Bancassurance Market Share in GCC, Size, Industry Share, Growth, Trends, Key Player Analysis and Forecast 2022-2027

The IMARC Group provides extensive analysis of the GCC Bancassurance industry covering the market trends, investment opportunities, growth trends, statistics, and industry prospects. The report offers a comprehensive analysis of the industry, which comprises insights on market size, share, trends, analysis, growth, demand, statistics, and overview. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

GCC Bancassurance Market Overview:

The GCC bancassurance market reached a value of US$ 3.25 Billion in 2021. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5.50% during the forecast period 2022-2027. Bancassurance is an association between the bank and insurance companies that allows the insurance company to sell its products and services to the bank's clientele. The partnership arrangement helps both companies to earn additional revenue and expand their customer base without increasing the sales force. Thus, bancassurance is witnessing extensive application across the banking, financing, servicing, and insurance (BFSI) sector to enhance product portfolio, reach, and turnover. Currently, it is differentiated into two approaches, namely, integrated and non-integrated. Amongst these, the integrated model is affiliated with the bank, whereas the non-integrated is joined with the official financial service.  

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GCC Bancassurance Market Trends:

Bancassurance is a cost-effective and convenient arrangement and is a one-stop solution for numerous financial requirements, which is one of the primary factors bolstering the market growth in GCC. Additionally, the rising awareness about bancassurance services and the rapidly expanding BFSI sector in the region are providing a considerable boost to the market growth. In line with this, the governments in the region are actively working to provide a regulatory framework for bancassurance activities, which is creating a positive outlook for the market. Apart from this, frequent strategic collaborations and partnerships among key players, rapid digitization, and improving socio-economic conditions are other factors accelerating the market growth.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.'

Key Market Segmentation:

Breakup by Product Type:

Life Bancassurance
Non-Life Bancassurance 

Breakup by Model Type:

Pure Distributor
Exclusive Partnership
Financial Holding
Joint Venture 

Breakup by Country:

Saudi Arabia
UAE
Qatar
Oman
Kuwait
Bahrain

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Key highlights of the report:                                                           

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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