Bancassurance In Europe Market Size (2024 - 2029)

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 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.