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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