GCC Bancassurance Market Share, Size, Report, Growth and Forecast 2022-2027

According to IMARC Group's latest report, titled "GCC Bancassurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.' the GCC bancassurance market size reached US$ 20.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 28.5 Billion by 2027, exhibiting a growth rate (CAGR) of 5.2% during 2022-2027.

Bancassurance represents an agreement between the bank and an insurance firm that permits the sales of financial products and insurance services through banking institutions. This setup is dependent on a mutual partnership that seeks to benefit the insurance company, the bank, and the customers. Bancassurance is a cost-effective partnership that enables insurance companies to promote their geographical presence and banks to extend their product portfolio. As a result, this agreement aids in profit maximization, retention of existing and new customers, sales generation, and customization of products and services.

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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.'

GCC Bancassurance Market Trends:

The expansion of the banking, financial services, and insurance (BFSI) industry is among the primary factors driving the GCC bancassurance market. Besides this, various banks and insurance companies in the region are engaging in strategic partnerships and collaborations to expand their presence in the local market and expand their activities, which is further augmenting the market growth. Moreover, the launch of several policies by the government bodies in the region to provide a framework for bancassurance activities is also catalyzing the market across GCC. Apart from this, the escalating demand for retirement guideline plans and health and life insurance policies, owing to the rising geriatric population, is acting as another significant growth-inducing factor. Additionally, the elevating requirement for these solutions, on account of the growing instances of natural disasters resulting in massive material and human losses, is also stimulating the market growth. Furthermore, the increasing penetration of high-speed internet, continual improvement in digital strategies, and the introduction of mobile-based banking services are expected to bolster the GCC bancassurance market in the coming years.  

GCC Bancassurance Market 2022-2027 Competitive Analysis and Segmentation:

Key Market Segmentation:

The report has segmented the GCC bancassurance market on the basis of product type and model type.

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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