Market Overview 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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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.
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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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 sub-segment of the GCC bancassurance market report, along with forecasts at the regional and counrty level from 2022-2027. Our report has categorized the market based product type and model type.
Breakup by Product Type:
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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
- 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 |
2021 |
| Historical Period |
2016-2021 |
| Forecast Period |
2022-2027 |
| 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?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 GCC Bancassurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Product Type
6.1 Life Bancassurance
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Non-Life Bancassurance
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Model Type
7.1 Pure Distributor
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Exclusive Partnership
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Financial Holding
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Joint Venture
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by Country
8.1 Saudi Arabia
8.1.1 Market Trends
8.1.2 Market Breakup by Product Type
8.1.3 Market Breakup by Model Type
8.1.4 Market Forecast
8.2 UAE
8.2.1 Market Trends
8.2.2 Market Breakup by Product Type
8.2.3 Market Breakup by Model Type
8.2.4 Market Forecast
8.3 Qatar
8.3.1 Market Trends
8.3.2 Market Breakup by Product Type
8.3.3 Market Breakup by Model Type
8.3.4 Market Forecast
8.4 Oman
8.4.1 Market Trends
8.4.2 Market Breakup by Product Type
8.4.3 Market Breakup by Model Type
8.4.4 Market Forecast
8.5 Kuwait
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Bahrain
8.6.1 Market Trends
8.6.2 Market Forecast
9 SWOT Analysis
9.1 Overview
9.2 Strengths
9.3 Weaknesses
9.4 Opportunities
9.5 Threats
10 Value Chain Analysis
11 Porters Five Forces Analysis
11.1 Overview
11.2 Bargaining Power of Buyers
11.3 Bargaining Power of Suppliers
11.4 Degree of Competition
11.5 Threat of New Entrants
11.6 Threat of Substitutes
12 Policy and Regulatory Landscape
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players
13.3 Profiles of Key Players
List of Figures
Figure 1: GCC: Bancassurance Market: Major Drivers and Challenges
Figure 2: GCC: Bancassurance Market: Sales Value (in Billion US$), 2016 - 2021
Figure 3: GCC: Bancassurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: GCC: Bancassurance Market: Breakup by Product Type (in %), 2021
Figure 5: GCC: Bancassurance Market: Breakup by Model Type (in %), 2021
Figure 6: GCC: Bancassurance Market: Breakup by Country (in %), 2021
Figure 7: GCC: Bancassurance (Life Bancassurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 8: GCC: Bancassurance (Life Bancassurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 9: GCC: Bancassurance (Non-Life Bancassurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: GCC: Bancassurance (Non-Life Bancassurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: GCC: Bancassurance (Pure Distributor) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: GCC: Bancassurance (Pure Distributor) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: GCC: Bancassurance (Exclusive Partnership) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: GCC: Bancassurance (Exclusive Partnership) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: GCC: Bancassurance (Financial Holding) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: GCC: Bancassurance (Financial Holding) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: GCC: Bancassurance (Joint Venture) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: GCC: Bancassurance (Joint Venture) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Saudi Arabia: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Saudi Arabia: Bancassurance Market: Breakup by Product Type (in %), 2021
Figure 21: Saudi Arabia: Bancassurance Market: Breakup by Model Type (in %), 2021
Figure 22: Saudi Arabia: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: UAE: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: UAE: Bancassurance Market: Breakup by Product Type (in %), 2021
Figure 25: UAE: Bancassurance Market: Breakup by Model Type (in %), 2021
Figure 26: UAE: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Qatar: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Qatar: Bancassurance Market: Breakup by Product Type (in %), 2021
Figure 29: Qatar: Bancassurance Market: Breakup by Model Type (in %), 2021
Figure 30: Qatar: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: Oman: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: Oman: Bancassurance Market: Breakup by Product Type (in %), 2021
Figure 33: Oman: Bancassurance Market: Breakup by Model Type (in %), 2021
Figure 34: Oman: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: Kuwait: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: Kuwait: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: Bahrain: Bancassurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: Bahrain: Bancassurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: GCC: Bancassurance Industry: SWOT Analysis
Figure 40: GCC: Bancassurance Industry: Value Chain Analysis
Figure 41: GCC: Bancassurance Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: GCC: Bancassurance Market: Key Industry Highlights, 2021 and 2027
Table 2: GCC: Bancassurance Market Forecast: Breakup by Product Type (in Million US$), 2022-2027
Table 3: GCC: Bancassurance Market Forecast: Breakup by Model Type (in Million US$), 2022-2027
Table 4: GCC: Bancassurance Market Forecast: Breakup by Country (in Million US$), 2022-2027
Table 5: GCC: Bancassurance Market: Competitive Structure
Table 6: GCC: Bancassurance Market: Key Players