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Takaful Insurance Market Size, Industry Analysis Report By Distribution Channel (Agents And Brokers, Direct Response, Banks And Others) By Type (Family Takaful, General Takaful And Others), By Application (Personal And Commercial) & Region - Forecasts

  • PUBLISHED ON
  • 2024-09-27
  • NO OF PAGES
  • 237
  • CATEGORY
  • Banking & Finance

 

Global Takaful Insurance Market Analysis by Application, Type, Distribution Channel, Region and segments forecast till 2033

 

Market Overview

The global Takaful insurance market was valued at USD 24,850 million in 2022, and is projected to reach USD 97,170 million by 2033, growing at a CAGR of 14.6%.

 

Report Scope

Report Attributes

Description

Market Forecast in 2022

USD 24,850 million

Market Forecast in 2033

USD 97,170 million

CAGR % 2023-2033

14.6%

Base Year

2022

Historic Data

2020-2021

Forecast Period

2023-2033

Report USP

Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more

Key Companies

Abu Dhabi National Takaful Company PSC, AIA PUBLIC Takaful Bhd, AMAN Insurance, AmMetLife Takaful Berhad, Etiqa Family Takaful Berhad, Etiqa General Takaful Berhad, FWD Takaful Berhad, Great Eastern Takaful Berhad, Hong Leong MSIG Takaful Berhad, Islamic Insurance Company, JamaPunji, Prudential BSN Takaful Berhad, Qatar Islamic Insurance Company, SALAMA Islamic Arab Insurance Company, Standard Chartered, Sun Life Malaysia Takaful Berhad, Takaful Brunei Darussalam Sdn Bhd, Takaful Ikhlas General Berhad, Takaful International, Zurich General Takaful Malaysia , Zurich Takaful Berhad and Others.

 

Global Takaful Insurance Market- Description

Takaful is a type of Islamic insurance wherein members contribute money into a pool system to guarantee each other against loss or damage. Takaful insurance is based on sharia or Islamic religious law, which explains responsibilities of individuals to cooperate with each other and protect one another. Generally, Takaful policies cover health, life, and general insurance needs. With having risk-sharing model concept, Takaful insurance remains largely confined to the Muslim countries. Takaful insurance is considered as the main form of insurance in Muslim majority countries. Hence, it is considered an important factor in boosting the market growth.

Moreover, in Takaful insurance, the investment profits are distributed among the participants and furthermore, premium amount collected from the members is returned, in case there are no claims.  Thus, these are some of the major factors that propel the Takaful insurance market growth. However, lack of standardization in Takaful insurance due to regional differences and lower consumer awareness toward Takaful insurance are some of the factors that limit the market growth. Furthermore, since a large number of world’s population is Muslim, there is an untapped market potential for the Takaful insurance market.

This, as a result is expected to create huge opportunities in the in the upcoming years. Another major driver of the market is that, in contrast to Western countries, the majority of the world’s Muslim population is young with 60% of this entire population being less than 25 years of age. Catalysed by rising levels of affluence, this large young Muslim population has the potential to represent a customer base for a fairly long duration if it is captured early. The penetration of conventional insurance is relatively low in affluent Muslim regions like the GCC. As a result, Takaful is perceived as a key instrument to raise insurance awareness and has huge opportunities in these countries.

 

Key Trends Of Global Takaful Insurance Market:

·         Market Penetration Among Muslim Majority Countries:

Muslim majority countries such as the UAE, Saudi Arabia, Oman, Malaysia, and others, consider Takaful insurance to be an ethical way of insurance according to the Islamic law. These countries have a higher penetration of Takaful insurance as compared to the conventional insurance, as conventional insurance is considered unethical according to the Islamic law. Therefore, it is easier for the market players to increase penetration among the Muslim majority market. Furthermore, government initiatives toward Takaful insurance are helping the market to flourish in countries such as Saudi Arabia, Malaysia, and UAE. Thus, these factors are propelling the growth of the Takaful insurance market.

 

·         Lower Chance Of Financial Loss In Takaful Insurance:

According to the Islamic law, the premium collected should be pooled and used at times when the members face any kind of emergency such as medical issues, business losses, and others. Therefore, in case any such claim arises, the insured gets the required amount to cover the risk. In addition, in case no such claim is made, then the surplus amount is distributed among the members, unlike conventional insurance. Therefore, chances of financial loss are reduced drastically. These factors attract many new members to make donations in the Takaful insurance. As a result, this is a major factor boosting the growth of Takaful insurance market.

 

Segmental Analysis Of Global Takaful Insurance Market:

Based On Distribution Channel:

·         Agents and Brokers

·         Banks

·         Direct Response

·         Others

The Takaful insurance market was led by the agents & broker segment in 2020, and is projected to maintain its dominance during the forecast period. With an increase in demand for customized and personalized Takaful insurance coverage’s, independent brokers and agents are utilizing several websites and online selling platforms, which has become a major trend in the market.

 

Based On Type:

·         Family Takaful

·         General Takaful

·         Motor Takaful

·         Personal

·         Third Liability Coverage

·         Comprehensive and Optional Coverage

·         Property and Fire

·         Medical and Health Takaful

·         Marine, Aviation and Transport

·         Others

Currently, general Takaful dominates the market, holding the largest share.

 

Based On Application or End-user

·         Personal

·         Commercial

 

Global Takaful Insurance Market: Geographical Analysis

The Global Takaful Market is segmented into 5 major countries, GCC Countries, Asia-pacific, North America, Europe, MEA. GCC is expected to retain its position during the forecast period. The growth is attributed to improvement in the awareness about the benefits of Takaful insurance is driven by the latest political and catastrophic events. Moreover, demographics influences such as the increasing population base, large workforce of foreigners, and increasing life expectancy are likely to have an optimistic influence on the demand of Takaful insurance products in GCC.

 

Global Takaful Insurance Market- Recent Developments

·         In March 2023, Takaful Emarat Insurance, a leading Shariah-compliant insurance provider in the UAE, announced its financial results for the year 2022, reporting a net profit of AED 120 million (USD 32.6 million), an increase of 12% compared to the previous year.

·         In February 2023, Takaful Oman Insurance, a subsidiary of Al Madina Takaful, announced that it had signed a partnership agreement with Oman Arab Bank to provide Shariah-compliant insurance solutions to the bank's customers.

·         In January 2023, Salama Islamic Arab Insurance, one of the largest Takaful insurance providers in the Middle East, announced that it had entered into a strategic partnership with French insurance company AXA to expand its global reach and enhance its product offerings.

 

Global Takaful Insurance Market: Key Companies

·         Abu Dhabi National Takaful Company PSC

·         AIA PUBLIC Takaful Bhd

·         AMAN Insurance

·         AmMetLife Takaful Berhad

·         Etiqa Family Takaful Berhad

·         Etiqa General Takaful Berhad

·         FWD Takaful Berhad

·         Great Eastern Takaful Berhad

·         Hong Leong MSIG Takaful Berhad

·         Islamic Insurance Company

·         JamaPunji

·         Prudential BSN Takaful Berhad

·         Qatar Islamic Insurance Company

·         SALAMA Islamic Arab Insurance Company

·         Standard Chartered

·         Sun Life Malaysia Takaful Berhad

·         Takaful Brunei Darussalam Sdn Bhd

·         Takaful Ikhlas General Berhad

·         Takaful International

·         Zurich General Takaful Malaysia

·         Zurich Takaful Berhad

·         Others.

 

Global Takaful Insurance Market: Regional Scope           

North America

·         U.S.

·         Canada

·         Mexico

Europe

·         U.K.

·         Germany

·         France

·         Italy

·         Spain

·         Rest of Europe

Asia Pacific

·         China

·         India

·         Japan

·         South Korea

·         Australia

·         Rest of Asia Pacific

South America

·         Brazil

·         Argentina

·         Rest of South America

Middle East and Africa

·         Saudi Arabia

·         UAE

·         Egypt

·         South Africa

·         Rest of Middle East and Africa

 

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1. Global Takaful Insurance Market Introduction and Market Overview

1.1. Objective of the Market Research Study

1.2. Takaful Insurance Market Definition & Description

1.3. Research Data Parameters & Reporting Timelines

1.3.1. Historical Data Reporting Years – 2020 to 2021

1.3.2. Projected Data Reporting Years – 2022 to 2030

1.3.3. Reporting Data Parameters – Value (US$ Million)

1.4. Global Takaful Insurance Market Scope and Market Estimation

1.4.1. Global Takaful Insurance Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2030)

1.4.2. Global Takaful Insurance Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2030

1.5. Takaful Insurance Market Segmentation

1.5.1. Type of Global Takaful Insurance Market

1.5.2. Model of Global Takaful Insurance Market

1.5.3. Key Regions of Takaful Insurance Market

 

2. Global Takaful Insurance Market - Executive Summary

2.1. Global Takaful Insurance Market – Summary & Snapshot

2.2. Global Takaful Insurance Market, By Type (US$ Million)

2.3. Global Takaful Insurance Market, By Distribution Channel (US$ Million)

2.4. Global Takaful Insurance Market, By End-use (US$ Million)

2.5. Global Takaful Insurance Market, By Geography (US$ Million)

2.6. Global Takaful Insurance Market Outlook & Future Opportunities

 

3. Takaful Insurance Market Trends, Outlook, and Factors Analysis

3.1. Global Takaful Insurance Market Industry Development Trends under COVID-19 Outbreak

3.1.1. Global COVID-19 Status Overview

3.1.2. Influence of COVID-19 Outbreak on Global Takaful Insurance Market Industry Development

3.1.3. Pre & Post COVID-19 Trends and Scenarios

3.2. Takaful Insurance Market Dynamics (Growth Impacting Factors & Rationales)

3.2.1. Drivers

3.2.1.1. Rising level of affluence on young Muslim population across the globe.

3.2.1.2. Customization and Personalized insurance provision by agent and broker.

3.2.1.3. Low chances of financial loss unlike conventional insurance.

3.2.1.4. Driver 4

3.2.1.5. Driver 5

3.2.2. Restraints

3.2.2.1. Limitations on fund collection due to financial losses during COVID-19 outbreak.

3.2.2.2. Restrain 2

3.2.2.3. Restrain 3

3.2.3. Opportunities

3.2.3.1. Consumer awareness of takaful insurance for family takaful, health takaful, and business protection plans is growing.

3.2.3.2. Increasing penetration of Takaful insurance in Muslim majority countries

3.2.3.3. Increasing demand for services through websites and other online channels.

3.2.3.4. Opportunity 4

3.2.3.5. Opportunity 5

3.2.4. Impact Analysis of Drivers and Restraints

3.3. Ecosystem/ Value Chain Analysis

3.4. Porter’s Five Forces Analysis

3.5. SWOT Analysis

3.6. PEST Analysis

3.7. Average Selling Prices and Pricing Trends Analysis of Takaful Insurance Market

3.8. Technological Roadmap

3.9. Key Investment Pockets of Takaful Insurance Market

3.9.1. By Type

3.9.2. By Distribution Channel

3.9.3. By End-use

3.9.4. By Regions

 

4. Global Takaful Insurance Market: Estimates & Historic Trend Analysis (2020 to 2021)

4.1. Global Takaful Insurance Market, 2020 – 2021 (US$ Million)

4.2. Global Takaful Insurance Market, By Type, 2020 To 2021 (US$ Million)

4.3. Global Takaful Insurance Market, By Distribution Channel, 2020 To 2021 (US$ Million)

4.4. Global Takaful Insurance Market, By End-use, 2020 To 2021 (US$ Million)

4.5. Global Takaful Insurance Market, By Region, 2020 To 2021 (US$ Million)

 

5. Global Takaful Insurance Market Estimates & Forecast Trend Analysis, By Type

5.1. Global Takaful Insurance Market Share (%) Estimates and Forecasts, By Type, 2022 & 2033

5.2. Global Takaful Insurance Market Revenue (US$ Million) Estimates and Forecasts, By Type, 2022 to 2030

5.2.1. Family Insurance

5.2.2. General Insurance

 

6. Global Takaful Insurance Market Estimates & Forecast Trend Analysis, By Distribution Channel

6.1. Global Takaful Insurance Market Share (%) Estimates and Forecasts, By Distribution Channel, 2022 & 2033

6.2. Global Takaful Insurance Market Revenue (US$ Million) Estimates and Forecasts, By Distribution Channel, 2022 to 2030

6.2.1. Agents & Brokers

6.2.2. Direct Response

6.2.3. Banks

6.2.4. Others

 

7. Global Takaful Insurance Market Estimates & Forecast Trend Analysis, By End-use

7.1. Global Takaful Insurance Market Share (%) Estimates and Forecasts, By end-use, 2022 & 2033

7.2. Global Takaful Insurance Market Revenue (US$ Million) Estimates and Forecasts, By End-use, 2022 to 2030

7.2.1. Personal

7.2.2. Commercial

 

8. Global Takaful Insurance Market Analysis and Forecast, by Region

8.1. Global Takaful Insurance Market Share (%) Estimates and Forecasts, By Region, 2022 & 2033

8.2. Global Takaful Insurance Market Revenue (US$ Million) Estimates and Forecasts, By Region, 2022 To 2030

8.2.1. North America

8.2.2. Europe

8.2.3. Asia Pacific

8.2.4. Middle East and Africa

8.2.5. Latin America

 

9. North America Takaful Insurance Market: Estimates & Forecast Trend Analysis

9.1. North America Takaful Insurance Market Assessments & Key Findings

9.2. North America Takaful Insurance Market Share (%) Estimates and Forecasts, 2022 & 2033

9.3. North America Takaful Insurance Market Size Estimates and Forecast (US$ Million) (2022 To 2030)

9.3.1. By Type

9.3.2. By Distribution Channel

9.3.3. By End-use

9.3.4. By Major Country

9.3.4.1. The U.S.

9.3.4.2. Canada

 

10. Europe Takaful Insurance Market: Estimates & Forecast Trend Analysis

10.1. Europe Takaful Insurance Market Assessments & Key Findings

10.2. Europe Takaful Insurance Market Share (%) Estimates and Forecasts, 2022 & 2033

10.3. Europe Takaful Insurance Market Size Estimates and Forecast (US$ Million) (2022 to 2030)

10.3.1. By Type

10.3.2. By Distribution Channel

10.3.3. By End-use

10.3.4. By Major Country

10.3.4.1. Germany

10.3.4.2. The U.K.

10.3.4.3. France

10.3.4.4. Italy

10.3.4.5. Spain

10.3.4.6. Rest of Europe (includes all other European countries)

 

11. Asia Pacific Takaful Insurance Market: Estimates & Forecast Trend Analysis

11.1. Asia Pacific Takaful Insurance Market Assessments & Key Findings

11.2. Asia Pacific Takaful Insurance Market Share (%) Estimates and Forecasts, 2022 & 2033

11.3. Asia Pacific Takaful Insurance Market Size Estimates and Forecast (US$ Million) (2022 To 2030)

11.3.1. By Type

11.3.2. By Distribution Channel

11.3.3. By End-use

11.3.4. By Major Country

11.3.4.1. China

11.3.4.2. Japan

11.3.4.3. India

11.3.4.4. ASEAN

11.3.4.5. South Korea

11.3.4.6. Rest of Asia Pacific (includes all other Asia Pacific countries)

 

12. Middle East & Africa Takaful Insurance Market: Estimates & Forecast Trend Analysis

12.1. Middle East & Africa Takaful Insurance Market Assessments & Key Findings

12.2. Middle East & Africa Takaful Insurance Market Share (%) Estimates and Forecasts, 2022 & 2033

12.3. Middle East & Africa Takaful Insurance Market Size Estimates and Forecast (US$ Million) (2022 To 2030)

12.3.1. By Type

12.3.2. By Distribution Channel

12.3.3. By End-use

12.3.4. By Major Country

12.3.4.1. GCC

12.3.4.2. South Africa

12.3.4.3. Egypt

12.3.4.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)

 

13. Latin America Takaful Insurance Market: Estimates & Forecast Trend Analysis

13.1. Latin America Market Assessments & Key Findings

13.2. Latin America Takaful Insurance Market Share (%) Estimates and Forecasts, 2022 & 2033

13.3. Latin America Takaful Insurance Market Size Estimates and Forecast (US$ Million) (2022 to 2030)

13.3.1. By Type

13.3.2. By Distribution Channel

13.3.3. By End-use

13.3.4. By Major Country

13.3.4.1. Brazil

13.3.4.2. Mexico

13.3.4.3. Rest of Latin America (includes all other Latin America countries)

 

14. Competitive Landscape

14.1. Takaful Insurance Market Revenue Share Analysis (%), By Major Players (2021)

14.2. Takaful Insurance Market Competition Matrix, By Leading Players

14.3. Takaful Insurance List of Emerging, Prominent & Leading Players

14.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, Etc.

 

15. Company Profiles

15.1. Allianz

15.1.1. Company Overview & Insights

15.1.2. Financials

15.1.3. Service Portfolio

15.1.4. Geographical Footprint & Share

15.1.5. Strategic Initiatives & Key Developments

*Similar details would be provided for all the players mentioned below

15.2. Abu Dhabi National Takaful Company PSC

15.3. AIA PUBLIC Takaful Bhd

15.4. AMAN Insurance

15.5. AmMetLife Takaful Berhad

15.6. Etiqa Family Takaful Berhad

15.7. Etiqa General Takaful Berhad

15.8. FWD Takaful Berhad

15.9. Great Eastern Takaful Berhad

15.10. Hong Leong MSIG Takaful Berhad

15.11. Islamic Insurance Company

15.12. JamaPunji

15.13. Prudential BSN Takaful Berhad

15.14. Qatar Islamic Insurance Company

15.15. SALAMA Islamic Arab Insurance Company

15.16. Standard Chartered

15.17. Sun Life Malaysia Takaful Berhad

15.18. Takaful Brunei Darussalam Sdn Bhd

15.19. Takaful Ikhlas General Berhad

15.20. Takaful International

15.21. Zurich General Takaful Malaysia

15.22. Zurich Takaful Berhad

15.23. Others

 

16. Assumptions and Research Methodology

16.1. Data Mining

16.2. Secondary Research

16.3. Primary Research

16.4. Subject Matter Expert Advice

16.5. Quality Check

16.6. Final Review

16.7. Data Triangulation

16.8. Bottom-Up Approach

16.9. Top Down Approach

16.10. Research Flow

16.11. Key Insights from Industry Experts

16.12. Data Sources

16.13. Assumptions

16.14. Limitations

 

17. Conclusions and Recommendations

17.1. Key Research Findings and Conclusion

17.2. Key Insights & Recommendations from Analysts

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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


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An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

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