The GCC Bancassurance Global Market Report 2023, provides comprehensive information on the GCC bancassurance market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s GCC Bancassurance Global Market Report 2023, the global GCC bancassurance market size 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 market size of the global GCC bancassurance market size is expected to grow to $26.58 billion in 2027 at a CAGR of 5.5%.
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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.
The GCC bancassurance market is segmented:
1) By Product Type: Life Bancassurance, Non-Life Bancassurance
2) By Model Type: Pure Distributor, Exclusive Partnership, Financial Holding, Joint Venture
Major Players:
- Gulf Insurance Group (GIG),
- MANAFA Capital,
- Startupbootcamp FinTech,
- Bahrain Kuwait Insurance Co.,
- Saudi Arabia’s Public Investment Fund
The table of contents in TBRC’s GCC bancassurance market report includes:
1. Executive Summary
2. GCC Bancassurance Market Characteristics
3. GCC Bancassurance Market Trends And Strategies
4. GCC Bancassurance Market – Macro Economic Scenario
5. GCC Bancassurance Market Size And Growth
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26.3. Africa GCC Bancassurance Market, Segmentation By Model Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. GCC Bancassurance Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The GCC Bancassurance Market
29. GCC Bancassurance Market Future Outlook and Potential Analysis
30. Appendix
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