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GCC Bancassurance Market to Grow at 5.50% During 2022-2027, Propelled by Expanding BFSI Sector

Published on Dec 14, 2021

As per the latest reports by IMARC Group 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. Bancassurance refers to the agreement between a bank and insurance firm to allow the sale of financial products and insurance services through banking institutions. In this agreement, banks encourage their customers to buy insurance policies, which benefits both the bank and the insurance company, thereby lowering the overall costs involved. This setup allows the sale of various insurance products to consumers, such as mortgages, annuities, and health and life insurance. At present, bancassurance solutions are generally divided into integrated and non-integrated models.

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.

GCC Bancassurance Market Trends:

The market in the GCC region is primarily driven by the growing banking, financial, services and insurance (BFSI) sector. Besides this, the collaboration between banks and insurance firms serves as a one-stop solution for numerous financial requirements of the customers and offers enhanced convenience to them. This is further supported by the rising geriatric population in the region, which is increasing the need for retirement plans, as well as life and health insurance policies. In addition, numerous banks and insurance companies are engaging in strategic alliances and partnerships in order to expand their presence in the local markets, which is further contributing to the market growth. They are also adopting advanced technologies to strengthen their information technology (IT) base to offer superior customer services demanded by an increasingly sophisticated client base. Moreover, regional governments are providing favorable regulations and frameworks for bancassurance activities to create awareness among consumers, which is anticipated to propel the market growth further. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5.50% during the forecast period (2022-2027).

Market Summary:

  • Based on the product type, the market has been bifurcated into life and non-life bancassurance.
  • On the basis of the model type, the market has been segmented into pure distributors, exclusive partnerships, financial holdings, and joint ventures.
  • On the geographical front, the market has been classified into Saudi Arabia, the UAE, Qatar, Oman, Kuwait, and Bahrain.
  • The competitive landscape of the industry has also been examined, along with the profiles of the key players.


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