Bancassurance In Europe - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)
The Bancassurance In Europe Market size in terms of gross written premiums value is expected to grow from USD 656 billion in 2024 to USD 819.84 billion by 2029, at a CAGR of 4.56% during the forecast period (2024-2029).
Bancassurance is a pivotal distribution channel for various insurance firms across several European nations. This model provides insurers with stable channels, all given to their bank partnerships, and taps into an existing customer base. Simultaneously, banks leverage these insurance offerings to diversify their portfolios and bolster revenues. Banks can reduce costs associated with selling their broader products and services by capitalizing on their established infrastructure and clientele. Regions such as Europe have witnessed a notable surge in bancassurance premiums in recent years, outpacing other insurance channels. While bancassurance already commands a significant share of insurance premiums, there remains ample room for expansion, particularly in non-life segments like motor and mortgage insurance.
With the rise in customer demand for digital options, banks are increasingly leveraging their virtual platforms to boost life and non-life insurance sales. This digital integration has become a vital growth tool, with the pandemic and subsequent shutdowns further accelerating the shift toward remote and digital preferences. The driving force behind this transformation lies in developing data-driven approaches, harnessing vast repositories of bank data, including transaction channels and customer behavior.
Europe Bancassurance Market Trends
The Rising Need for Non-Life Insurance is Propelling Expansion in the Bancassurance Market
The European bancassurance market owes much of its expansion to the robust growth of the region's financial, banking, and insurance sectors. The increasing demand for non-life insurance significantly contributes to the growth of the bancassurance market. As consumers seek comprehensive coverage for property, automobiles, and other assets, banks capitalize on the opportunity by offering insurance products alongside their traditional financial services. This integration allows for a more streamlined consumer experience and has been a critical factor in the market's growth. The trend toward digitalization in the banking sector further facilitates the distribution of non-life insurance products, making it easy for consumers to access and purchase insurance through their trusted financial institutions. Neobanking, an innovative online banking technology, offers end-to-end banking services, eliminating the need for physical bank visits. This vast customer base presents itself as a growth opportunity for the expansion of non-life insurance in the market.
Germany Holds the Largest Share of the European Bancassurance Market
In recent years, insurers have experienced a positive upturn in their financial positions, buoyed by a notable surge in gross written premiums in non-life sectors. The European insurance market is also witnessing a rise in novel non-life offerings, notably the emergence of usage-based motor insurance and a growing preference for bundled purchases. Contributing to this growth are factors like increased motor vehicle and property acquisitions. Germany's passenger car sales reached approximately 2.5 million units in recent years. Furthermore, the increasing integration of insurance services with banking operations, known as bancassurance, is particularly pronounced in Germany. With its extensive network of banks, Germany has become the largest market for bancassurance in Europe. This trend is expected to continue as banks and insurance companies collaborate more closely to offer integrated financial solutions to consumers. These trends bode well for the future of bancassurance.
Europe Bancassurance Industry Overview
The market is moderately fragmented in nature. The report covers major players operating in the European bancassurance market. Few of the major players currently dominate the market. The players are expanding their market presence by securing new contracts and tapping into new markets through technological advancements and service innovations. The major market players include Allianz, Generali, Zurich, AG Insurance, and AXA.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Bancassurance is a pivotal distribution channel for various insurance firms across several European nations. This model provides insurers with stable channels, all given to their bank partnerships, and taps into an existing customer base. Simultaneously, banks leverage these insurance offerings to diversify their portfolios and bolster revenues. Banks can reduce costs associated with selling their broader products and services by capitalizing on their established infrastructure and clientele. Regions such as Europe have witnessed a notable surge in bancassurance premiums in recent years, outpacing other insurance channels. While bancassurance already commands a significant share of insurance premiums, there remains ample room for expansion, particularly in non-life segments like motor and mortgage insurance.
With the rise in customer demand for digital options, banks are increasingly leveraging their virtual platforms to boost life and non-life insurance sales. This digital integration has become a vital growth tool, with the pandemic and subsequent shutdowns further accelerating the shift toward remote and digital preferences. The driving force behind this transformation lies in developing data-driven approaches, harnessing vast repositories of bank data, including transaction channels and customer behavior.
Europe Bancassurance Market Trends
The Rising Need for Non-Life Insurance is Propelling Expansion in the Bancassurance Market
The European bancassurance market owes much of its expansion to the robust growth of the region's financial, banking, and insurance sectors. The increasing demand for non-life insurance significantly contributes to the growth of the bancassurance market. As consumers seek comprehensive coverage for property, automobiles, and other assets, banks capitalize on the opportunity by offering insurance products alongside their traditional financial services. This integration allows for a more streamlined consumer experience and has been a critical factor in the market's growth. The trend toward digitalization in the banking sector further facilitates the distribution of non-life insurance products, making it easy for consumers to access and purchase insurance through their trusted financial institutions. Neobanking, an innovative online banking technology, offers end-to-end banking services, eliminating the need for physical bank visits. This vast customer base presents itself as a growth opportunity for the expansion of non-life insurance in the market.
Germany Holds the Largest Share of the European Bancassurance Market
In recent years, insurers have experienced a positive upturn in their financial positions, buoyed by a notable surge in gross written premiums in non-life sectors. The European insurance market is also witnessing a rise in novel non-life offerings, notably the emergence of usage-based motor insurance and a growing preference for bundled purchases. Contributing to this growth are factors like increased motor vehicle and property acquisitions. Germany's passenger car sales reached approximately 2.5 million units in recent years. Furthermore, the increasing integration of insurance services with banking operations, known as bancassurance, is particularly pronounced in Germany. With its extensive network of banks, Germany has become the largest market for bancassurance in Europe. This trend is expected to continue as banks and insurance companies collaborate more closely to offer integrated financial solutions to consumers. These trends bode well for the future of bancassurance.
Europe Bancassurance Industry Overview
The market is moderately fragmented in nature. The report covers major players operating in the European bancassurance market. Few of the major players currently dominate the market. The players are expanding their market presence by securing new contracts and tapping into new markets through technological advancements and service innovations. The major market players include Allianz, Generali, Zurich, AG Insurance, and AXA.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Regulatory and Technological Developments
4.3 Market Restraints
4.3.1 Competition from Other Distribution Channels
4.4 Market Opportunities
4.4.1 Innovative Business Models will Create Opportunities to New Entrants
4.5 Insights on Bancassurance Business Models
4.6 Insights on Regulatory Trends Shaping the Market
4.7 Industry Attractiveness: Porter's Five Forces Analysis
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Buyers/Consumers
4.7.3 Bargaining Power of Suppliers
4.7.4 Threat of Substitute Products
4.7.5 Intensity of Competitive Rivalry
4.8 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Type of Insurance
5.1.1 Life Insurance
5.1.2 Non-life Insurance
5.2 By Country
5.2.1 United Kingdom
5.2.2 Germany
5.2.3 France
5.2.4 Italy
5.2.5 Finland
5.2.6 Rest of Europe
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Allianz
6.2.2 AXA
6.2.3 Generali
6.2.4 Zurich
6.2.5 AG Insurance
6.2.6 Credit Agricole
6.2.7 Intesa Sanpaolo
6.2.8 BNP Paribas Cardif
6.2.9 CNP Assurances
6.2.10 Aviva*
7 MARKET FUTURE TRENDS
8 DISCLAIMER AND ABOUT US
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Regulatory and Technological Developments
4.3 Market Restraints
4.3.1 Competition from Other Distribution Channels
4.4 Market Opportunities
4.4.1 Innovative Business Models will Create Opportunities to New Entrants
4.5 Insights on Bancassurance Business Models
4.6 Insights on Regulatory Trends Shaping the Market
4.7 Industry Attractiveness: Porter's Five Forces Analysis
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Buyers/Consumers
4.7.3 Bargaining Power of Suppliers
4.7.4 Threat of Substitute Products
4.7.5 Intensity of Competitive Rivalry
4.8 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Type of Insurance
5.1.1 Life Insurance
5.1.2 Non-life Insurance
5.2 By Country
5.2.1 United Kingdom
5.2.2 Germany
5.2.3 France
5.2.4 Italy
5.2.5 Finland
5.2.6 Rest of Europe
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Allianz
6.2.2 AXA
6.2.3 Generali
6.2.4 Zurich
6.2.5 AG Insurance
6.2.6 Credit Agricole
6.2.7 Intesa Sanpaolo
6.2.8 BNP Paribas Cardif
6.2.9 CNP Assurances
6.2.10 Aviva*
7 MARKET FUTURE TRENDS
8 DISCLAIMER AND ABOUT US
