Bancassurance refers to an agreement between a bank and an insurance company. In bancassurance, the insurance company can use the bank’s distribution channels to sell products. Banks, in return, receive a certain fee from the insurance company.
The global Bancassurance size is estimated to be USD 2221.4 million in 2026 from USD 2067 million in 2020. And the global Bancassurance market size is expected to grow at a CAGR of 1.8% for 2021 to 2026.
Based on Bancassurance product category, Bancassurance market can be classified into Life Bancassurance and Non-Life Bancassurance.