GCC Bancassurance Global Market Report 2023

“GCC Bancassurance Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on gcc bancassurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
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• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
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Where is the largest and fastest growing market for gcc bancassurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The gcc bancassurance market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Product Type: Life Bancassurance; Non-Life Bancassurance

• 2) By Model Type: Pure Distributor; Exclusive Partnership; Financial Holding; Joint Venture

• Companies Mentioned: Gulf Insurance Group (GIG); MANAFA Capital; Startupbootcamp FinTech; Bahrain Kuwait Insurance Co.; Saudi Arabia's Public Investment Fund

• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

• Time series: Five years historic and ten years forecast.

• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Major players in the GCC bancassurance market are Gulf Insurance Group (GIG), MANAFA Capital, Startupbootcamp FinTech, Bahrain Kuwait Insurance Co., Saudi Arabia's Public Investment Fund, Elseco Ltd., Goldilocks Investment Co. Ltd., AXA Co-op Insurance Co., Emirates Retakaful Ltd., Qatar Insurance Co., Oman Insurance Co., Orient Insurance, Arab Insurance Group, and Union Insurance Co.

The global GCC bancassurance market is expected to grow from $20.24 billion in 2022 to $21.46 billion in 2023 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The GCC bancassurance market is expected to grow to $26.58 billion in 2027 at a CAGR of 5.5%.

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.

GCC bancassurance refers to an arrangement of permitting banks to market insurance products from companies with which they have collaborated in the GCC region. It enables 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.

The major types of products of GCC bancassurance are life bancassurance and non-life bancassurance. Life bancassurance refers to an arrangement where a bank and an insurance provider collaborate to market life insurance. Life bancassurance is a type of life insurance plan that includes term insurance plans, endowment plans, and unit-linked insurance plans. Various model types involved are pure distributor, exclusive partnership, financial holding, and joint venture.

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. Some developments in the insurance industry in 2020 are influenced by COVID-19. Examples include a rise in claims payments for travel and event cancellations and business interruptions (for instance, in the United Kingdom) (e.g. in Australia). The natural disasters that struck several countries in 2020 also had an impact on claim payouts (e.g., Australia, Guatemala). Bush fires and storms contributed to Australia's 20% increase in non-life claim payouts. Tropical storms ETA and IOTA that impacted Honduras caused a spike in claim payments (over 200%). Therefore, the growing need for health and life insurance is driving the growth of 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.

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.

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

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

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.