Europe Bancassurance Market Overview
Market Size in 2024: USD 646.79 Billion
Market Forecast in 2033: USD 971.75 Billion
Market Growth Rate: 4.40% (2025-2033)
According to the latest report by IMARC Group, the Europe bancassurance market size was valued at USD 646.79 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 971.75 Billion by 2033, exhibiting a CAGR of 4.40% from 2025-2033.
Europe Bancassurance Industry Trends and Drivers:
The bancassurance market in Europe is on a steady growth path, fueled by a mix of factors that are changing the way financial and insurance products reach consumers. With the rise of digital technology, customers can now easily access bancassurance services through mobile apps, online platforms, and interconnected digital systems. This tech evolution is making it simpler for people to buy and manage their insurance products, enhancing convenience and overall customer satisfaction.
At the same time, increasing financial literacy initiatives across Europe are helping individuals make informed choices, bridging the gap between banking and insurance services. These efforts are fostering a deeper understanding of the insurance benefits that come with banking products, which in turn is broadening the market’s customer base. Additionally, as consumer preferences shift towards personalized and flexible insurance options, bancassurers are stepping up their game by innovating their product lines, which include life, health, and general insurance. The growing use of artificial intelligence and data analytics is allowing for more customized risk assessments and customer engagement strategies.
Furthermore, partnerships between banks and insurance companies are becoming more strategic, aiming to boost cross-selling opportunities while improving operational efficiency. While traditional branch networks still play a vital role, the rapid growth of digital channels is reshaping distribution models to better serve younger, tech-savvy customers. All these factors are working together to enhance the Europe bancassurance market’s ability to attract new segments and maintain its growth momentum.
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Europe Bancassurance Industry Segmentation:
The report has segmented the market into the following categories:
Breakup by Product Type:
- Life Bancassurance
- Non-Life Bancassurance
Analysis by Model Type:
- Pure Distributor
- Exclusive Partnership
- Financial Holding
- Joint Venture
Country Analysis:
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- BNP Paribas
- Banco Santander
- ING Group
- Lloyds Banking Group
- Barclays Bank Plc
- Intesa Sanpaolo
- ABN AMRO
- Banco Bradesco Europa
- American Express Company
- Wells Fargo
Latest News and Developments:
- April 2025: Hellenic Bank Public Company Limited completed the acquisition of CNP Cyprus Insurance Holdings Ltd. from CNP Assurances SA. The deal was valued at approximately €180 million and expands Hellenic Bank’s insurance portfolio in Cyprus.
- March 2025: Crédit Mutuel Alliance Fédérale announced plans to acquire 100% of German bank Oldenburgische Landesbank (OLB) through its subsidiary TARGOBANK, marking a major expansion in Germany, Europe’s largest economy. This strategic move accelerates TARGOBANK’s transformation into a universal bancassurer, combining retail banking, corporate financing for Mittelstand companies, and wealth management. The combined group will become Germany’s tenth largest bank, serving 4.8 million customers with €79 billion in assets.
- March 2025: Piraeus Bank signed an agreement to acquire a 90.01% stake in Ethniki Insurance, a leading Greek insurer, from CVC Capital Partners for €600 million. The acquisition will diversify Piraeus’ revenue, enhance product offerings, and improve earnings.
- November 11, 2024: AXA Switzerland and additiv recently announced the launch of a new digital bancassurance solution called addProtect. This offers banks the opportunity to easily protect mortgage customers with low setups. Additionally, it provides death and payment protection insurance for higher financial protection and value for clients.
- September 2024: UniCredit announced the internalization of its life bancassurance business in Italy, acquiring full control of CNP UniCredit Vita and UniCredit Allianz Vita to enhance growth and synergies.
- June 13, 2023: Admiral Seguros and ING Spain unveiled the 100% digital bancassurance product, ING Orange Auto Insurance, which was meant to change the auto insurance industry. It combines the insurance capabilities of Admiral Group with the banking service capabilities of ING to create flexible, digitally-integrated solutions for customers. The partnership is one of the key steps in the digital transformation of bancassurance.
Key highlights of the Report:
- Market Performance (2019-2024)
- Market Outlook (2025-2033)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- 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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About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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