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Global Bancassurance Market to 2025 – Analysing Key Performance Indicators, Key Trends, Drivers and Challenges, and Competitive Landscape

The bancassurance direct written premiums was valued at $106,058 million in 2020 and is forecast to record growth of more than 2% in 2021. Despite the consistently growing presence of banks in the global financial sector, growth in insurance distribution via banks has remained uneven and affected by factors such as regulatory hurdles, a competitor’s advantage, and a lack of financial awareness. Bancassurance as a distribution channel has a larger presence in the life insurance segment than general insurance across all regions.

Over the next five years, bancassurance is expected to report positive growths, mainly backed by product diversification initiatives and the digitalization of banking operations. Economic slowdown and a prolonged period of low-interest rates prompted banks to diversify into other financial services, including insurance.

Overview of global bancassurance market

Overview of global bancassurance market

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What are the market dynamics in the global bancassurance market?

Over the next five years, bancassurance is expected to report positive growths, mainly backed by product diversification initiatives and the digitalization of banking operations Economic slowdown and a prolonged period of low-interest rates prompted banks to diversify into other financial services, including insurance.

Growing digitalization:

The COVID-19 outbreak globally led to increased digitization and remote service adoption by banks. According to a survey by McKinsey in May 2020, 14% of European customers believe they will increase online and mobile banking usage, even after pandemic-related lockdowns and social distancing norms are eased. Regulatory authorities across the world implement digitalization measures across the insurance value chain to gain operational efficiencies This, in turn, provided an impetus to online bancassurance sales.

Open finance:

Open Finance is the regular term that is used for describing the extension of the Open Banking data sharing principles that enable insurers and other third-party providers to gain customer data access across several financial sector products, such as investment and savings. 

Mass affluent market:

The mass affluent demographic is being targeted by a wide range of financial services providers, from wealth managers to banks to new digital entrants. Digital investment platforms and banks have more competition than ever, and non-traditional providers such as Sofi and Nutmeg have managed to amass notable client demand in a short space of time and are continuously innovating at a pace.

Application programming interface:

The implementation of Payment Services Directive 2 (PSD 2) in the EU and the open architecture integration model supported by regulators in China, Hong Kong, and India, among others, in a push for open banking, empowered bancassurers to seek new technologies such as blockchain and application programming interfaces (APIs).

Blockchain:

Blockchain technology allows banks and insurers to manage their assets digitally. China Construction Bank Corporation Ltd utilizes a blockchain-enabled bancassurance solution developed by IBM in Hong Kong. The solution is built on IBM’s Blockchain Platform. It streamlines CCB’s bancassurance process and improves customer experience and the quality of services delivered. This includes quicker transaction processing time and enhanced transparency.

Regional distribution of bancassurance direct written premiums

Regional distribution of bancassurance direct written premiums

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Who are the key lending banks in the global Bancassurance market?

Industrial & Commercial Bank, Japan Post Bank Co. Ltd, National Australia Bank Ltd, HSBC Holdings Plc, Qatar National Bank, JPMorgan Chase & Co., Bank of America Corp are a few of the leading banks in the global bancassurance market.

Market report scope

Direct written premiums (2020)

$106,058 million
Growth rate CAGR of >2% from 2019 to 2025
Base year for estimation 2020
Key Trends Digitalization, Application programing interface, Blockchain, Mass affluent market and Open Finance
Key Lending Banks Industrial and Commercial Bank of China Ltd, China Construction Bank Corp, Bank of China Ltd, JPMorgan Chase & Co, Mitsubishi UFJ Financial Group Inc, HSBC Holdings Plc, Bank of America Corp, BNP Paribas SA, Citigroup Inc., Royal Bank of Canada, Lloyds Banking Group, Japan Post Bank Co. Ltd

Scope

This report provides a comprehensive analysis of the global bancassurance industry. It provides:

  • It provides historical values for the global and regional bancassurance industry for 2015-2019, and projected figures until 2025.
  • It offers a detailed analysis of the regional bancassurance industry and market forecasts to 2025.
  • It provides key market trends in the global bancassurance industry.
  • It provides rankings and in-depth profiles of top global banks and their bancassurance operation and regional bancassurers and analyzes the competitive advantage.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the global and regional bancassurance industry.
  • In-depth market analysis, information, and insights into the global bancassurance industry.
  • In-depth analysis of the competitive landscape and top 10 regional banks.
  • Understand the key dynamics, trends, and growth opportunities in the global and regional bancassurance industry.
  • Identify key market and regulatory developments impacting the market growth.
  • Identify growth opportunities in key regional markets.

Key Players

Industrial and Commercial Bank of China Ltd

China Construction Bank Corp

Agricultural Bank of China Ltd

Bank of China Ltd

JPMorgan Chase & Co

Mitsubishi UFJ Financial Group Inc

HSBC Holdings Plc

Bank of America Corp

BNP Paribas SA

Citigroup Inc.

Credit Agricole

Wells Fargo

Royal Bank of Canada

China Merchants Bank

Lloyds Banking Group

Japan Post Bank Co. Ltd

Mizuho Financial Group Inc

Commonwealth Bank of Australia

Australia and New Zealand Banking Group Ltd

Societe Generale SA

Groupe BPCE

Deutsche Bank AG

Intesa Sanpaolo SpA

Qatar National Bank

First Abu Dhabi Bank

Emirates NBD Bank

Bank Leumi le- Israel

Standard Bank Group Ltd

Bank Hapoalim BM

The Saudi National Bank

Al Rajhi Banking & Investment Corp

FirstRand Ltd

National Bank of Egypt

Bank of America Corp.

Itau Unibanco Holding SA

Banco do Brasil SA

Banco Bradesco SA

Grupo Financiero BBVA Bancomer SA De CV

Grupo Aval Acciones y Valores SA

Banco de Credito e Inversiones

Table of Contents

Table of Contents

Executive Summary

Key Market Trends

– COVID-19 Impact Assessment

– Key Trends in Digitalization

Global Overview

– Market Size

– Premium Trends by Distribution Channels

Competitive Landscape

– Leading Banks

– Company Profiles

Regional Overview

– Asia-Pacific

– Europe

– Middle-East and Africa

– Americas

Market Outlook

Key Banking Statistics

Appendix

– Data Methodology – Tables

– Data Methodology – Notes

Frequently Asked Questions

The value of direct written premiums of bancassurance in 2020 was $106,058 million.

The direct written premiums of bancassurance is expected to grow at a compound annual growth rate of more than 2% during the period 2019-2025.

Industrial and Commercial Bank of China Ltd, China Construction Bank Corp, Bank of China Ltd, JPMorgan Chase & Co, Mitsubishi UFJ Financial Group Inc, HSBC Holdings Plc, Bank of America Corp, BNP Paribas SA, Citigroup Inc., Royal Bank of Canada, Lloyds Banking Group, Japan Post Bank Co. Ltd are the key lending banks.

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