By Research and Markets (http://www.researchandmarkets.com/research/gzwjkn/global) has announced the addition of the "Global Bancassurance Market 2014-2018" report to their offering.
The analysts forecast the Global Bancassurance market to grow at a CAGR of 5.98 percent over the period 2013-2018. One of the key factors contributing to this market growth is the enhanced product portfolio for banks and the resulting increase in profitability. The Global Bancassurance market has also been witnessing the increasing participation of foreign private insurance players in bancassurance. However, the risk of banks' reputation could pose a challenge to the growth of this market.
Key vendors dominating this space are BNP Paribus Cardif, Wells Fargo Insurance Inc., Credit Agricole S.A. and ING Groep N.V.
Other vendors mentioned in the report include Mapfre Corporate, ABN AMRO, American Express, and Citigroup.
Commenting on the report, an analyst from the team said: Emerging markets such as China, South Korea, and India are exhibiting high growth potential for bancassurance. The regulatory authorities have also recognized the potential of the bancassurance model in this region and have relaxed their norms in order to encourage private insurance players to integrate with banks. Foreign insurance players have also realized this as a potential growth opportunity and are entering these markets by collaborating with the domestic banks.
According to the report, one of the major drivers in the market is the enhancement of the product portfolio of banks. Banks have been continuously striving to increase their profitability by increasing their product portfolio, increasing their outreach, and introducing new and attractive schemes. This has resulted in positioning banks as a one-stop financial solution.
Further, the report states that one of the main challenges in this market is the tough regulatory norms which require the banks to have dedicated staff for bancassurance. This restricts the business volume of the bancassurance model.
For more information visit http://www.researchandmarkets.com/research/gzwjkn/global
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Sector: Banking
