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
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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.
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 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 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
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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)
|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|
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.
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
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
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
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
Key Market Trends
– COVID-19 Impact Assessment
– Key Trends in Digitalization
– Market Size
– Premium Trends by Distribution Channels
– Leading Banks
– Company Profiles
– Middle-East and Africa
Key Banking Statistics
– 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.