GCC Bancassurance Market Size to Surpass US$ 29.8 Billion by 2028, exhibiting a CAGR of 5% | IMARC Group

According to IMARC Group's latest report, titled "GCC Bancassurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.' the study provides a detailed analysis of the industry, including the GCC bancassurance market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the GCC Bancassurance Market?

The GCC bancassurance market size reached US$ 22.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5% during 2023-2028.

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What is GCC Bancassurance?

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.

What are the growth prospects and trends in the GCC bancassurance industry?

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.  

Who are the key players operating in the industry?

The report covers the major market players including: 

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

Ask Analyst for Customization and Explore full Report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=4642&flag=E

Key Highlights of the Report:                                                           

Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape

Note: 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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