The global bancassurance market was valued at USD 1.69 Billion in 2024. The industry is expected to grow at a CAGR of 7.50% during the forecast period of 2025-2034 to reach a value of USD 3.48 Billion by 2034.
Growth of the bancassurance market is driven by regulatory liberalisation, digital embedding, and cross-sector alliances. Markets in France, Spain, and India are witnessing renewed activity as banks leverage tech-stack integrations and open APIs to drive cross-selling. Notably, the Insurance Regulatory and Development Authority of India (IRDAI) has allowed banks to tie up with up to 9 insurers, which is expected to stimulate competition and diversity in product offerings.
Emerging economies are transforming the bancassurance market dynamics. In Southeast Asia, for instance, through the bancassurance partnership, Manulife's best-in-class suite of life and health insurance solutions was made available to DBS's six million retail, wealth, and SME customers through the bank's vast network of more than 200 branches, its more than 2,000 professional sales staff, and its online and mobile banking platforms. In Africa, Equity Bank’s microinsurance product co-developed with Britam, backed by a grant from FSD Africa, offers premium-free health coverage on savings accounts, tailored for informal workers. The model demonstrates how financial inclusion strategies are converging with digital bancassurance to tap into underserved consumer bases.
Meanwhile, ESG-linked insurance plans are boosting further demand in the bancassurance market. HSBC and AXA have co-launched green insurance-linked savings plans in Europe, aligning customer acquisition with sustainability goals. The market is evolving into a platform economy, where data-sharing consent frameworks and embedded risk products are redefining the boundaries of traditional financial distribution.
Non-life bancassurance, especially in health and cyber-risk, is the fastest-growing segment in the bancassurance market. The pandemic has compelled banks to focus on customer protection gaps. With rising SME banking activity, banks in Southeast Asia are partnering with insurers to embed cyber-liability and property risk covers for business accounts. For example, Chubb SG and StarHub launched insurance coverage against cyber-bullying. Regulatory support has also become key. Brazil’s SUSEP has relaxed digital distribution norms, accelerating bancassurance sales in non-life segments. This segment’s agility, offering short-term, situational covers, is allowing banks to respond to customer lifestyle events more effectively.
The financial holding model is witnessing a sharp demand surge, especially in the Asia-Pacific and European bancassurance markets. In this model, a bank owns a significant stake in the insurance company, allowing strategic alignment beyond distribution. China’s Ping An, for example, integrates banking, insurance, and healthcare under a single tech-powered holding. Similarly, Thailand’s SCB X has transitioned to a holding model to unlock cross-vertical synergies in digital lending and life insurance. This model offers the highest operational control and supports full-stack service orchestration.
The Asia-Pacific bancassurance market is gradually evolving into a mass-market insurance channel. In India, Indonesia, and the Philippines, rising digital bank adoption is pushing insurers to develop products that can effectively cater to new low-income segments. Regulatory support from bodies like IRDAI and OJK is encouraging multi-tie partnerships, rural coverage, and gender-focused microinsurance. Banks are rapidly digitising, integrating insurance into e-wallets and neo-banking apps. Thailand’s SCB and Prudential, for example, have launched instant approval life insurance on mobile banking platforms.
Bancassurance companies are investing in insurtech firms to fast-track innovation; for instance, Allianz has partnered with multiple European neobanks to bundle on-demand insurance with fintech services. In Asia, companies like Manulife and Prudential are exploring AI chatbots as well. There is also a growing emphasis on upskilling bank staff with hybrid sales training, blending advisory with digital fluency.
ABN AMRO Bank N.V.
ABN AMRO Bank N.V., established in 1991, is the third-largest Dutch bank, based in Amsterdam. The company has launched an advanced digital platform for seamless insurance services. It has also formed alliances with leading insurance providers to meet the growing demand of the market.
Other key players in the market are Barclays, Lloyds Bank plc, Crédit Agricole Group, and HSBC Bank, among others.
Growth of the bancassurance market is driven by regulatory liberalisation, digital embedding, and cross-sector alliances. Markets in France, Spain, and India are witnessing renewed activity as banks leverage tech-stack integrations and open APIs to drive cross-selling. Notably, the Insurance Regulatory and Development Authority of India (IRDAI) has allowed banks to tie up with up to 9 insurers, which is expected to stimulate competition and diversity in product offerings.
Emerging economies are transforming the bancassurance market dynamics. In Southeast Asia, for instance, through the bancassurance partnership, Manulife's best-in-class suite of life and health insurance solutions was made available to DBS's six million retail, wealth, and SME customers through the bank's vast network of more than 200 branches, its more than 2,000 professional sales staff, and its online and mobile banking platforms. In Africa, Equity Bank’s microinsurance product co-developed with Britam, backed by a grant from FSD Africa, offers premium-free health coverage on savings accounts, tailored for informal workers. The model demonstrates how financial inclusion strategies are converging with digital bancassurance to tap into underserved consumer bases.
Meanwhile, ESG-linked insurance plans are boosting further demand in the bancassurance market. HSBC and AXA have co-launched green insurance-linked savings plans in Europe, aligning customer acquisition with sustainability goals. The market is evolving into a platform economy, where data-sharing consent frameworks and embedded risk products are redefining the boundaries of traditional financial distribution.
Key Trends and Recent Developments
September 2024
Max Life Insurance Company Ltd. (Max Life) established a bancassurance partnership with CSB Bank (CSB), a private sector banking institution in India. This collaboration is designed to provide a variety of savings, protection, retirement, and group life insurance products to over 2.5 million customers of CSB.August 2024
ICICI Lombard General Insurance announced that it has partnered with seven different financial institutions to create bancassurance collaborations. This initiative aims to strengthen its distribution network and increase the availability of insurance services for customers across the country.August 2024
SBI General Insurance Company and HSBC India established a bancassurance partnership aimed at the distribution of non-life insurance products. This collaboration signifies a move towards offering accessible and comprehensive insurance solutions.May 2024
Federal Bank, a leading private sector bank in India, entered into a bancassurance partnership with Tata AIA Life Insurance Co Ltd, a major player in the Indian life insurance market. This strategic collaboration is designed to offer Federal Bank's customers access to the wide range of insurance products provided by Tata AIA Life.Embedded Insurance through Digital Ecosystems
Leading banks like BBVA are integrating insurance options within banking apps, offering auto-quote and bind capabilities. This aligns with the EU’s PSD2 and Open Finance regulations, allowing insurers to tap into transactional data with user consent, contributing to the overall bancassurance market value. In Asia, Indonesia’s BCA has embedded micro-life insurance via Gojek’s digital wallet. This API-first design, when blended with real-time underwriting, helps insurers increase coverage penetration among gig workers and millennials.ESG-Aligned Insurance Products via Bancassurance
Banks like ING and BNP Paribas are pushing insurance-linked savings that invest in ESG funds, making sustainability a key trend in the bancassurance market. In Malaysia, CIMB and Sun Life offer green life cover, where policyholders earn extra bonuses for reducing carbon footprints, tracked through spending data. Regulatory pushbacks such as the EU’s SFDR mandate are accelerating the adoption of such products. As ESG disclosure norms tighten, banks with sustainability portfolios are using these products to attract responsible investors and younger customers seeking aligned financial products.Multi-Tie Partnerships Expanding Risk Spread
Markets like India and South Africa are witnessing a shift towards multi-tie bancassurance partnerships. In 2024, ICICI Bank signed distribution deals with seven separate general insurers. This market trend loosens the historical single-partner model and allows banks to tailor offerings to customer segments more precisely, reshaping the bancassurance market dynamics. Regulatory moves like IRDAI’s liberalisation of bancassurance tie-ups are empowering banks to negotiate better margins and product flexibility. This multi-tie model enables insurers to reduce distribution risk and offer specialised products such as cybercrime insurance for SMEs or agri-insurance for rural customers.Rise of AI-Driven Underwriting Tools
Advanced underwriting is gaining traction in the bancassurance market, powered by AI and big data. In Europe, Société Générale’s insurance sector uses AI tools that analyse health wearables and banking patterns to provide personalised underwriting. Similarly, Thailand’s KASIKORN Business Technology Group (KBTG) has joined with Muang Thai Insurance Pcl (MTI) in launching InsurTech, an AI-based platform for self-service pre-insurance car inspection to ensure greater efficiency. These tools integrate into banking CRMs, creating real-time insurance prompts based on financial activity.Microinsurance & Social Protection Integrations
Bancassurance is playing a vital role in social protection schemes in emerging markets. In Kenya, the government-backed NHIF (National Health Insurance Fund) is now distributed via KCB Bank branches to rural users, simplifying accessibility and contributing to the bancassurance market development. Similarly, in the Philippines, LandBank collaborates with PhilHealth to embed social insurance into payroll-linked savings accounts. Such integrations reduce coverage gaps in informal sectors. International donors like the World Bank and IFC are financing these models as part of financial inclusion mandates.Global Bancassurance Industry Segmentation
The report titled “Global Bancassurance Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:Market Breakup by Product
- Life Bancassurance
- Non-Life Bancassurance
Market Breakup by Bancassurance Models
- Pure Distributor
- Exclusive Partnership
- Financial Holding
- Joint Venture
Market Breakup by Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Global Bancassurance Market Share
By Product, Life Bancassurance Accounts for the Largest Share of the Market
Life bancassurance continues to dominate the global bancassurance industry, driven by customer trust in banks and rising financial literacy. In France and Spain, over 60% of life insurance policies are sold through bank branches. Banks are leveraging hybrid distribution, combining in-branch advisors with digital prompts. Many Asian markets, such as Vietnam and Indonesia, are witnessing a surge in life savings-linked insurance, driven by middle-class expansion. Embedded life products, especially those linked to education or retirement goals, are being promoted via lifestyle-based banking platforms with in-app planning tools.Non-life bancassurance, especially in health and cyber-risk, is the fastest-growing segment in the bancassurance market. The pandemic has compelled banks to focus on customer protection gaps. With rising SME banking activity, banks in Southeast Asia are partnering with insurers to embed cyber-liability and property risk covers for business accounts. For example, Chubb SG and StarHub launched insurance coverage against cyber-bullying. Regulatory support has also become key. Brazil’s SUSEP has relaxed digital distribution norms, accelerating bancassurance sales in non-life segments. This segment’s agility, offering short-term, situational covers, is allowing banks to respond to customer lifestyle events more effectively.
By Bancassurance Model, Exclusive Partnership Sustains its Dominant Position in the Market
Exclusive partnerships remain the dominant model in the bancassurance market, providing insurers with deep bank integration and co-branded strategies. BNP Paribas Cardif’s exclusive pact with Shinhan Bank in South Korea enables joint product development, shared training, and co-managed customer analytics. This model drives higher sales conversion, as front-line bankers receive extensive support and incentives. Insurers, in turn, benefit from operational data and access to millions of active banking customers. The model thrives where regulatory clarity exists, like in Japan and Germany, allowing long-term alignment on capital investments and digital co-innovation.The financial holding model is witnessing a sharp demand surge, especially in the Asia-Pacific and European bancassurance markets. In this model, a bank owns a significant stake in the insurance company, allowing strategic alignment beyond distribution. China’s Ping An, for example, integrates banking, insurance, and healthcare under a single tech-powered holding. Similarly, Thailand’s SCB X has transitioned to a holding model to unlock cross-vertical synergies in digital lending and life insurance. This model offers the highest operational control and supports full-stack service orchestration.
Global Bancassurance Market Regional Analysis
By Region, Europe Registers the Dominant Revenue Share
Europe remains the most mature and dominant market for bancassurance, with embedded distribution reaching over 60% penetration in markets like France and Spain. Regulatory stability under Solvency II and EIOPA’s digital insurance guidelines are helping insurers experiment with AI tools. Cross-border scalability is also growing with insurers leveraging digital passports to operate in multiple European Union countries via partner banks. While fintech integration becomes extensively accepted, bancassurance in Europe is expected to become less about transactions, more about data synergy and personalised financial ecosystems.The Asia-Pacific bancassurance market is gradually evolving into a mass-market insurance channel. In India, Indonesia, and the Philippines, rising digital bank adoption is pushing insurers to develop products that can effectively cater to new low-income segments. Regulatory support from bodies like IRDAI and OJK is encouraging multi-tie partnerships, rural coverage, and gender-focused microinsurance. Banks are rapidly digitising, integrating insurance into e-wallets and neo-banking apps. Thailand’s SCB and Prudential, for example, have launched instant approval life insurance on mobile banking platforms.
Competitive Landscape
The bancassurance market players are focusing on co-creating digital onboarding flows, hyper-personalised policies, and AI-backed servicing platforms. Leading insurers are forming long-term alliances with banks for distribution and shared infrastructure, including APIs, CRMs, and data analytics hubs. They are integrating insurance services into online banking applications and websites, offering smooth experience for customers when purchasing and managing their policies. Furthermore, companies are developing customised insurance products that meet the unique needs of bank customers. For example, they offer life insurance, health insurance, and home insurance as part of mortgage packages.Bancassurance companies are investing in insurtech firms to fast-track innovation; for instance, Allianz has partnered with multiple European neobanks to bundle on-demand insurance with fintech services. In Asia, companies like Manulife and Prudential are exploring AI chatbots as well. There is also a growing emphasis on upskilling bank staff with hybrid sales training, blending advisory with digital fluency.
Zurich Insurance Company Ltd
Founded in 1872 and headquartered in Switzerland, Zurich Insurance Company Ltd, is a leading player in the bancassurance market. The company has acquired a 51% stake in India’s Kotak Mahindra General Insurance. They are also known for launching next-generation global API marketplace Zurich exchange that boosts the company’s market reach.ABN AMRO Bank N.V.
ABN AMRO Bank N.V., established in 1991, is the third-largest Dutch bank, based in Amsterdam. The company has launched an advanced digital platform for seamless insurance services. It has also formed alliances with leading insurance providers to meet the growing demand of the market.
The ING Group
The ING Group, established in 1989, offers high-net-worth individuals and families private banking as well as wealth and investment management services. The company has recently strengthened its collaboration with NN by extending bancassurance partnership until 2034. ING and AXA have further announced digital partnership to build a global insurance platform.Wells Fargo
Wells Fargo, founded in 1852 in United States, is known for providing life, health, and auto insurance products in partnership. The company further leverages on customers by diversifying revenue sources and serving as a retention strategy in a highly competitive space.Other key players in the market are Barclays, Lloyds Bank plc, Crédit Agricole Group, and HSBC Bank, among others.
Key Features of the Report
- In-depth analysis of bancassurance Market Size and forecast
- Comprehensive segmentation by product, bancassurance model, and region
- Market trends, drivers, and regulatory developments
- Competitive landscape and strategic company profiling
- Recent investments and infrastructure expansion impact
- Technological innovations and future market outlook
- Trusted insights backed by extensive primary research
- Actionable data for strategic decision-making
Table of Contents
1 Executive Summary
2 Market Overview and Stakeholder Insights
3 Economic Summary
4 Country Risk Profiles
5 Global Bancassurance Market Analysis
6 North America Bancassurance Market Analysis
7 Europe Bancassurance Market Analysis
8 Asia-Pacific Bancassurance Market Analysis
9 Latin America Bancassurance Market Analysis
10 Middle East and Africa Bancassurance Market Analysis
11 Market Dynamics
13 Competitive Landscape
Companies Mentioned
The key companies featured in this Bancassurance market report include:- Zurich Insurance Company Ltd
- ABN AMRO Bank N.V.
- The ING Group
- Barclays
- Wells Fargo
- Lloyds Bank plc
- Crédit Agricole Group
- HSBC Bank
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 153 |
| Published | August 2025 |
| Forecast Period | 2025 - 2034 |
| Estimated Market Value ( USD | $ 1.69 Billion |
| Forecasted Market Value ( USD | $ 3.48 Billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
