6.1.2 Market Forecast6.2 Non-Life Bancassurance6.2.1 Market Trends6.2.2 Market Forecast7 Market Breakup by Model Type7.1 Pure Distributor7.1.1 Market Trends7.1.2 Market Forecast7.2 Exclusive Partnership7.2.1 Market Trends7.2.2 Market Forecast7.3 Financial Holding7.3.1 Market Trends7.3.2 Market Forecast7.4 Joint Venture7.4.1 Market Trends7.4.2 Market Forecast8 Market Breakup by Region8.1 Asia Pacific8.1.1 Market Trends8.1.2 Market Forecast8.2 Europe8.2.1 Market Trends8.2.2 Market Forecast8.3 Latin America8.3.1 Market Trends8.3.2 Market Forecast8.4 North America8.4.1 Market Trends8.4.2 Market Forecast8.5 Middle East and Africa8.5.1 Market Trends8.5.2 Market Forecast9 Competitive Landscape9.1 Market Structure9.2 Key Players9.3 Profiles of Key Players9.3.1 ABN AMRO Bank N.V.9.3.2 The Australia and New Zealand Banking Group Limited9.3.3 Banco Bradesco SA9.3.4 The American Express Company9.3.5 Banco Santander, S.A.9.3.6 BNP Paribas S.A.9.3.7 The ING Group9.3.8 Wells Fargo & Company9.3.9 Barclays plc9.3.10 Intesa Sanpaolo S.p.A.9.3.11 Lloyds Banking Group plc9.3.12 Citigroup Inc.9.3.13 Credit Agricole Group9.3.14 HSBC Holdings plc9.3.15 NongHyup Financial Group9.3.16 Societe Generale S.A.9.3.17 Nordea GroupFor more information about this report visit https://www.researchandmarkets.com/r/52wzel CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] 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
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