Bancassurance Market in Europe Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Europe Bancassurance Market is segmented based on the type of insurance (life, non-life excluding health, others) and by Country (France, Italy, Germany, Spain, Finland, Belgium, Portugal, Poland, Greece, Czech Republic, Turkey, Luxembourg, Slovenia, Croatia, Malta, Rest of Europe). The market size and forecasts are provided in terms of value (USD million) for all the above segments.

Europe Bancassurance Market Size

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Bancassurance Market in Europe Summary
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Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) EUR 555.43 Billion
Market Size (2029) EUR 660.05 Billion
CAGR (2024 - 2029) 3.51 %
Market Concentration Medium

Major Players

Bancassurance Market in Europe 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 EUR 555.43 billion in 2024 to EUR 660.05 billion by 2029, at a CAGR of 3.51% during the forecast period (2024-2029).

Bancassurance is an increasingly important distribution channel for a wide variety of insurance products across many countries in Europe. For insurance companies, the bancassurance model offers new distribution channels with a stable customer base. At the same time, banks can diversify products and enhance their profitability by selling more products utilizing the same infrastructure already in place and hence reducing operating fixed/overhead costs.

Bancassurance premium growth in Europe during the past decade outpaced other insurance channels. The bancassurance channel accounts for just 9% of premiums, there is still a lot of possibility for expansion, particularly in non-life products. The bancassurance model appears to be popular mainly in some countries: Portugal, Spain, and Italy, as well as France, Belgium, and Austria. In light of its dominance, FICOD was developed to focus on the bancassurance model. The Netherlands has the largest value of total financial conglomerate assets concerning its GDP (4.2 times its GDP), followed by France, the UK, and Spain.

The COVID-19 epidemic has altered almost every facet of life and business, including bancassurance. Banks in numerous European nations have reduced hours and closed branches to minimize the spread of the virus, with some only seeing clients by appointment.

For banks to increase sales of non-life or life products, digital tools will be key. Customer preferences for remote and digital capabilities were growing but it is clear that the pandemic and related lockdowns have accelerated these trends. The enabling factor of this transformation will be to develop a data-driven approach using granular bank data, including transactions, channel usage, and other customer behaviors.

Europe Bancassurance Market Trends

This section covers the major market trends shaping the Europe Bancassurance Market according to our research experts:

Growth in Banking Sector in European Region Driving the Market

The Europe bancassurance market is primarily driven by the growing financial, banking, and insurance sectors across the region. In Germany, the bancassurance channel distributed about 19% in 2021 of life insurance premiums and about 7% of premiums in non-life insurance, which is marginally greater than the previous year's premiums shares in 2020.

As of July 2022, there was a total of 5,171 banks operating in the European Union. Across Europe, approximately 2.15 million individuals were employed by credit institutions, with some bank employees looking after more than two hundred customers each.

In 2022, Germany had almost one thousand more banks operating than any other European country, despite a steady downward trend for years. The German banking industry has total assets worth more than 9.2 trillion euros. With a growing number of innovative startups, Germany has begun to position itself as the de-facto hub for insurance technology.

Bancassurance Market in Europe: Number of banks and Insurance companies, Europe, 2018-2022

Rising Need for Insurance Propelling Expansion in the Bancassurance Market

In 2022, Insurers entered good financial conditions and solid capital buffers with a median SCR ratio of 216% after gross written premiums for both the life and non-life business grew throughout 2021. Investment profitability returned to pre-Covid-19 levels while underwriting profitability as a whole also improved slightly, albeit with varying results across different lines of business. 

As far as insurance buyers are concerned, the impact of inflation is seen in reduced currency savings and preference for savings in the form of insurance is propelled to improve. Also, with the introduction of usage-based motor insurance and other such innovative non-life insurance products coupled with the prominence of bundled purchasing patterns in the majority of the European consumer fraternity, bancassurance has a larger room for improvement.

Bancassurance Market in Europe: % share of Life and Non Life insurance gross written premiums by Country, 2021

Europe Bancassurance Industry Overview

The report covers major players operating in Europe Bancassurance Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and service innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players including Credit Agricole, Allianz, Intesa, and AXA, etc.

Europe Bancassurance Market Leaders

  1. Credit Agricole

  2. Allianz

  3. Generali

  4. Zurich

  5. AG Insurance

  6. AXA

*Disclaimer: Major Players sorted in no particular order

Bancassurance Market in Europe Concentration
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Europe Bancassurance Market News

  • On October 18, 2022, Credit Agricole bought 9.2% of Banco BPM with a view to expanding its strategic partnerships beyond consumer finance. Insurance and asset management.
  • On February 2022, leading German insurance provider JDC Group agreed to a five-year trial program for a bancassurance platform for cooperative banks with a subsidiary of R+V Insurance (Volks- und Raiffeisenbanken).

Europe Bancassurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND 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 The 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 The 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 Toward 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

    1. 5.1 By Type of Insurance

      1. 5.1.1 Life Insurance

      2. 5.1.2 Non-Life Insurance Excluding Health Insurance

      3. 5.1.3 Other Insurance Types (Health and Capital Light Products of Life insurers)

    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

      16. 5.2.16 Rest of Europe (Including United Kingdom)

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles of Insurers With Significant Bancassurance Sales

      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*

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER

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Europe Bancassurance Industry Segmentation

Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products to the bank's client base. This partnership arrangement can be profitable for both companies. Banks earn additional revenue by selling insurance products, and insurance companies expand their customer bases without increasing their sales force. Bancassurance in the European market is segmented based on the type of insurance (life, non-life excluding health, others) and by Country (France, Italy, Germany, Spain, Finland, Belgium, Portugal, Poland, Greece, Czech Republic, Turkey, Luxembourg, Slovenia, Croatia, Malta, Rest of Europe). The report offers market size and forecasts for the bancassurance market in Europe in value (USD billion) for all the above segments.

By Type of Insurance
Life Insurance
Non-Life Insurance Excluding Health Insurance
Other Insurance Types (Health and Capital Light Products of Life insurers)
By Country
France
Italy
Germany
Spain
Finland
Belgium
Portugal
Poland
Greece
Czech Republic
Turkey
Luxembourg
Slovenia
Croatia
Malta
Rest of Europe (Including United Kingdom)
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Europe Bancassurance Market Research FAQs

The Bancassurance in Europe Market size is expected to reach EUR 555.43 billion in 2024 and grow at a CAGR of 3.51% to reach EUR 660.05 billion by 2029.

In 2024, the Bancassurance in Europe Market size is expected to reach EUR 555.43 billion.

Credit Agricole, Allianz, Generali, Zurich, AG Insurance and AXA are the major companies operating in the Bancassurance in Europe Market.

In 2023, the Bancassurance in Europe Market size was estimated at EUR 536.60 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.

Bancassurance in Europe Industry Report

Statistics for the 2024 Bancassurance in Europe market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Bancassurance in Europe analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Bancassurance Market in Europe Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)