Bancassurance in ASEAN Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Bancassurance in the ASEAN market is segmented based on the type of insurance being sold as a bundled product to the consumer ( life, non-life, and others) and the country-wise scenario (Indonesia, Malaysia, Thailand, Vietnam, Phillippines, Myanmar, Singapore, Cambodia, Laos, Brunei). - Growth, Trends, and Forecast (2020-2025)

Bancassurance in ASEAN Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Bancassurance in ASEAN Market Size

Bancassurance in ASEAN Market (2020-2025)
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2020 - 2023
CAGR 6.20 %
Market Concentration Medium

Major Players

Bancassurance in ASEAN Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Bancassurance in ASEAN Market Analysis

The Bancassurance in ASEAN Market is expected to register a CAGR of 6.2% during the forecast period.

Bancassurance - combined banks and insurance companies - is a business model for the distribution of a wide variety of insurance products. The prominence of this model lies in the ease of doing the sales part as the bancassurers can provide a full range of financial products as a bundled offering - from traditional banking, through mutual funds to insurance products - in one-stop shopping model.

There are different business models in bancassurance. There seems to be a tendency to move towards exclusive partnerships in recent years, yet a pure distributor model is still more commonly seen. Bank staff plays a primary role in selling products among the responding companies, followed by insurer specialists. Most responders use more than two methods. Generally speaking, unit-linked products are more popular, followed by endowments in selected institutions. Especially in those countries where bancassurance is dominant, there is clear customer demand for savings-type products rather than protection products.

With an internet and social media penetration of 65% and 63% respectively, combined with mobile connectivity of 132%, consumers expect to have transparence in information and immediate gratification in all possible manners. Given the customer preferences, digitization of the existing value chain is crucial to prepare themselves for the digital future. But platform and channel integration can be a major challenge for insurers those who want to deliver a true omni-channel experience.

Bancassurance in ASEAN Industry Overview

The report includes an overview of the largest insurance providers and a few financial conglomerates operating in the market studied. Currently, some of the major players dominating the market studied, in terms of market share.

Bancassurance in ASEAN Market Leaders

  1. TMB Bank

  2. DBS Bank

  3. OCBC Bank

  4. United Overseas Bank

  5. VietcomBank

  6. *Disclaimer: Major Players sorted in no particular order
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Bancassurance in ASEAN Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition

2. RESEARCH METHODOLOGY

  • 2.1 Study Deliverables
  • 2.2 Study Assumptions
  • 2.3 Analysis Methodology
  • 2.4 Research Phases

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Market Overview
    • 4.1.1 Insurance Market in the ASEAN region - Penetration, Growth rate
    • 4.1.2 Prominence of Bancassurance - % share of Gross written premiums, by country
    • 4.1.3 Bancassurance market share for Life Insurance in the ASEAN region by premiums written
    • 4.1.4 Various types of products sold through Bancassurance distribution model
    • 4.1.5 Rationale behind Importance of Bancassurance in various Insurance Segments
  • 4.2 Bancassurance Business Models
    • 4.2.1 Financial Conglomerates and Complex Businesses operating as Bancassurers
    • 4.2.2 Joint Ventures and Deals among ASEAN Enterprises and/or Foreign Entities Operating in Domestic Market
  • 4.3 Market Drivers
    • 4.3.1 Advances in Distribution by Changes in Consumer Needs
    • 4.3.2 Technological Advances and Impact of Digitalization on Distribution Model
  • 4.4 Market Restraints
    • 4.4.1 Complaince Issues due to Potential Market Risks
  • 4.5 Importance of Evolving Regulatory Landscape in the Region
  • 4.6 Porter's Five Forces Analysis
    • 4.6.1 Threat of New Entrants
    • 4.6.2 Bargaining Power of Buyers/Consumers
    • 4.6.3 Bargaining Power of Suppliers
    • 4.6.4 Threat of Substitute Products
    • 4.6.5 Intensity of Competitive Rivalry
  • 4.7 PESTLE Analysis

5. MARKET SEGMENTATION AND ANALYSIS

  • 5.1 By Type of Insurance
    • 5.1.1 Life insurance
    • 5.1.2 Non-Life Insurance
    • 5.1.3 Others
  • 5.2 By Country
    • 5.2.1 Indonesia
    • 5.2.2 Malaysia
    • 5.2.3 Thailand
    • 5.2.4 Vietnam
    • 5.2.5 Phillipines
    • 5.2.6 Myanmar
    • 5.2.7 Singapore
    • 5.2.8 Cambodia
    • 5.2.9 Laos
    • 5.2.10 Brunei

6. COMPETITIVE LANDSCAPE

  • 6.1 Overview (Market Concentration and Major Players)
  • 6.2 Company Profiles
    • 6.2.1 DBS Bank
    • 6.2.2 OCBC Bank
    • 6.2.3 United Overseas Bank
    • 6.2.4 Siam Commercial Bank
    • 6.2.5 VietcomBank
    • 6.2.6 TMB Bank
    • 6.2.7 FWD Insurance
    • 6.2.8 Generali Vietnam Life
    • 6.2.9 Sun Life
    • 6.2.10 Prudential Insurance*
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Bancassurance in ASEAN Industry Segmentation

An understanding of the present status of the ASEAN banking and insurance markets to deep-dive into insurance distribution such as bancassurance business models across the region, along with detailed market segmentation, product types, current market trends, changes in market dynamics, and growth opportunities. In-depth analysis of the market size and forecast for the various segments.

By Type of Insurance Life insurance
Non-Life Insurance
Others
By Country Indonesia
Malaysia
Thailand
Vietnam
Phillipines
Myanmar
Singapore
Cambodia
Laos
Brunei
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Bancassurance in ASEAN Market Research FAQs

What is the current Bancassurance in ASEAN Market size?

The Bancassurance in ASEAN Market is projected to register a CAGR of 6.2% during the forecast period (2025-2030)

Who are the key players in Bancassurance in ASEAN Market?

TMB Bank, DBS Bank, OCBC Bank, United Overseas Bank and VietcomBank are the major companies operating in the Bancassurance in ASEAN Market.

What years does this Bancassurance in ASEAN Market cover?

The report covers the Bancassurance in ASEAN Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Bancassurance in ASEAN Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Bancassurance in ASEAN Industry Report

Statistics for the 2025 Bancassurance in ASEAN market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bancassurance in ASEAN analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.