However, their study focused on bancassurers
only and still leaves the question open for assurbanks, the insurers who are doing banking business.
Teather & Greenwood analyst Mr Tim Young agrees, pointing out that the most successful European bancassurers
operate in France and Spain, where the life policies being sold are more like savings accounts than the complicated pensions sold in Britain.
take away market share from IFAs in the distribution of insurance over the next five years?
Overall, in a market in which the distribution share of bancassurers
in non-life insurance is higher than that in life insurance, across the 54 banks and other lending institutions researched in Chile, Finaccord's research identified 241 bancassurance distribution initiatives for the various types of insurance investigated.
IFA networks will look towards consolidation to retain their competitive features whilst Bancassurers
will either leave the market or market themselves as restricted due to the costs of RDR up skilling.
An evaluation of the potential for growth for direct insurers and bancassurers
in the SME sector
have failed to exert pressure and gain a substantial market share in both the life assurance and pensions market over the past five years.
will benefit from the implementation of the RDR, while IFAs will continue to seek new business
Though the market has been contracting since 2008, the insurers have adjusted their strategies and started to show growth again in 2010, and when the housing market returns to strength the bancassurers
who sell much of their home insurance book on the back of mortgage arrangements, and the rest of the market, will start to see more dramatic growth.
hold the largest share of the UK household insurance market
With the UK bancassurance sector operating in an environment with changing regulatory proposals and challenging market conditions, Datamonitor assesses the attractiveness of the bancassurance channel, and concludes that while bancassurers
will struggle to maintain their share of the life and pensions market, the Retail Distribution Review presents opportunities for the sector.
Rapid growth in retail lending markets throws up opportunities for bancassurers
to cross-sell different types of accident and health insurance instead of or in addition to mainstream creditor or payment protection insurance.