Global GCC Bancassurance Market Report 2024

GCC Bancassurance Global Market Report 2024 – By Product Type (Life Bancassurance, Non-Life Bancassurance), By Model Type (Pure Distributor, Exclusive Partnership, Financial Holding, Joint Venture) – Market Size, Trends, And Forecast 2024-2033

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GCC Bancassurance Market

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GCC Bancassurance Market Definition And Segments

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 GCC bancassurance market covered in this report is segmented –

1) By Product Type: Life Bancassurance, Non-Life Bancassurance

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

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.

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.

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.

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.

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 .

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.

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.

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.

The countries covered in the GCC bancassurance market report are Saudi Arabia, Kuwait, The United Arab Emirates, Qatar, Bahrain, Oman.

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  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.

GCC Bancassurance Market Report Scope
Report AttributeDetails
Market Size Value In 2024 $22.59 billion
Revenue Forecast In 2033 $28.53 billion
Growth Rate CAGR of 6% from 2024 to 2033
Base Year For Estimation 2023
Actual Estimates/Historical Data 2018-2023
Forecast Period 2024 - 2028 - 2033
Market Representation Revenue in USD Billion and CAGR from 2024 to 2033
Segments Covered 1) By Product Type: Life Bancassurance, Non-Life Bancassurance
2) By Model Type: Pure Distributor, Exclusive Partnership, Financial Holding, Joint Venture
Regional Scope Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Country Scope Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
Key Companies Profiled 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
Customization ScopeRequest for Sample
Pricing And Purchase OptionsExplore Purchase Options

    Table Of Contents

    1. Executive Summary

    2. GCC Bancassurance Market Characteristics

    3. Saudi Arabia GCC Bancassurance Market  

    3.1. Saudi Arabia GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    Life Bancassurance

    Non-Life Bancassurance

    3.2. Saudi Arabia GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    Pure Distributor

    Exclusive Partnership

    Financial Holding

    Joint Venture

    4. Kuwait Emirates GCC Bancassurance Market

    4.1. Kuwait GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

    4.2. Kuwait GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

    5. The United Arab Emirates GCC Bancassurance Market

    5.1. The United Arab Emirates GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    5.2. The United Arab Emirates GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    6. Qatar GCC Bancassurance Market

    6.2. Qatar GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    6.3. Qatar GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    7. Bahrain GCC Bancassurance Market

    7.1. Bahrain GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    7.2. Bahrain GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    8. Oman GCC Bancassurance Market

    8.1. Oman GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    8.2. Oman GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    9. GCC Bancassurance Market Competitive Landscape And Company Profiles

    9.1. GCC Bancassurance Market Competitive Landscape

    9.2. GCC Bancassurance Market Company Profiles

    9.2.1. Gulf Insurance Group K.S.C.P.

    9.2.1.1. Overview

    9.2.1.2. Products and Services

    9.2.1.3. Strategy

    9.2.1.4. Financial Performance

    9.2.2. MANAFA Capital

    9.2.2.1. Overview

    9.2.2.2. Products and Services

    9.2.2.3. Strategy

    9.2.2.4. Financial Performance

    9.2.3. Startupbootcamp FinTech

    9.2.3.1. Overview

    9.2.3.2. Products and Services

    9.2.3.3. Strategy

    9.2.3.4. Financial Performance

    9.2.4. Bahrain Kuwait Insurance Company B.S.C.

    9.2.4.1. Overview

    9.2.4.2. Products and Services

    9.2.4.3. Strategy

    9.2.4.4. Financial Performance

    9.2.5. AXA Cooperative Insurance Company

    9.2.5.1. Overview

    9.2.5.2. Products and Services

    9.2.5.3. Strategy

    9.2.5.4. Financial Performance

    10. GCC Bancassurance Market Competitive Benchmarking

    11. GCC Bancassurance Market Competitive Dashboard

    12. Key Mergers And Acquisitions In The GCC Bancassurance Market

    13. GCC Bancassurance Market Future Outlook and Potential Analysis

    14.1 GCC Bancassurance Market In 2028 - Countries Offering Most New Opportunities

    14.2 GCC Bancassurance Market In 2028 - Segments Offering Most New Opportunities

    14.3 GCC Bancassurance Market In 2028 - Growth Strategies

    14.3.1 Market Trend Based Strategies

    14.3.2 Competitor Strategies

    15. Appendix

    15.1. Abbreviations

    15.2. Currencies

    15.3. Historic And Forecast Inflation Rates

    15.4. Research Inquiries

    15.5. The Business Research Company

    15.6. Copyright And Disclaimer

List Of Tables

    Table 1: Saudi Arabia GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 2: Saudi Arabia GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 3: Kuwait, GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 4: Kuwait, GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 5: The United Arab Emirates, GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 6: The United Arab Emirates, GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 7: Qatar, GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 8: Qatar, GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 9: Bahrain, GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 10: Bahrain, GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 11: Oman, GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 12: Oman, GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 13: Gulf Insurance Group K.S.C.P. Financial Performance
  • Table 14: MANAFA Capital Financial Performance
  • Table 15: Startupbootcamp FinTech Financial Performance
  • Table 16: Bahrain Kuwait Insurance Company B.S.C. Financial Performance
  • Table 17: AXA Cooperative Insurance Company Financial Performance

List Of Figures

    Figure 1: Saudi Arabia GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 2: Saudi Arabia GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 3: Kuwait, GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 4: Kuwait, GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 5: The United Arab Emirates, GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 6: The United Arab Emirates, GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 7: Qatar, GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 8: Qatar, GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 9: Bahrain, GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 10: Bahrain, GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 11: Oman, GCC Bancassurance Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 12: Oman, GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 13: Gulf Insurance Group K.S.C.P. Financial Performance
  • Figure 14: MANAFA Capital Financial Performance
  • Figure 15: Startupbootcamp FinTech Financial Performance
  • Figure 16: Bahrain Kuwait Insurance Company B.S.C. Financial Performance
  • Figure 17: AXA Cooperative Insurance Company Financial Performance
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Frequently Asked Questions

What is the definition of the GCC bancassurance market?

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. For further insights on the GCC bancassurance market, request a sample here

How will the GCC bancassurance market drivers and restraints affect the GCC bancassurance market dynamics? What forces will shape the GCC bancassurance industry going forward?

The GCC bancassurance market growth is aided by growing need for health and life insurance. For further insights on the GCC bancassurance market, request a sample here

What is the forecast market size or the forecast market value of the GCC bancassurance market?

The GCC bancassurance market is expected to reach $26.58 billion in 2027 at a rate of 5.5%. For further insights on the GCC bancassurance market, request a sample here

How is the GCC bancassurance market segmented?

The global GCC bancassurance market is segmented as
1) By Product Type: Life Bancassurance, Non-Life Bancassurance
2) By Model Type: Pure Distributor, Exclusive Partnership, Financial Holding, Joint Venture
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request a sample here

Which region has the largest share of the GCC bancassurance market? What are the largest region's market size and growth rate?

For detailed insights on the largest region's market size and growth rate, request a sample here.

Who are the major players in the GCC bancassurance market?

Key competitors 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, Union Insurance Co.. For further insights on the GCC bancassurance market, request a sample here.

What are the key trends in the GCC bancassurance market?

Major trends influencing the GCC bancassurance market include technological advancements. 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 further insights on the GCC bancassurance, request a sample here.

What are the major opportunities in the GCC bancassurance market? What are the strategies for the GCC bancassurance market?

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How does the GCC bancassurance market relate to the overall economy and other similar markets?

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What are the latest mergers and acquisitions in the GCC bancassurance industry?

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What are the key dynamics influencing the GCC bancassurance market growth? SWOT analysis of the GCC bancassurance market.

For detailed insights on the key dynamics influencing the GCC bancassurance market growth and SWOT analysis of the GCC bancassurance industry, request a sample here.