Bancassurance is getting established at the expense of direct insurance
The 2016 non life insurance barometer published by the Facts & Figures firm has pointed to the progress in bancassurance. Over the years, this business has continued to grow and now has a substantial market share.
Since 2004, the market share of this distribution network has been increasing by an average of 0.6 points per year.
In contrast, the direct network has stagnated while general agents have receded from 0.1 to 0.2 each year.
According to the same source, bancassurance has achieved, during the period 2010-2014, solid growth in new business.
The amount of premiums on policies newly underwritten surged by 41% for the motor class of business and by 63% for homeowner's risks.
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