Bancassurance in Europe - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Bancassurance in the European 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 (France, Italy, Germany, Spain, Finland, Belgium, Portugal, Poland, Greece, Czech Republic, Turkey, Luxembourg, Slovenia, Croatia, Malta). - Growth, Trends, and Forecast (2020-2025)

Market Snapshot

Bancassurance in Europe (2020-2025)
Study Period: 2016 - 2026
Base Year: 2020
CAGR: <6.5 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

Within the European financial sector, the removal of regulatory barriers, the integration and harmonization processes within the single market and the evolution of the securities' industry pushed market players to pay greater attention to their efficiency in allocating resources in a more competitive environment. At the same time, customer preferences demand more sophisticated financial solutions and contributed to the fast and heterogeneous expansion of distribution i.e, bancassurance.

Bancassurance – combined banks and insurance companies – is a business model for the distribution of a wide variety of insurance products predominantly existing in the European Market. 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. A strong bancassurance strategy can generate significant incomes through management fees for the banks and reduce expenses in the form of lesser customer acquisition costs for the insurers. Most of the banks have actively engaged client -oriented strategies.

Scope of the Report

An understanding of the present status of the European banking and insurance markets to correlate that with the bancassurance business models across the region, along with detailed market segmentation Current market trends, changes in market dynamics, and growth opportunities. In-depth analysis of the market size and forecast for the various segments.

Report scope can be customized per your requirements. Click here.

Key Market Trends

Importance of the bancassurance distribution channel in the European region

We see a preference for brokers and independent financial advisers in the Americas while Europe, the Middle East, and Africa (EMEA) rely more on bancassurance. Bancassurance is the main channel of distribution in many countries, accounting for more than 50% of life insurance products (eg. France, Italy, Spain, Austria) and in Portugal even more than 80%.

In Italy, life insurance distribution is fueled largely by banks, although the bancassurance model has evolved in recent years, and some agreements have been renegotiated. From 2011 to 2015, the profitability of investment products was low while insurance products offered attractive returns at relatively low risk. This growth of the bancassurance channel in life insurance also partly reflects the rise of the life insurance industry in Italy.

upper bacER.png

Rationale behind the existence of such business model despite potential risks

Such a business model thrives in countries where consumers typically go to their banks for most of their financial needs, such as France, Belgium, etc, rather than searching online, and typically want a one-stop solution for all financial needs. For example, in France, tax saver insurance products are predominantly used as saving options and banks sell them alongside traditional banking products. Given such customer preferences and hopefully higher turnaround chances for life insurance rather than non-life insurance, when offered as a bundled product, and a hence higher share of life insurance in the total premiums written across the region. Infographic explaining the predominance of bancassurance and higher life insurance share in the region is presented below.

lower bacER.png

Competitive Landscape

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.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the market

    2. 1.2 Market Definition

  2. 2. RESEARCH METHODOLOGY

    1. 2.1 Study Deliverables

    2. 2.2 Study Assumptions

    3. 2.3 Analysis Methodology

    4. 2.4 Research Phases

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

      1. 4.1.1 Historical Performance of Insurance Industry in Europe, by Insurance Type

      2. 4.1.2 Distribution Channels for Insurance Market across Europe

      3. 4.1.3 Prominence of Bancassurance - Market Share by Insurance Types

      4. 4.1.4 Prominence of Bancassurance - Market Share by Country

      5. 4.1.5 Rationale behind Importance of Bancassurance in Various Insurance Segments

    2. 4.2 Bancassurance Business Models

      1. 4.2.1 Financial Conglomerates and Complex Businesses Operating as Bancassurers

      2. 4.2.2 Joint Ventures and Deals among EU/EEA Enterprises and/or Foreign Entities operating in Domestic Market

    3. 4.3 Market Drivers

      1. 4.3.1 Advances in Distribution by Changes in Consumer Needs

      2. 4.3.2 Regulatory and Technological Developments

    4. 4.4 Market Restraints

      1. 4.4.1 Compliance Constraints to Counter Potential Credit and Market Risks

      2. 4.4.2 Stigma towards the Business Model in lieu of 2008 Financial Crisis Situation

    5. 4.5 Importance of Evolving Regulatory Landscape in the Region

    6. 4.6 Porter's Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 Impact of COVID 19 on the market

  5. 5. MARKET SEGMENTATION AND ANALYSIS

    1. 5.1 By Type of Insurance

      1. 5.1.1 Life Insurance

      2. 5.1.2 Non-Life Insurance

      3. 5.1.3 Others

    2. 5.2 By Country

      1. 5.2.1 France

      2. 5.2.2 Italy

      3. 5.2.3 Germany

      4. 5.2.4 Spain

      5. 5.2.5 Finland

      6. 5.2.6 Belgium

      7. 5.2.7 Portugal

      8. 5.2.8 Poland

      9. 5.2.9 Greece

      10. 5.2.10 Czech Republic

      11. 5.2.11 Turkey

      12. 5.2.12 Luxembourg

      13. 5.2.13 Slovenia

      14. 5.2.14 Croatia

      15. 5.2.15 Malta

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Overview (Market Concentration and Major Players)

    2. 6.2 Company Profiles

      1. 6.2.1 Credit Agricole

      2. 6.2.2 Intesa Sanpaolo

      3. 6.2.3 Allianz

      4. 6.2.4 Generali

      5. 6.2.5 Zurich

      6. 6.2.6 AG Insurance

      7. 6.2.7 AXA

      8. 6.2.8 BNP PARIBAS CARDIF

      9. 6.2.9 CNP ASSURANCES

      10. 6.2.10 Aviva*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Bancassurance in Europe| Growth, Trends, and Forecast (2020-2025) market is studied from 2016 - 2026.

The Bancassurance in Europe| Growth, Trends, and Forecast (2020-2025) is growing at a CAGR of <6.5% over the next 5 years.

Credit Agricole, Intesa Sanpaolo, Allianz , Assicurazioni Generali, BNP PARIBAS CARDIF, AXA are the major companies operating in Bancassurance in Europe| Growth, Trends, and Forecast (2020-2025).

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!