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 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 arrangement between an insurance company and a bank that allows the former to sell insurance services and financial products. Life, health, property, and casualty insurance are some standard services provided by bancassurance. It is a mutually profitable partnership arrangement that aids banks in earning additional revenue and helps insurance companies expand their customer base and customize products and services. As it allows for all essential services in one place, bancassurance is a cost-effective and convenient arrangement for the customers.
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GCC Bancassurance Market Trends:
The GCC bancassurance market is primarily being driven by the significant growth in the banking, financial, services, and insurance (BFSI) sector. The increasing awareness about bancassurance services as a one-stop solution for numerous financial requirements and the expanding cooperation between banks and insurance companies in the region due to their co-owned nature are acting as other growth-inducing factors. Additionally, the increasing geriatric population that increasingly requires life and health insurance policies, along with lucrative retirement plans, is favoring the market growth. Other factors, including the easy availability of high-speed internet connectivity and continual improvements in digital strategies, are anticipated to drive the market toward 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
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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.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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