Global Bancassurance Market 2017-2018 & 2023 - Industry Trends, Share, Size, Growth, Opportunity and Forecasts - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 7, 2018--The “Bancassurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” report has been added to ResearchAndMarkets.com’s offering.
The global bancassurance market has reached a value of more than US$ 1,040.7 Billion in 2017
The global bancassurance market is currently witnessing strong growth as banks are adopting more diversified and enhanced product portfolios in their offerings, especially in the face of banking industry regulations which will limit the lenders’ probability with their traditional business lines.
Bancassurance simply refers to selling insurance products through established distribution channels of banks. Herein, banks and insurance firms come up with an agreement, which prompts the insurance firm to sell its products to the bank clients. This arrangement is getting highly popular, as this benefit both the bank as well as the insurance firm. From the banks’ point of view, they receive a fee amount (non-interest income) apart from the interested income from the insurance company. Whereas, from the insurance firms’ point of view, they get to increase their customers and market reach.
Currently, banks have become the main distribution channel for insurance products, and insurance firms provide a substantial profit source for them in return. Bancassurance arrangement largely reposes on the relationship that the bank has developed with the customer over a period of time. Therefore, insurance firms are more than happy with pushing risk products through banks, as it is a better and cost-effective affair compared to the agent route. And, for banks, fee-based income at a minimum cost is always a welcome considering the falling interest rates.
Bancassurance is becoming an important factor for the overall financial services market growth due to the consolidation in the sector. With technological advancements influencing consumer behaviors and their purchasing patterns, the global bancassurance market is expected to witness a continuous upsurge in its valuation. Moreover, the increase in mobile surfing and mounting penetration of internet are expected to fuel the global bancassurance market growth as well.
Looking forward, the market value is projected to reach US$ 1,451.4 Billion by 2023, expanding at a CAGR of 5.7% during 2018-2023.
The competitive landscape of the market has also been examined with some of the key players beingAmerican Express Banco Santander BNP Paribas Citigroup Crdit Agricole HSBC ING Group Wells Fargo ABN AMRO ANZ Banco Bradesco Barclays Crdit Mutuel Intesa Sanpaolo Lloyds Bank Group NongHyup Financial Group Nordea Group Societe Generale.
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
5 Global Bancassurance Market
6 Market Breakup by Product
7 Market Breakup by Bancassurance Models
8 Market Breakup by Region
9 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/research/4flwl5/global?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20180907005399/en/
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INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING
SOURCE: Research and Markets
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PUB: 09/07/2018 01:00 PM/DISC: 09/07/2018 01:00 PM