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Takaful Insurance Market

Takaful Insurance Market

Takaful Insurance Market Global Industry Assessment & Forecast

Number Of Pages # Pages:

143

Base Year:

2021

Date

Jun - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1687

Segments Covered
  • By Distribution Channel Agents & Brokers, Banks, Direct Response, Other Channels
  • By Type Family Takaful, General Takaful
  • By Application Personal, Commercial
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 25.1 Billion
Revenue 2028: USD 55.6 Billion
Revenue CAGR (2022 - 2028): 14.2%
Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region (2021): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst

Market Synopsis:

The Global Takaful Insurance Market was valued at USD 25.1 Billion in 2021 and is expected to reach a value of USD 55.6 Billion by 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 14.2% over the forecast period.

Takaful Insurance Market Size, 2021 To 2028 (USD Billion)

Takaful Insurance is a sharia-compliant insurance system in which members pool their resources to support one another in the event of a loss, damage, or theft. The goal of Takaful Insurance is for people to work together, live in harmony, and protect one another from unforeseen events. Takaful policyholders make regular monetary contributions supervised and managed by a Takaful Management firm. Nonetheless, the excess money invested is used to make investments that assist policyholders achieve a more significant profit. Takaful Insurance is an insurance system based on the Islamic concepts of mutual help and giving, in which policyholders agree to guarantee each other and contribute to a pool or collective fund rather than pay premiums.

A pool of collected donations creates the Takaful fund, and each participant's contribution is determined by the type of coverage necessary and their specific circumstances. A Takaful contract, like a traditional insurance policy, outlines the kind of risk and coverage period. A Takaful Insurance operator manages and administers the Takaful fund on behalf of the participants, collecting a fee to cover costs. Moreover, expanded knowledge of Takaful Insurance in both Muslim and non-Muslim countries has increased market penetration by providing better services than traditional insurance, which is a primary driving force behind market expansion.

Furthermore, the distribution of surplus funds among members in the event of no claims and the deployment of technology in the Takaful Insurance Market are two elements driving the market forward. However, lack of standardization due to differences in countries' willingness to amend Takaful Insurance rules, as well as a lack of awareness of the coverage included in Takaful Insurance policies, is some of the primary challenges impeding the Takaful Insurance Market's growth. In addition, Government actions, on the other hand, that assist the development of Takaful Insurance by making it easier for new companies to enter the market would enable new players to offer more innovative solutions to consumers. However, advancements in insurance technologies such as blockchain, predictive analysis, artificial intelligence, and others are likely to significantly improve the Takaful Insurance business in the following years.

Market Segmentation:

The Takaful Insurance Market is segmented based on Distribution Channel, Type, Application, and Region. Based on Distribution Channel, the market is further sub-segmented as Agents & Brokers, Banks, Direct Response, and Other Channels. Moreover, based on the Type segment, the market is sub-segmented as Family Takaful and General Takaful. Finally, based on the Application category, the market is sub-categorized as Personal and Commercial.

Below tree is interactive. You can click the nodes to get more information.

Based on Distribution Channel:

Based on the segment Distribution Channel, the Agents & Brokers sub-segment is expected to maintain its lead in the market during the projected period. This lead is attributed to independent Brokers & Agents leveraging many websites and online selling platforms, which has become a prominent trend in the market, as demand for tailored and personalized Takaful Insurance coverage grows. On the other hand, the direct response segment is predicted to develop significantly throughout the projection period, owing to increasing client preferences for acquiring Takaful Insurance directly and a growing number of benefits of direct sales, such as comparatively low production costs and others.

Based on Type:

Based on the Type segment, the Family Takaful sub-segment is expected to lead the market. Family Takaful is like traditional life insurance; it provides financial protection for you and your family, allowing you to live a better life free of financial worries. Investment-linked family takaful plans will enable you to increase your investment returns while still providing coverage and benefits to you and your dependents.

Asia Pacific Region to Stand Firm on its Leading Position in the Takaful Insurance Market

Asia Pacific is accounted to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. The rise is linked to increased awareness of Takaful Insurance benefits, which recent political and tragic events have fueled. Furthermore, demographic effects such as an expanding population base, a significant foreign workforce, and rising life expectancy are projected to impact Takaful Insurance demand positively. The region is expected to grow significantly during the forecast period, owing to increasing digitization in various Asian countries and the adoption of advanced technology by Takaful Insurance service providers to increase sales and market value, propelling the market in this region forward.

Competitive Landscape:

The key players in the Global Takaful Insurance Market include- Abu Dhabi National Takaful Co., Allianz, AMAN Insurance, Islamic Insurance, Prudential BSN Takaful Berhad, Qatar Islamic Insurance, SALAMA Islamic Arab Insurance Company, Syarikat Takaful Brunei Darussalam, Takaful International, Zurich Malaysia and others.

Segmentation of the Global Takaful Insurance Market:

Parameter Details
Segments Covered
  • Distribution Channel (Agents & Brokers, Banks, Direct Response, Other Channels)
  • Type (Family Takaful, General Takaful)
  • Application (Personal, Commercial)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Abu Dhabi National Takaful Co.
  • Allianz
  • AMAN Insurance
  • Islamic Insurance
  • Prudential BSN Takaful Berhad
  • Qatar Islamic Insurance
  • SALAMA Islamic Arab Insurance Company
  • Syarikat Takaful Brunei Darussalam
  • Takaful International
  • Zurich Malaysia
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

FAQ
Frequently Asked Question
  • The global Takaful Insurance valued at USD 25.1 Billion in 2020 and is expected to reach USD 55.6 Billion in 2028 growing at a CAGR of 14.2%.

  • The prominent players in the market are Abu Dhabi National Takaful Co., Allianz, AMAN Insurance, Islamic Insurance, Prudential BSN Takaful Berhad, Qatar Islamic Insurance, SALAMA Islamic Arab Insurance Company, Syarikat Takaful Brunei Darussalam, Takaful International, Zurich Malaysia.

  • The market is project to grow at a CAGR of 14.2% between 2021 and 2028.

  • The driving factors of the Takaful Insurance include

    • Growth in demand of takaful insurance across Muslim majority countries

  • Asia Pacific was the leading regional segment of the Takaful Insurance in 2020.