Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Takaful Insurance Market Size is Expected to Grow from USD 37.92 Billion in 2023 to USD 94.30 Billion by 2033, at a CAGR 9.54% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Takaful Insurance Market Size, Share, and COVID-19 Impact Analysis, By Coverage Type (Family Takaful, General Takaful, Health Takaful, Investment-Linked Takaful , Savings Takaful), By Distribution Channel (Agency, Bancassurance, Brokers, Direct Sales, and Online Platforms), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
Takaful insurance can be defined as an Islamic insurance that is based on the principle of cooperation and joint underwriting. One of the reasons why the market for takaful insurance seems to have potential is that, the global Muslim population is on the rise and is more concentrated in the Middle East, Africa and Southeast Asia. Due to this population the demand for Islamic financial products such as, takaful insurance is likely to peak this population density shift. With the development and growth of Islamic finance, more demand emerges for Sharia compliant services. The influx of capital and the remarkable progress in the takaful of countries like Malaysia, Saudi Arabia and UAE support the growth of the business. Nevertheless, the key hindering factors include low understanding of the Takaful principles by the general public, diversity in Shariah interpretations which renders from the non-availability of uniform products in different regions, some markets lacking the appropriate regulatory frameworks, non-availability of sufficient qualified Shariah advisors, and lack of product development diversification and all these pose threat to the growth of the Takaful insurance market especially in non-Muslim ethnic author centers.
The family takaful segment is predicted to hold the largest market share through the forecast period.
Based on the coverage type, the takaful insurance market is classified into family takaful, general takaful, health takaful, investment-linked takaful, savings takaful. Among these, the family takaful segment is predicted to hold the largest market share through the forecast period. This is because it emphasizes the provision of financial safety and provision for fulfilling the needs of families at the must in convenient circumstances. Families increasingly seek takaful as a form of insurance that conforms to Sharia law, and this is largely because there is increased knowledge of the principles of Islamic finance. It also integrates assurance methods of protection against risks and provision of savings as well as investment opportunities. The growing demand for integrated planning of finances from an Islamic perspective has also stimulated the growth of this segment making it an important player in the entire takaful market.
The agency segment is anticipated to hold the highest market share during the projected timeframe.
Based on the distribution channel, the takaful insurance market is divided into agency, bancassurance, brokers, direct sales, and online platforms. Among these, the agency segment is anticipated to hold the highest market share during the projected timeframe. Interest minimizes as a result of having wide distribution channels coupled with effective service to customers. Takaful clients and prospective clients are educated through agencies about takaful products and services, and start being comfortable with Islamic finance. As the clients are able to be provided with such approaches and business development for the clients is supported in an ongoing manner, the clients remain active, and sales grow as well. As there are more consumer who are in need of assistance when selecting from the takaful options, such agency segment has been gaining more presence in the market.
North America is estimated to hold the largest share of the takaful insurance market over the forecast period.
North America is estimated to hold the largest share of the takaful insurance market over the forecast period. The growing popularity of Islamic finance in different communities is additionally drive this trend. In particular, the increasing number of Muslims and the growing demand for products that adhere to World Sharia, law are boost this trend. Moreover, the North American market has an accommodating regulatory regime and dynamic financial environment that enables the takaful providers to be set up and thrive making it a lucrative market for consumers and investors looking for Sharia compliant investments.
Europe is expected to grow the fastest during the forecast period, especially because of the focus on multicultural outreach and greater emphasis on ethical financing. Growing preference for takaful insurance products stands as a manifestation of consumers’ desire to deviate from standard insurance. Furthermore, availability of supportive policies as well as existing takaful sponsoring companies are driving development and competition in the market which in turn accelerates growth and brings in more customers across the region.
Competitive Analysis
Major key players in the takaful insurance market includes Takaful Emarat Insurance Company, Hong Leong Assurance, Ethica Takaful Insurance, SALAMA Cooperative Insurance Company, Tokio Marine Life Insurance Malaysia, Solidarity Takaful Sudan, AlRajhi Takaful, Allianz Malaysia Berhad, Zurich Takaful Malaysia Berhad, Oman Insurance Company, Al Hilal Takaful, AXA Affin General Takaful, and Others.
Recent Developments
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the takaful insurance market based on the below-mentioned segments:
Global Takaful Insurance Market, By Coverage Type
Global Takaful Insurance Market, By Distribution Channel
Global Takaful Insurance Market, By Regional Analysis
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