GCC Bancassurance Market to Reach US$ 34.3 Billion by 2032, Propelled by Widespread Consolidation in the Banking Industry

June 24, 2022 | BFSI

The latest report by IMARC Group, titled “GCC Bancassurance Market Report by Product Type (Life Bancassurance, Non-Life Bancassurance), Model Type (Pure Distributor, Exclusive Partnership, Financial Holding, Joint Venture), and Country 2024-2032,” finds that the GCC bancassurance market reached a value of US$ 23.1 Billion in 2023. Bancassurance refers to a setup that allows banks to sell insurance services and financial products of insurance companies they have partnered with to earn additional revenue. It is a cost-effective arrangement that facilitates the sale of various insurance products to customers, such as mortgages, annuities, and health and life insurance, enabling banks to earn a profitable sum of money. On the other hand, it helps insurance companies improve their sales and profits and expand their market reach and consumer base by utilizing banks as a distribution channel. It assists in sales generation, profit maximization, retention of existing and new customers, and customization of products and services. In recent years, bancassurance solutions have gained immense popularity in the GCC region as they benefit the banks, insurance companies, and customers. 

GCC Bancassurance Market Trends:

In the GCC region, the widespread consolidation in the banking industry represents the primary factor driving the market growth. Additionally, bancassurance solutions are rapidly gaining traction as the collaboration between banks and insurance companies serves as a one-stop solution for numerous financial requirements and offers enhanced convenience to the customers. In line with this, due to the aging population, the growing need for retirement plans and health and life insurance policies has augmented the demand for bancassurance. Besides this, the introduction of favorable regulations and frameworks by governments of various GCC countries to promote bancassurance activities and spread awareness among consumers has accelerated the product adoption rate. Furthermore, the leading players are utilizing innovative technologies to enhance their information technology (IT) base and provide superior customer services to meet the evolving needs and demands of an increasingly sophisticated client base. Along with this, the ongoing strategic collaborations and partnerships between banks and insurance firms to strengthen their presence in the local markets have propelled the market growth. Other factors, including the expanding banking, financial services, and insurance (BFSI) sector, rising adoption of digital strategies, improving socio-economic conditions, technological advancements, and rapid digitization, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 34.3 Billion by 2032, growing at a CAGR of 4.4% during 2024-2032. 

Market Summary:

  • Based on the product type, the market has been classified as life and non-life bancassurance. At present, the life bancassurance segment dominates the market.
  • On the basis of the model type, the market has been divided into pure distributor, exclusive partnership, financial holding, and joint venture. Among these, pure distributors account for the majority of the market share.
  • Country-wise, the market has been segmented into Saudi Arabia, the UAE, Qatar, Oman, Kuwait, and Bahrain.
  • The competitive landscape of the market has also been examined, along with the detailed profiles of the key players operating in the industry.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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$ 3699
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Post-Sale Analyst Support 10-12 Weeks
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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GCC Bancassurance Market to Reach US$ 34.3 Billion by 2032, Propelled by Widespread Consolidation in the Banking Industry
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