The latest report by IMARC Group, titled “India Bancassurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” 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.
India Bancassurance Market Overview:
The India bancassurance market reached a value of US$ 85.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 132.1 Billion by 2027, exhibiting a CAGR of 7.41% during 2022-2027. Bancassurance refers to a partnership agreement between a bank and an insurance company that allows the insurance companies to sell life insurance and other insurance products and services. In this setup, banks encourage their customers to opt for insurance policies, which, in turn, benefits both the bank and the insurance company.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use sectors. These insights are included in the report as a major market contributor.
India Bancassurance Market Trends:
The market in India is majorly driven by the rising number of banks engaging in strategic partnerships to strengthen their market presence. In line with this, significant growth in the banking, financial, services and insurance (BFSI) sector is positively influencing the market.
Furthermore, the increasing internet penetration and inflating disposable income levels of individuals are catalyzing the market growth. Besides this, the augmenting number of foreign insurance companies across the country is propelling the market. Additionally, the growing awareness regarding health and life insurance and retirement product plans is also creating a positive outlook for the market in India.
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Key Market Segmentation Breakup by:
IMARC Group provides an analysis of the key trends in each sub-segment of the India bancassurance market, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on product type and model type.
- Life Bancassurance
- Non-Life Bancassurance
- Pure Distributor
- Exclusive Partnership
- Financial Holding
- Joint Venture
Breakup by Region:
- North India
- West and Central India
- South India
- East India
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- 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.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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