According to IMARC Group’s latest report, titled “GCC Bancassurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026.’ The GCC bancassurance market reached a value of US$ XX Million in 2020. Bancassurance is an association between insurance and bank organizations, which enables professionals to offer commodities, insurance plans and services to consumers for earning additional revenue. This technique is extensively deployed in the banking, financial services, and insurance (BFSI) industry for fueling the turnover, reach and financial product portfolio of a firm. Bancassurance includes integrated and non-integrated models. The integrated model is affiliated with the bank whereas, the non-integrated model is combined with an authorized financial service provider.
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The significant expansion in the BFSI sector represents one of the primary factors driving the bancassurance market in the GCC countries. Additionally, the regional governments are providing favorable regulations and frameworks for bancassurance activities in the region. This is further supported by the rising number of strategic collaborations and partnerships between insurance firms and regional and international banks. These partnerships aid the organizations in expanding their bancassurance services and presence in the local market. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2021-2026.
Key Market Segmentation:
Breakup by Product Type:
- Life Bancassurance
- Non-Life Bancassurance
Breakup by Model Type:
- Pure Distributor
- Exclusive Partnership
- Financial Holding
- Joint Venture
Breakup by Country:
- Saudi Arabia
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
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