Brazil’s banks dominate life sales, says global report
Brazil has the highest bank assurance share of all the 16 major global markets covered in a report by research company Finaccord. In Brazil, 80.5 per cent of life insurance is sold through banks, compared to 12.5 per cent in the UK, the Bancassurance in Global Markets report reveals.
Based on an investigation of over 1 300 banks and other lending institutions in 16 developed and emerging economies in the AsiaPacific, European and Latin American regions, the research showed that there were high bank share distributions for life insurance in France, Italy, South Korea and Spain; and for non-life insurance in Brazil, Chile, India, South Korea and Spain. Countries with the lowest bank distributed life insurance were Chile, India, Japan, the UK and Vietnam and for non-life insurance in China, Germany, Italy, Japan and Vietnam.
Growth in the Bancassurance channel is most rapid in emerging economies outside of Europe, where insurers are increasingly making use of banks’ large customer bases to market their policies, the report reveals.