GCC Bancassurance Market Size 2024 And Growth Rate

The gcc bancassurance market size has grown strongly in recent years. It will grow from $21.35 billion in 2023 to $22.59 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to market competition and differentiation, regulatory framework evolution, consumer demand for convenience, rising income levels, digitalization and tech integration.

GCC Bancassurance Market Growth Forecast

The gcc bancassurance market size is expected to see strong growth in the next few years. It will grow to $28.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to utilization of advanced analytics and ai, enhanced education and awareness campaigns, market penetration in underinsured segments, wealth management and high net worth segment growth, focus on personalization and customer-centric solutions. Major trends in the forecast period include adoption of advanced analytics and data-driven insights, regulatory changes and market liberalization, digital transformation and fintech integration, rising customer demand for one-stop services, focus on customer-centric solutions.

GCC Bancassurance Market Driver: The Surge In Health And Life Insurance Needs Fueling Growth In The Gcc Bancassurance Market

The growing need for health and life insurance is expected to propel the growth of the GCC bancassurance market going forward. Life insurance is a policy that primarily serves to financially safeguard the person's family, beneficiaries, or designee in case of injury of insured. Health insurance is a form of personal and family protection that helps to prevent unfavorable outcomes like a fatality brought on by financial hardship. GCC bancassurance is used to enable banks to offer insurance products from insurers with whom they have collaborated and is one of the various alternative distribution strategies used by GCC insurance companies. For instance, in June 2021, according to a report shared by the Organization for Economic Co-operation and Development (OECD), a France-based intergovernmental organization with 38 member countries, claims payments in the life sector climbed 7.3% on average across the 53 reporting countries. Therefore, the growing need for health and life insurance is driving the growth of the GCC bancassurance market.

GCC Bancassurance Market Driver: Population Growth Fueling Expansion In The Gcc Bancassurance Market

A growing population is expected to propel the growth of growth of the GCC bancassurance market going forward. Population refers to the total number of people living in a country, city, or other district or territory. The increasing population is likely to drive the demand for insurance products, including bancassurance services, as more people seek financial security and protection. For instance, according to the United Nations, the global population could grow to around 8.5 billion by 2030, 9.7 billion by 2050 and 10.4 billion by 2100. Therefore, the growing population is driving the growth of the GCC bancassurance market.

Global GCC Bancassurance Market Major Players

Major companies operating in the gcc bancassurance market report are Gulf Insurance Group K.S.C.P., MANAFA Capital, Startupbootcamp FinTech, Bahrain Kuwait Insurance Company B.S.C., AXA Cooperative Insurance Company, Elseco Ltd, Saudi Arabia's Public Investment Fund, Emirates Retakaful Ltd, Qatar Insurance Company Q.P.S.C., Oman Insurance Company P.S.C., Orient Insurance Company, Arab Insurance Group, Union Insurance Company P.S.C., Abu Dhabi Commercial Bank PJSC, Agricultural Bank of China Limited, Allianz SE, Anthem Inc., Assicurazioni Generali S.p.A., Metropolitan Life Insurance Company, National Bank of Abu Dhabi, BNP Paribas S.A., China Life Insurance Company Limited, Centene Corporation, Cooperative Insurance Company, Ping An Insurance Company of China Ltd., HSBC Holdings plc, Industrial and Commercial Bank of China Limited, Japan Post Holdings Co. Ltd., JPMorgan Chase & Co., Lloyds Bank Group .

Global GCC Bancassurance Market Trend: Technology Advancements In The Gcc Bancassurance Market.

Technological advancements have emerged as a key trend gaining popularity in the GCC bancassurance market. Major companies operating in the GCC bancassurance market are focused on incorporating advanced technologies to automate operations and strengthen their position in the market. For instance, in November 2021, Mashreq Bank, a UAE-based privately owned bank, launched the ASSURE Banca Platform to automate bancassurance operations through a partnership with UAE-based software company WayPoint System. The ASSURA Banca platform enables to significantly simplify Bancassurance administration processes, making the user experience more valuable and personalized. Other advantages include the ability to offer a sophisticated but user-friendly client management experience and a decrease in operating and administration expenditures. The platform's API-driven technology also makes it simple to maintain connections with outside insurance companies. Stakeholders also gain from efficient insurance distribution, commission management, and customer service as needed.

Global GCC Bancassurance Market Trend: Strategic Partnerships Driving Growth In Gcc Bancassurance Market

Major companies operating in GCC bancassurance market are focusing on strategic partnerships. A strategic partnership is a commercial collaboration between two or more businesses that is usually established by one or more business contracts. For instance, in August 2023, Star Health Insurance an India-based health insurance company, partnered with Standard Chartered Bank, a UK-based private bank. This collaboration will provide health insurance solutions through SCB's 100 branches in 42 locations, as well as Star Health's insurance products through its wide branch network throughout India.

GCC Bancassurance Market Merger And Acquisition: Aia Group Limited Acquired Blue Cross From Bank Of East Asia

In March 2022, AIA Group Limited, a Hong Kong-based insurance and finance corporation, acquired Blue Cross from Bank of East Asia (BEA), a Hong Kong-based banking and financial services company, for $278 million. With this acquisition, the relationship between AIA and BEA will include a 15-year agreement to offer general personal lines insurance products. Blue Cross is a Hong-Kong-based insurance company.

Regional Analysis For The Global GCC Bancassurance Market

The regions covered in the gcc bancassurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the gcc bancassurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The GCC bancassurance market includes revenues earned by entities by providing marine insurance, property insurance, and keyman insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The GCC bancassurance market research report is one of a series of new reports from The Business Research Company that provides GCC bancassurance market statistics, including GCC bancassurance industry global market size, regional shares, competitors with a GCC bancassurance market share, detailed GCC bancassurance market segments, market trends and opportunities, and any further data you may need to thrive in the GCC bancassurance industry. This GCC bancassurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.