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GCC Bancassurance Market by Product Type (Life Bancassurance and Non-Life Bancassurance) by Model Type (Pure Distributor, Exclusive Partnership, Financial Holding and Joint Venture): Industry Analysis, Trends, Growth and Forecast 2022-2027



GCC Bancassurance Market Overview:

The GCC bancassurance market was worth US$ XX Billion in 2021, expanding at a CAGR of X% during 2016-2021. Looking forward, the market is projected to grow at a CAGR of around X% during 2022-2027, reaching a value of US$ XX Billion by 2027. Bancassurance refers to a partnership between a bank and an insurance company that allows the former to sell insurance products to its customers. Some standard bancassurance services include unit-linked insurance plans (ULIPs), endowment plans, and marine, health, and property insurance. It is a mutually beneficial partnership that allows the insurance company to sell its product to a broader client base while the bank earns additional revenue apart from the interest. Bancassurance is a cost-effective alternative for consumers that aids in sales generation, retention of existing and new customers, profit maximization, and customization of products and services.

The market in the GCC region is primarily driven by the significant growth in the banking, financial services, and insurance (BFSI) industry. In line with this, several banks and insurance companies are entering into strategic partnerships to strengthen their market presence and provide bancassurance services as they help diversify customer portfolios, raise profitability and non-interest fee income, increase market penetration, reduce costs, and improve operational efficiency. Furthermore, increasing consumer awareness regarding various benefits of bancassurance, including a one-stop solution for numerous financial requirements, improved convenience, cost-effectiveness, ease of renewal, faster processing time, and better access to claims, is providing a considerable boost to the market growth. Apart from this, the integration of big data analytics and artificial intelligence (AI) to offer enhanced data-driven decision-making and real-time assistance throughout the customer’s journey across channels like email, chat, and voice is providing an impetus to the market growth. In addition, the rising adoption of blockchain technology to improve the processing time in bancassurance by facilitating a seamless exchange of information between banks and insurance companies is favoring the market growth. Other factors, including increasing internet penetration in the region, the rising geriatric population in need of health and life insurance, and the rapid proliferation of smartphones, are anticipated to drive the market growth.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC bancassurance market and can also impact its future growth. Taking 2021 as the base year, the report covers historical market scenario from 2016-2021 and provides forecasts till 2027. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC bancassurance market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC bancassurance market in detail for latest trends, outlook and opportunities.

The report analyses the competitive structure of the GCC bancassurance market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC bancassurance market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC bancassurance market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC bancassurance market industry. Furthermore, the value chain analysis of the GCC bancassurance market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

GCC Bancassurance Market Segment Insights:

The GCC bancassurance market has been analysed as followed:

By Product Type:

  • Life Bancassurance
  • Non-Life Bancassurance

By Model Type:

  • Pure Distributor
  • Exclusive Partnership
  • Financial Holding
  • Joint Venture

By Country:

  • Saudi Arabia
  • United Arab Emirates
  • Qatar
  • Kuwait
  • Oman
  • Bahrain

Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.

Competative Landscape: 

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

Highlights of the GCC Bancassurance Market Report:

  • Historical and current scenario
  • Trends and developments
  • Impact of COVID-19
  • Market forecast
  • Price analysis and forecast
  • Porter’s five forces analysis
  • SWOT analysis
  • Value chain analysis

Report Customisation:

The GCC bancassurance market report can be customised as per your requirements. You can get in touch with our analyst, who will make sure that the report suits your research needs

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

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