India Bancassurance Market 2023-28: Size Estimation, Top Companies Share, Key Industry Highlights, Report
The latest report by IMARC Group, titled “India Bancassurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the India bancassurance market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The India bancassurance market size reached US$ 92.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 140.5 Billion by 2028, exhibiting a growth rate (CAGR) of 7.1% during 2023-2028.
Bancassurance refers to a term used to describe the practice of selling insurance products through a bank's distribution channels. It involves a partnership between an insurance company and a bank, where the bank acts as an agent to sell insurance policies to its customers. Under this arrangement, the bank uses its extensive network of branches and customer base to market and sell insurance products and in return, the bank earns a commission or fee from the insurance company for each policy sold through its channels. Some of the common bancassurance services include unit-linked insurance plans (ULIPs) and endowment plans, marine, health and property insurance.
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India Bancassurance Market Trends:
The market in India is primarily driven by significant growth in the banking, financial, services and insurance (BFSI) sector. Since bancassurance provides an opportunity for banks to tap into the large customer base and offer products to a wider audience, thereby increasing their revenue streams and enhancing customer loyalty, this is significantly supporting the market.
Along with this, numerous regulatory support offered by the government authorities to promote financial inclusion and provides customers with access to a range of financial products and services is creating a positive market outlook. Other factors, including the growing awareness among the masses, increasing strategic partnerships between key players, and the escalating presence of commercial banking networks and foreign insurance companies, are also positively influencing the market across India.
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Key Market Segmentation:
Breakup by Product Type:
- Life Bancassurance
- Non-Life Bancassurance
Breakup by Model Type:
- Pure Distributor
- Exclusive Partnership
- Financial Holding
- Joint Venture
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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