What's the cancellation?
Banking insurance is an agreement between a bank and an insurance company that allows an insurance company to sell its products on behalf of the customer. These organizations can benefit both companies. Banks make more money selling insurance products, and insurance broadens the customer base without increasing the number of brokers or paying agents and brokers.
Banks are a trust between the bank and the insurance company.
The insurance company benefits by having access to a bank customer to sell its products. They make more money without building dealers or commercial brokers.
The central bank benefits by improving customer satisfaction. Many services are provided under one roof. In addition, the bank receives some funding from the sale of insurance products.
Residence has been adjusted
The Glass-Steagall Act of 1933 prohibits US banks from working with companies that offer certain types of financial services. In 1999, most of the Glass-Steagall Act, which passed bankruptcy insurance, also known as Allfinanz, was repealed. However, this is still not acceptable as a function of most insurance policies.
Banking is controversial, and rivals seem to give banks more control in the financial industry; some countries prohibit fraud, but the service has been imported into the U.S. when the Steagall Glass Act was repealed.
Waiver agreements have spread throughout Europe, where the project has a long history. The global financial market is dominated by European banks such as Crédit Agricole (France), ABN AMRO (Netherlands), BNP Paribas (France) and ING (Netherlands). For example, in December 2015, Allianz and the Bank of the Philippines (BNP) formed a joint venture where Allianz was granted access to more than 660 bank offices and up to 4. million Philippines customers. Allianz SE is an insurance company and a property management company based in Munich, Germany with a market value of March 9, 2019 for $ 93.8 billion.
The development of banking insurance in Europe and the world
The global banking market is booming. The Asia Pacific region is the most important region in the world. Europe has an important role to play in the global banking insurance market due to the increase in shares from European banks. From 2018 to 2025, the United States is expected to show the highest annual real estate price increase (CAGR) due to the impact of the largest banking market and increased Internet use in the region. Latin America and Africa are expected to grow stronger in the coming years.
In terms of research, size, exchange, supply, volume, forecasts and forecasts of the global banking market for 2019-2025, the bank insurance market is valued at $ 1.103 billion in 2017 and is expected to grow at an average of -6.4 % from 2018 to 2018 2025.
Advantages and disadvantages of bank insurance
The bank offers many benefits to its customers, one of which is convenience. Bank is a store to meet all your financial needs. For banks and insurance companies, bank lending encourages the sharing of capital and provides additional value and profit for both players.
These factors contribute to the development of banking insurance worldwide. The limiting factors for the global banking insurance market are the risks associated with bank rankings and the proper rules and regulations in other regions.
Ignoring other countries is forbidden. However, the global environment is undergoing a smooth transition of banking regulations and open marketplaces to foreign companies.
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