At a CAGR of around 5.50%, GCC Bancassurance Market to Reached a Value of US$ 3.25 Billion in 2021

SHERIDAN, WY, UNITED STATES, November 14, 2022 /EINPresswire.com/ -- According to IMARC Group’s latest report, 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. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5.50% during the forecast period 2022-2027.

Bancassurance is an association between the bank and insurance companies that allows the insurance company to sell its products and services to the bank's clientele. The partnership arrangement helps both companies to earn additional revenue and expand their customer base without increasing the sales force.

Thus, bancassurance is witnessing extensive application across the banking, financing, servicing, and insurance (BFSI) sector to enhance product portfolio, reach, and turnover. Currently, it is differentiated into two approaches, namely, integrated and non-integrated. Amongst these, the integrated model is affiliated with the bank, whereas the non-integrated is joined with the official financial service.  

𝐍𝐨𝐭𝐞: 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.’

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐏𝐃𝐅 𝐬𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/gcc-bancassurance-market/requestsample

𝗚𝗖𝗖 𝗕𝗮𝗻𝗰𝗮𝘀𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝗧𝗿𝗲𝗻𝗱𝘀:

Bancassurance is a cost-effective and convenient arrangement and is a one-stop solution for numerous financial requirements, which is one of the primary factors bolstering the market growth in GCC. Additionally, the rising awareness about bancassurance services and the rapidly expanding BFSI sector in the region are providing a considerable boost to the market growth.

In line with this, the governments in the region are actively working to provide a regulatory framework for bancassurance activities, which is creating a positive outlook for the market. Apart from this, frequent strategic collaborations and partnerships among key players, rapid digitization, and improving socio-economic conditions are other factors accelerating the market growth.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

𝐁𝐚𝐬𝐞𝐝 𝐎𝐧 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐓𝐲𝐩𝐞:

Life Bancassurance
Non-Life Bancassurance 

𝐁𝐚𝐬𝐞𝐝 𝐎𝐧 𝐌𝐨𝐝𝐞𝐥 𝐓𝐲𝐩𝐞:

Pure Distributor
Exclusive Partnership
Financial Holding
Joint Venture 

𝐁𝐚𝐬𝐞𝐝 𝐎𝐧 𝐂𝐨𝐮𝐧𝐭𝐫𝐲:

Saudi Arabia
UAE
Qatar
Oman
Kuwait
Bahrain

𝐀𝐜𝐜𝐞𝐬𝐬 𝐟𝐮𝐥𝐥 𝐫𝐞𝐩𝐨𝐫𝐭 @ https://www.imarcgroup.com/gcc-bancassurance-market

𝐊𝐞𝐲 𝐡𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭: 

𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 (𝟐𝟎𝟏𝟔-𝟐𝟎𝟐𝟏)
𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 (𝟐𝟎𝟐𝟐-𝟐𝟎𝟐𝟕)

Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

𝐈𝐟 𝐲𝐨𝐮 𝐧𝐞𝐞𝐝 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐭𝐡𝐚𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐜𝐮𝐫𝐫𝐞𝐧𝐭𝐥𝐲 𝐰𝐢𝐭𝐡𝐢𝐧 𝐭𝐡𝐞 𝐬𝐜𝐨𝐩𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭, 𝐰𝐞 𝐰𝐢𝐥𝐥 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐢𝐭 𝐭𝐨 𝐲𝐨𝐮 𝐚𝐬 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:                                                               

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