IMARC Group, a leading market research company, has released a report titled "Europe Bancassurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". According to the report, The Europe bancassurance market size reached US$ 588.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 792.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.3% during 2023-2028.
Bancassurance refers to the joint efforts between banks and insurance companies that enable banks to offer their customers financial products and insurance services. This business model assists banks in expanding their product portfolio and aids insurance companies in increasing their geographical presence. The most common bancassurance services include endowments, unit-linked insurance plans (ULIPs), property, and health insurance plans.
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Europe Bancassurance Market Trends and Drivers:
The Europe bancassurance market is primarily driven by the growing financial, banking, and insurance sectors across the region. Besides this, numerous key players are engaging in merger and acquisition (MA) activities and partnerships to create several growth opportunities in the market. In addition, a strong bancassurance strategy assists in the generation of significant incomes through management fees for the banks, retention of new and existing customers, and customization of products and services. Moreover, the market is also influenced by the agreements between multinational insurance companies and regional financial service providers. Furthermore, the rising number of brokers and agents in the European region is also anticipated to propel the market in the coming years.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Product Type:
- Life Bancassurance
- Non-Life Bancassurance
Breakup by Model Type:
- Pure Distributor
- Exclusive Partnership
- Financial Holding
- Joint Venture
Breakup by Country:
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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