Europe Bancassurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 656 Billion |
| Market Size (2029) | USD 819.84 Billion |
| CAGR (2024 - 2029) | 4.56 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Bancassurance Market Analysis
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.
Europe Bancassurance Market Leaders
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Allianz
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Generali
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Zurich
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AG Insurance
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AXA
*Disclaimer: Major Players sorted in no particular order
Europe Bancassurance Market News
- June 2023: Admiral Seguros collaborated with ING Spain for a digital bancassurance venture. The collaboration stemmed from Admiral Group's expansion of its distribution network with insurance solutions. This joint partnership led to the creation of ING Orange Auto Insurance, a digital product designed to revolutionize the insurance sector.
- February 2023: European insurance group Talanx strengthened its regional presence in the Polish market by signing a ten-year bancassurance deal with Bank Millennium. This agreement expanded its portfolio in the life protection and non-motor business.
Bancassurance In Europe Market Report - Table of Contents
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*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Europe Bancassurance Industry Segmentation
Bancassurance refers to a collaborative setup between a bank and an insurance company, enabling the latter to offer its products to the bank's clientele. This report aims to provide a detailed analysis of the European bancassurance market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on the different types, along with key developments. The report also analyses the key players and the competitive landscape in the market.
The European bancassurance market is segmented by type of insurance and geography. By type of insurance, the market is further segmented into life insurance and non-life insurance. By geography, the market is further segmented into France, Italy, Germany, the United Kingdom, Finland, and the Rest of Europe. The report offers market size and forecasts for the bancassurance market in Europe in terms of value (USD) for all the above segments.
| By Type of Insurance | |
| Life Insurance | |
| Non-life Insurance |
| By Country | |
| United Kingdom | |
| Germany | |
| France | |
| Italy | |
| Finland | |
| Rest of Europe |
Bancassurance In Europe Market Research Faqs
How big is the Bancassurance In Europe Market?
The Bancassurance In Europe Market size is expected to reach USD 656 billion in 2024 and grow at a CAGR of 4.56% to reach USD 819.84 billion by 2029.
What is the current Bancassurance In Europe Market size?
In 2024, the Bancassurance In Europe Market size is expected to reach USD 656 billion.
Who are the key players in Bancassurance In Europe Market?
Allianz, Generali, Zurich, AG Insurance and AXA are the major companies operating in the Bancassurance In Europe Market.
What years does this Bancassurance In Europe Market cover, and what was the market size in 2023?
In 2023, the Bancassurance In Europe Market size was estimated at USD 626.09 billion. The report covers the Bancassurance In Europe Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Bancassurance In Europe Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key trends in the Europe Bancassurance Market?
The key trends in the Europe Bancassurance Market are a) Digitization and automation b) Enhanced customer experience c) Use of data analytics and AI d) Sustainable and ESG-focused products
Bancassurance In Europe Industry Report
The Europe bancassurance market, a blend of banking and insurance services, is witnessing robust growth, driven by the convenience and efficiency it offers to both customers and financial institutions. This market is segmented by product types including life insurance, property and casualty insurance, health insurance, among others, and by distribution channels such as retail banks, corporate banks, and online platforms. Geographically, while Western Europe shows market maturity, Eastern Europe offers significant growth opportunities.
The pivotal role of digital technologies in enhancing customer experiences and operational efficiencies continues to drive market evolution. Strategic collaborations and innovations in product offerings are key trends that enable bancassurance companies and banks to expand their customer base and improve service delivery. Despite facing challenges like regulatory complexities and market saturation in certain regions, the sector's future is promising with potential for expansion into untapped markets and further digital transformation.
The Europe bancassurance market report is segmented by the type of insurance and geography. The market size and forecasts are provided in terms of value for all the above segments. Detailed statistics on the bancassurance in Europe market share, size, and revenue growth rate are available in Mordor Intelligence™ Industry Reports. Access a sample of this industry analysis as a free report PDF download to gain comprehensive insights into the bancassurance landscape.
Industry analysis and industry research indicate that market trends and market segmentation are crucial for understanding the dynamics of the Europe bancassurance market. The market forecast and market outlook highlight the potential for market growth and industry sales. Market leaders are leveraging industry trends and market data to stay ahead. The industry outlook and market review provide a comprehensive market overview and market predictions.
Industry information and industry statistics are essential for grasping the market value and industry size. Report examples and research companies offer valuable insights into the market segmentation and market growth. The market report and market research emphasize the importance of understanding market trends and market forecast. The industry reports and industry trends shed light on the evolving landscape and market outlook.
