Takaful Insurance Market to Reach Valuation of USD 55.6 Billion by 2028 – Growing Attention of The Various Organization to Provide Takaful Coverage Drives the Market
In terms of revenue, the Global Takaful Insurance Market is expected to reach USD 55.6 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 14.2% from 2022 to 2028.
The Takaful Insurance Market boom may be attributed to the growing attention of the various Muslim and Non-Muslim populace to the blessings supplied via means of takaful coverage, inclusive of higher protection and protection as compared to standard coverage services.
Key Highlights from Report:
- In 2020, the Agents & Brokers sub-segment led the Takaful Insurance Market in the Distribution Channel segment, and it is expected to retain its supremacy in the forecast period. With the increasing demand for customized and personalized Takaful Insurance coverage, independent brokers and agents are using various websites and online sales platforms, which has become a significant trend in the market.
- The Direct Response sub-segment is also expected to grow substantially over the forecast period, thanks to developing alternatives for clients without delay buying of takaful coverage and developing quantity of gain of direct income, which encompasses the meager value of the product and others.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. Takaful is hastily gaining momentum, mainly within the region, due to a big Muslim populace. Muslims presently amount to a 5th of the overall international population, and those factors are anticipated to support the market's growth in the future.
Muslim majority nations, including the UAE, Saudi Arabia, Oman, Malaysia, and others, consider takaful coverage to be morally consistent with Islamic law. Therefore, these nations have better penetration of Takaful Insurance compared to the traditional range, as standard coverage is considered unethical and consistent with the Islamic law. Therefore, its miles less complicated for the market players to penetrate the various Muslim majority market. Furthermore, authorities' projects towards Takaful Insurance are assisting the market to flourish in nations that include Saudi Arabia, Malaysia, and UAE. Thus, these elements propel the increase of the Takaful Insurance Market.
According to Islamic law, the top premium gathered needs to be pooled and used when the contributors face any emergency along with clinical issues, enterprise losses, and others. Therefore, if the declaration arises, the insured receives the specified quantity to cover the risk. In addition, in case no such declaration is made, the excess amount is sent to a few contributors, in contrast to traditional coverage. Therefore, the probabilities of economic losses are drastically decreased. Furthermore, these elements appeal to many new contributors to make donations withinside the Takaful Insurance. As a result, that is a chief aspect boosting the increase of the Takaful Insurance Market.
Asia Pacific held the most significant shares in 2021 as the region has a vast and affluent Muslim population. Other regions include Southeast Asia, Africa, and others.
The Takaful Insurance Market is segmented as follows:
- Agents & Brokers
- Direct Response
- Other Channels
- Family Takaful
- General Takaful
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Browse market data Tables and Figures
Pages and in-depth TOC on "Takaful Insurance Market Size, Share & Trends Analysis Report by Distribution Channel (Agents & Brokers, Banks, Direct Response, Others), by Type (Family Takaful, General Takaful), by Application (Personal, Commercial), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Vantage Market Research is a reputed company committed to providing high quality data and market research services. The company provides quantified B2B high quality research on more than 20,000 emerging markets. The company offers detailed reports on multiple industries including chemical materials and energy, food and beverages, healthcare, technology, etc. The company comprises over 125 analysts and consultants, adding more than 1,100 market research reports to its vast database every year. The company’s clientele base spans across 70% of the Global Fortune 500 companies.