GCC Bancassurance Market Share, Size, Growth, Opportunity and Forecast 2023-2028

GCC Bancassurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A4642

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Market Overview 2023-2028:

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.

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

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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The market in the GCC region is primarily driven by significant growth in the banking, financial, services and insurance (BFSI) sector. Along with this, numerous banks and insurance companies in the region are engaging in strategic collaborations and partnerships to expand their presence in the local market and expand their bancassurance activities, which, in turn, is providing an impetus to the market growth. Moreover, numerous government initiatives of various countries across the GCC region to provide a regulatory framework for bancassurance activities are expected to boost the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the GCC bancassurance market report, along with forecasts at the regional and counrty levels from 2023-2028. Our report has categorized the market based product type and model type.

Breakup by Product Type:

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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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

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Product Type, Model Type, Country
Countries Covered	Saudi Arabia, UAE, Qatar, Oman, Kuwait, Bahrain
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2699 Five User License: US$ 3699 Corporate License: US$ 4699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

How has the GCC bancassurance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the GCC bancassurance market?
What are the key regional markets?
What is the breakup of the market based on the product type?
What is the breakup of the market based on the model type?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the GCC bancassurance market and who are the key players?
What is the degree of competition in the industry?

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