2020 Foresight Report: Bancassurance

$3,800.00

Publication ID
TMC0313191
Publication Date
March 11, 2013
Pages
88
Regions Covered
Publisher
In the consolidating world of financial services, the concept of bancassurance has taken a central role in the strategy of a growing number of financial institutions. Insurance products distributed through the banking channel have become a natural choice for mass-market clients looking for simple and low-cost products available from a trusted financial institution. Globally, bancassurance has emerged as an important insurance distribution channel that has not only allowed insurance companies to expand their geographical presence but also enabled banks to expand their overall product portfolio. The value of commissions earned through bancassurance is expected to grow globally. The key markets with high growth prospects include India, Singapore, Turkey, China and Chile. In Asia-Pacific, growth will be fostered by the entry of large foreign insurance players and a favorable macro-economic environment. In Turkey, the business is expected to grow owing to the growing demand for pension products in the country.
 

The report provides market analysis, information and insights into bancassurance:

  • Global snapshot of the bancassurance concept in the insurance industry and its market share in various regions across the world
  • Comprehensive analysis of the industry’s market attractiveness and future growth areas
  • Analysis of various market drivers and regulations governing bancassurance in the insurance industry
  • Detailed analysis of the marketing strategies adopted for selling life, non-life and personal accident and health insurance products through the bancassurance distribution channel
  • Comprehensive analysis of market segmentation and the number of policies and schemes sold through bancassurance in various countries
  • Case studies of various key players in the insurance industry and their bancassurance strategies
 

Scope

  • This report provides a comprehensive analysis of the bancassurance concept prevailing in the insurance industry
  • It expands upon the current and future prospects for the insurance industry and the bancassurance distribution channel
  • It details the different infrastructural, consumer and business drivers affecting bancassurance in various countries across the world
  • It outlines the current regulatory framework impacting the bancassurance business of the insurance industry
  • It details the marketing strategies used by various insurers and other institutions
  • It profiles the major insurers in the insurance industry and their bancassurance strategies
 

Reasons To Buy

  • Make strategic business decisions using historic and forecast market data related to bancassurance in the insurance industry and each market within it
  • Understand the key market trends and growth opportunities within the insurance industry through the bancassurance distribution channel
  • Assess the competitive dynamics in the bancassurance business in the insurance industry
  • Gain insights into the marketing strategies used for selling various types of life, non-life and personal accident and health insurance products through bancassurance agreements
  • Gain insights into key regulations governing bancassurance by various national authorities in different countries
 

Key Highlights

  • Bancassurance – the sale of retail insurance products to a commercial bank’s client base – has evolved different models since its origins in the European Union (EU) in the mid-1980s. The different models drive profitability, product design and operational challenges. The classic European model is an integrated one, with common ownership or some form of exclusive commitment between the insurance provider and bank distributor.
  • In the US, despite early indications that bancassurance might achieve market penetration levels in life insurance comparable to the one-third share it has in Europe, banks have struggled to achieve a market share of 2% and essentially offer a range of third-party insurance products to provide choice to their clients. In contrast, in the booming markets of Asia-Pacific and Latin America, the market shares of the bank channel are rapidly approaching European levels. 
  • The recent financial crisis of 2007-9 has had a traumatic impact on global bancassurance. Sales of life and other long-term investment products have collapsed as banks prioritize deposits to replenish their liquidity, and clients flee the equity market in favor of liquidity and cash. Lower sales of non-life products reflect reduced volumes of consumer loans as clients deleverage.
  • Bancassurance business drivers differ between geographical regions. The key business drivers in the Americas are high levels of bank penetration, the presence of large foreign players, the brand equity of banks, savings in the economy, financial deregulation, tax advantages and domestic credit availability. In Europe, bancassurance is driven by the growth of relationship banking, a favorable tax structure, a general decline in interest rates and the reduction in social security expenditure undertaken by governments.

1 Executive Summary

2 Global Snapshot of Bancassurance

2.1 Emergence of Bancassurance
2.1.1 Evolution of insurance distribution and bancassurance business model
2.1.2 Bancassurance – a key distribution expansion strategy for insurers
2.2 Global Market Size and Outlook
2.3 Regulatory developments in the bancassurance sector
2.3.1 Permitted ownership and products
2.3.2 Taxation
2.3.3 Capital adequacy regulation
2.3.4 Basel III to redefine business structure of bancassurers
2.3.5 Solvency II to redefine bancassurance regulatory risk regime

3 The Americas

3.1 Introduction
3.2 Market sizing and Analysis of Bancassurance
3.2.1 Overview
3.2.2 By Segment / Product (Life and Non-life)
3.3 Key Trends and Drivers
3.3.1 Business Drivers
3.3.2 Consumer Drivers
3.3.3 Infrastructure Drivers
3.4 Regulatory Framework
3.5 Insurance Channel Dynamics
3.6 Case Studies
3.6.1 Mapfre Corporate Profile
3.6.2 Wells Fargo
3.7 Challenges

4 Europe

4.1 Introduction
4.2 Market sizing and Analysis of Bancassurance
4.2.1 Overview
4.2.2 By Segment / Product (Life and Non-life)
4.3 Key Trends and Drivers
4.3.1 Business Drivers
4.3.2 Consumer Drivers
4.3.3 Infrastructure Drivers
4.4 Regulatory Framework
4.5 Insurance Channel Dynamics
4.6 Case Studies
4.6.1 Credit Agricole
4.6.2 ING Group
4.6.3 BBVA Seguros
4.6.4 HSBC
4.7 Challenges

5 Asia Pacific

5.1 Introduction
5.2 Market sizing and Analysis of Bancassurance
5.2.1 Overview
5.2.2 By Segment / Product (Life and Non Life)
5.3 Key Trends and Drivers
5.3.1 Business Drivers
5.3.2 Consumer Drivers
5.3.3 Infrastructure Drivers
5.4 Regulatory Framework
5.5 Industry Channel Dynamics
5.6 Case Studies
5.6.1 Samsung Life Insurance Company
5.6.2 China Life Insurance Company
5.7 Challenges

6 Appendix

6.1 Methodology
6.2 Definition
6.3 Background
6.4 Contact Us
6.5 About Timetric
6.6 Disclaimer
 

List of Tables

Table 1: Interest Rate Changes of Central Banks in Asia Pacific (%), 2010–2013
Table 2: High Net Worth Individuals in Asia Pacific, 2012
Table 3: China Life, GWP by Distribution Channel, 2011
Table 4: Bancassurance Channel Key Definitions
 

List of Figures

Figure 1: Global Snapshot of Insurance Distribution Channels in Life Insurance Segment, 2012
Figure 2: Evolution of Insurance Distribution Channel
Figure 3: Worldwide* GWP Generated Through Bancassurance (US$ Billion), 2006–2016
Figure 4: Growth Potential of Various Insurance Channels across Geographical Regions
Figure 5: Possible Options for Bancassurers under Solvency II
Figure 6: Shift in Bancassurance Market in the Americas
Figure 7: Growth Prospects of Bancassurance in Life Insurance Segment in The Americas, 2013–2016
Figure 8: Insurance Penetration in the Americas, 2011
Figure 9: Percentage of Life Insurance GWP Generated Through Bancassurance in the Americas (%), 2006–2016
Figure 10: Percentage of Non-life Insurance GWP Generated Through Bancassurance in the Americas (%), 2006–2016
Figure 11: Value of Commissions in Bancassurance in Life Insurance in the Americas (US$ Billion), 2006–2016
Figure 12: Number of New Life Insurance Policies Sold Through Bancassurance in the  Americas (Thousand), 2006–2016
Figure 13: Value of Commissions in Bancassurance in Non-life Insurance in the Americas, (US$ Billion), 2006–2016
Figure 14: Number of New Non-life Insurance Policies Sold through Bancassurance in the Americas (Thousand), 2006–2016
Figure 15: Gross Domestic Savings as a % of GDP and Life Insurance Bancassurance Penetration in the Americas, 2011
Figure 16: High Net-Worth Individuals in the Americas, (Number of Individuals), 2012
Figure 17: Percentage of Total Population Aged 60 Years or Over by 2050 in the Americas
Figure 18: Value of Commissions by Distribution Channel in Life Insurance Segment in the Americas (%), 2012
Figure 19: Value of Commissions by Distribution Channel in Non-life Insurance Segment in the Americas (%), 2012
Figure 20: Mapfre – Corporate Profile, 2011
Figure 21: Mapfre Banking Networks
Figure 22: Mapfre Market Share Before and After Association with Banco do Brazil, 2009
Figure 23: Growth Prospects of Bancassurance in Life Insurance Segment in Europe, 2013–2016
Figure 24: Insurance Penetration and Share of Bancassurance in Europe, 2011
Figure 25: Share of Bancassurance in Life Insurance GWP in Europe (%), 2006–2016
Figure 26: Share of Bancassurance in Non–life Insurance GWP in Europe (%), 2006–2016
Figure 27: Value of Commissions in Bancassurance in Life Insurance in Europe (US$ Million), 2006–2016
Figure 28: Number of New Life Insurance Policies Sold Through Bancassurance in Europe (Thousand), 2006–2016
Figure 29: Value of Commissions in Bancassurance in Non-life Insurance in Europe (US$ Million), 2006–2016
Figure 30: Number of New Non-life Insurance Policies Sold Through Bancassurance in Europe (Thousands), 2006–2016
Figure 31: Population Structure by Major Age Groups, (% of Total Population) in Europe, 2010–2040
Figure 32: Value of Commissions by Distribution Channel in Life Insurance Segment in Europe (%), 2012
Figure 33: Value of Commissions by Distribution Channel in Non-life Insurance Segment in Europe (%), 2012
Figure 34: Credit Agricole – Corporate Profile, 2012
Figure 35: Growth Prospects of Bancassurance in Life Insurance Segment in Asia Pacific, 2013–2016
Figure 36: Insurance Penetration and Share of Bancassurance in Asia Pacific, 2011
Figure 37: Share of Bancassurance in Life Insurance GWP in Asia Pacific (%), 2006–2016
Figure 38: Share of Bancassurance in Non-life Insurance GWP in Asia Pacific (%), 2006–2016
Figure 39: Value of Commissions in Bancassurance in Life Insurance in Asia Pacific (US$ Billion), 2006–2016
Figure 40: Number of New Life Insurance Policies Sold Through Bancassurance in Asia Pacific (Thousand), 2006–2016
Figure 41: Value of Commissions in Bancassurance in Non-life Insurance in Asia Pacific US$ Billion), 2006–2016
Figure 42: Number of New Non-life Insurance Policies Sold Through Bancassurance in Asia Pacific (Thousand), 2006–2016
Figure 43: Value of Commissions by Distribution Channel in Life Insurance Segment in Asia Pacific (%), 2012
Figure 44: Value of Commissions by Distribution Channel in Non-life Insurance Segment in Asia Pacific (%), 2012
Figure 45: Samsung Life Insurance, Corporate Profile, 2011
Figure 46: China Life Insurance Company, Corporate Profile, 2011
  1. Mapfre
  2. Wells Fargo
  3. Credit Agricole
  4. ING Group
  5. BBVA Seguros SA de Seguros y Reaseguros
  6. HSBC
  7. Samsung Life Insurance Company
  8. China Life Insurance Company
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