Market Size of Bancassurance In Europe
| 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.
