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Takaful Insurance Market By Distribution Channel (Agents & Brokers, Banks, Direct Response and Others), Type (Family Takaful and General Takaful), and Application (Personal and Commercial): Global Opportunity Analysis and Industry Forecast, 2021–2030

A11835
Pages: 290
Jun 2021 | 404 Views
   
Author(s) : Aarti Goswami, Pramod Borasi , Vineet Kumar
Tables: 45
Charts: 30
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Takaful Insurance Market Outlook - 2030

The global takaful insurance market was valued at $24.85 billion in 2020, and is projected to reach $97.17 billion by 2030, growing at a CAGR of 14.6% from 2021 to 2030. 

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-Market-2021-2030

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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. 

Takaful Insurance Market
By Distribution Channel

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Agents & Brokers Segment holds a dominant position throughout the forecast period.

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By distribution channel, 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. However, the direct response segment is also expected to grow significantly during the forecast period, owing to growing preferences of customers towards directly purchasing of takaful insurance and growing number of benefit of direct sales which include relatively low cost of the product and others.

Region-wise, the market was dominated by GCC in 2020, and 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. However, Asia is expected to witness significant growth during the forecast period, owing to rising digitization in various Asian countries and adoption of advance technology by the takaful insurance service provider to increase their sales and upsurge their market value is propelling the growth of the market in this region.

Takaful Insurance Market
By Type

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Family Takaful segment will grow at a highest CAGR of 16.3% during 2021 - 2030

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The report focuses on growth prospects, restraints, and trends of the takaful insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the takaful insurance industry.

Segment Overview

The takaful insurance market is segmented on the basis of distribution channel, type, application, and region. By distribution channel, it is segmented into agents & brokers, banks, direct response and others. By type, it is segregated into family takaful and general takaful. Based on application, the market is divided into personal and commercial. By region, it is analyzed across GCC, Asia, MEA and rest of the World. 

Competitive Analysis   

The report analyzes the profiles of key players operating in the takaful insurance market such as 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, and Zurich Malaysia. These players have adopted various strategies to increase their market penetration and strengthen their position in the takaful insurance industry.   

COVID-19 Impact Analysis

The unprecedented COVID-19 outbreak has moderately affected the takaful insurance market. As the pandemic caused huge financial losses to individuals globally, it has severely affected the collections made by the takaful insurance participants. Moreover, due to limited funds availability during the pandemic, the members could not afford to donate large amounts for the takaful insurance. However, surge in awareness among consumers regarding the importance of takaful insurance has accelerated the demand for health takaful insurance, family takaful, business protection policies, and others. Therefore, the takaful insurance has been moderately affected by the COVID-19 pandemic situation.

Takaful Insurance Market
By Application

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Commercial is projected as one of the most lucrative segments.

  

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Top Impacting Factors

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 Chances 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.

Takaful Insurance Market
By Region

2030
Gcc 
Asia
Mea
Rest Of The World

Asia-Pacific would exhibit the highest CAGR of 17.5% during 2021-2030.

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Key Benefits for Stakeholders 

  •  The study provides in-depth analysis of the takaful insurance market share along with current & future trends to illustrate the imminent investment pockets.
  •  Information about key drivers, restrains, & opportunities and their impact analysis on the takaful insurance market size is provided in the report.
  •  Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the takaful insurance market.
  •  An extensive analysis of the key segments of the industry helps to understand the takaful insurance market trends.
  •  The quantitative analysis of the global takaful insurance market forecast from 2021 to 2030 is provided to determine the market potential.  

Key Market Segments

By Distribution Channel

  •  Agents & Brokers
  •  Banks
  •  Direct Response
  •  Others

By Type

  •  Family Takaful
  •  General Takaful
    •  Motor Takaful
      •  Personal
        •  Third Party Liability Coverage
        •  Comprehensive & Optional Coverage
      •  Commercial
    •  Property & Fire
    •  Medical & Health Takaful
    •  Marine, Aviation & Transport
    •  Others

By Application

  •  Personal 
  •  Commercial  

By Region

  •  GCC
    •  Saudi Arabia
    •  UAE
    •  Bahrain
    •  Kuwait
    •  Qatar
    •  Oman 
  •  Asia
    •  Malaysia
    •  Pakistan
    •  Indonesia
    •  Brunei
    •  Rest of Asia
  •  MEA
    •  Iran
    •  Jordan
    •  Sudan
    •  Egypt
    •  Nigeria
    •  Rest of MEA 
  •  Rest of the World 

Key Market players

  •  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   
 

CHAPTER 1: INTRODUCTION

 1.1. REPORT DESCRIPTION
 1.2. KEY MARKET SEGMENTS
 1.3. KEY BENEFITS
 1.4. RESEARCH METHODOLOGY

 1.4.1. Primary research
 1.4.2. Secondary research
 1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

 2.1. CXO PERSPECTIVE

CHAPTER 3: MARKET LANDSCAPE

 3.1. MARKET DEFINITION AND SCOPE
 3.2. KEY FINDINGS

 3.2.1. Top investment pockets
 3.2.2. Top winning strategies

 3.3. PORTER'S FIVE FORCES ANALYSIS

 3.3.1. Bargaining power of suppliers
 3.3.2. Threat of new entrants
 3.3.3. Threat of substitutes
 3.3.4. Competitive rivalry
 3.3.5. Bargaining power among buyers

 3.4. MARKET SHARE ANALYSIS/TOP PLAYER POSITIONING 2020
 3.5. MARKET DYNAMICS

 3.5.1. Drivers
 3.5.2. Restraints
 3.5.3. Opportunities

3.6. COVID-19 IMPACT ANALYSIS ON THE GLOBAL TAKAFUL INSURANCE MARKET

3.6.1. Impact on market size
3.6.2. Consumer trends, preferences, and budget impact
3.6.3. Economic impact
3.6.4. Strategies to tackle negative impact
3.6.5. Opportunity window

CHAPTER 4: TAKAFUL INSURANCE MARKET BY DISTRIBUTION CHANNEL

 4.1. OVERVIEW
 4.2. AGENTS AND BROKERS

 4.2.1. Key market trends, growth factors and opportunities
 4.2.2. Market size and forecast, by region 
 4.2.3. Market share analysis, by country

 4.3. BANKS

 4.3.1. Key market trends, growth factors and opportunities
 4.3.2. Market size and forecast, by region 
 4.3.3. Market share analysis, by country

 4.4. DIRECT RESPONSE

 4.4.1. Key market trends, growth factors and opportunities
 4.4.2. Market size and forecast, by region 
 4.4.3. Market share analysis, by country

 4.5. OTHERS

 4.5.1. Key market trends, growth factors and opportunities
 4.5.2. Market size and forecast, by region 
 4.5.3. Market share analysis, by country

CHAPTER 5: TAKAFUL INSURANCE MARKET BY TYPE

 5.1. OVERVIEW
 5.2. FAMILY TAKAFUL

 5.2.1. Key market trends, growth factors and opportunities
 5.2.2. Market size and forecast, by region 
 5.2.3. Market share analysis, by country

 5.3. GENERAL TAKAFUL

 5.3.1. Key market trends, growth factors and opportunities
 5.3.2. Market size and forecast, by region 
 5.3.3. Market share analysis, by country

CHAPTER 6: TAKAFUL INSURANCE MARKET BY APPLICATION

 6.1. OVERVIEW
 6.2. PERSONAL

 6.2.1. Key market trends, growth factors and opportunities
 6.2.2. Market size and forecast, by region 
 6.2.3. Market share analysis, by country

 6.3. COMMERCIAL

 6.3.1. Key market trends, growth factors and opportunities
 6.3.2. Market size and forecast, by region 
 6.3.3. Market share analysis, by country

CHAPTER 7: TAKAFUL INSURANCE MARKET BY REGION

 7.1. OVERVIEW
 7.2. GCC

 7.2.1. Key market trends and opportunities
 7.2.2. Market size and forecast, by distribution channel
 7.2.3. Market size and forecast, by type
 7.2.4. Market size and forecast, by application
 7.2.5. Market size and forecast, by Country
 7.2.6. Saudi Arabia

 7.2.6.1. Market size and forecast, by distribution channel
 7.2.6.2. Market size and forecast, by type
 7.2.6.3. Market size and forecast, by application

 7.2.7. UAE

 7.2.7.1. Market size and forecast, by distribution channel
 7.2.7.2. Market size and forecast, by type
 7.2.7.3. Market size and forecast, by application

 7.2.8. Bahrain

 7.2.8.1. Market size and forecast, by distribution channel
 7.2.8.2. Market size and forecast, by type
 7.2.8.3. Market size and forecast, by application

 7.2.9. Kuwait

 7.2.9.1. Market size and forecast, by distribution channel
 7.2.9.2. Market size and forecast, by type
 7.2.9.3. Market size and forecast, by application

 7.2.10. Qatar

 7.2.10.1. Market size and forecast, by distribution channel
 7.2.10.2. Market size and forecast, by type
 7.2.10.3. Market size and forecast, by application

 7.2.11. Oman

 7.2.11.1. Market size and forecast, by distribution channel
 7.2.11.2. Market size and forecast, by type
 7.2.11.3. Market size and forecast, by application

 7.3. ASIA

 7.3.1. Key market trends and opportunities
 7.3.2. Market size and forecast, by distribution channel
 7.3.3. Market size and forecast, by type
 7.3.4. Market size and forecast, by application
 7.3.5. Market size and forecast, by Country
 7.3.6. Malaysia

 7.3.6.1. Market size and forecast, by distribution channel
 7.3.6.2. Market size and forecast, by type
 7.3.6.3. Market size and forecast, by application

 7.3.7. Pakistan

 7.3.7.1. Market size and forecast, by distribution channel
 7.3.7.2. Market size and forecast, by type
 7.3.7.3. Market size and forecast, by application

 7.3.8. Indonesia

 7.3.8.1. Market size and forecast, by distribution channel
 7.3.8.2. Market size and forecast, by type
 7.3.8.3. Market size and forecast, by application

 7.3.9. Brunei

 7.3.9.1. Market size and forecast, by distribution channel
 7.3.9.2. Market size and forecast, by type
 7.3.9.3. Market size and forecast, by application

 7.3.10. Rest of Asia

 7.3.10.1. Market size and forecast, by distribution channel
 7.3.10.2. Market size and forecast, by type
 7.3.10.3. Market size and forecast, by application

 7.4. MEA

 7.4.1. Key market trends and opportunities
 7.4.2. Market size and forecast, by distribution channel
 7.4.3. Market size and forecast, by type
 7.4.4. Market size and forecast, by application
 7.4.5. Market size and forecast, by Country
 7.4.6. Iran

 7.4.6.1. Market size and forecast, by distribution channel
 7.4.6.2. Market size and forecast, by type
 7.4.6.3. Market size and forecast, by application

 7.4.7. Jordan

 7.4.7.1. Market size and forecast, by distribution channel
 7.4.7.2. Market size and forecast, by type
 7.4.7.3. Market size and forecast, by application

 7.4.8. Sudan

 7.4.8.1. Market size and forecast, by distribution channel
 7.4.8.2. Market size and forecast, by type
 7.4.8.3. Market size and forecast, by application

 7.4.9. Egypt

 7.4.9.1. Market size and forecast, by distribution channel
 7.4.9.2. Market size and forecast, by type
 7.4.9.3. Market size and forecast, by application

 7.4.10. Nigeria

 7.4.10.1. Market size and forecast, by distribution channel
 7.4.10.2. Market size and forecast, by type
 7.4.10.3. Market size and forecast, by application

 7.4.11. Rest of MEA

 7.4.11.1. Market size and forecast, by distribution channel
 7.4.11.2. Market size and forecast, by type
 7.4.11.3. Market size and forecast, by application

CHAPTER 8: COMPANY PROFILES

 8.1. ABU DHABI NATIONAL TAKAFUL CO

 8.1.1. Company overview
 8.1.2. Key Executives
 8.1.3. Company snapshot
 8.1.4. Operating business segments
 8.1.5. Product portfolio
 8.1.6. Business performance
 8.1.7. Key strategic moves and developments

 8.2. ALLIANZ

 8.2.1. Company overview
 8.2.2. Key Executives
 8.2.3. Company snapshot
 8.2.4. Operating business segments
 8.2.5. Product portfolio
 8.2.6. Business performance
 8.2.7. Key strategic moves and developments

 8.3. AMAN INSURANCE

 8.3.1. Company overview
 8.3.2. Key Executives
 8.3.3. Company snapshot
 8.3.4. Operating business segments
 8.3.5. Product portfolio
 8.3.6. Business performance
 8.3.7. Key strategic moves and developments

 8.4. ISLAMIC INSURANCE

 8.4.1. Company overview
 8.4.2. Key Executives
 8.4.3. Company snapshot
 8.4.4. Operating business segments
 8.4.5. Product portfolio
 8.4.6. Business performance
 8.4.7. Key strategic moves and developments

 8.5. PRUDENTIAL BSN TAKAFUL BERHAD

 8.5.1. Company overview
 8.5.2. Key Executives
 8.5.3. Company snapshot
 8.5.4. Operating business segments
 8.5.5. Product portfolio
 8.5.6. Business performance
 8.5.7. Key strategic moves and developments

 8.6. QATAR ISLAMIC INSURANCE

 8.6.1. Company overview
 8.6.2. Key Executives
 8.6.3. Company snapshot
 8.6.4. Operating business segments
 8.6.5. Product portfolio
 8.6.6. Business performance
 8.6.7. Key strategic moves and developments

 8.7. SALAMA ISLAMIC ARAB INSURANCE COMPANY

 8.7.1. Company overview
 8.7.2. Key Executives
 8.7.3. Company snapshot
 8.7.4. Operating business segments
 8.7.5. Product portfolio
 8.7.6. Business performance
 8.7.7. Key strategic moves and developments

 8.8. SYARIKAT TAKAFUL BRUNEI DARUSSALAM

 8.8.1. Company overview
 8.8.2. Key Executives
 8.8.3. Company snapshot
 8.8.4. Operating business segments
 8.8.5. Product portfolio
 8.8.6. Business performance
 8.8.7. Key strategic moves and developments

 8.9. TAKAFUL INTERNATIONAL

 8.9.1. Company overview
 8.9.2. Key Executives
 8.9.3. Company snapshot
 8.9.4. Operating business segments
 8.9.5. Product portfolio
 8.9.6. Business performance
 8.9.7. Key strategic moves and developments

 8.10. ZURICH MALAYSIA

 8.10.1. Company overview
 8.10.2. Key Executives
 8.10.3. Company snapshot
 8.10.4. Operating business segments
 8.10.5. Product portfolio
 8.10.6. Business performance
 8.10.7. Key strategic moves and developments

Note:
o *Details on financial performance and strategic moves and developments may not be captured for unlisted companies.
o *List of companies profiled in this TOC is tentative and may change after detailed analysis.
o *Market size and forecast will be provided from 2020-2030, and forecast period would be 2020-2030.

LIST OF TABLES

TABLE 1. GLOBAL TAKAFUL INSURANCE MARKET, BY DISTRIBUTION CHANNEL 2020-2030 ($MILLION)
TABLE 2. TAKAFUL INSURANCE MARKET FOR AGENTS AND BROKERS, BY REGION, 2020-2030 ($MILLION)
TABLE 3. TAKAFUL INSURANCE MARKET FOR BANKS, BY REGION, 2020-2030 ($MILLION)
TABLE 4. TAKAFUL INSURANCE MARKET FOR DIRECT RESPONSE, BY REGION, 2020-2030 ($MILLION)
TABLE 5. TAKAFUL INSURANCE MARKET FOR OTHERS, BY REGION, 2020-2030 ($MILLION)
TABLE 6. GLOBAL TAKAFUL INSURANCE MARKET, BY TYPE 2020-2030 ($MILLION)
TABLE 7. TAKAFUL INSURANCE MARKET FOR FAMILY TAKAFUL, BY REGION, 2020-2030 ($MILLION)
TABLE 8. TAKAFUL INSURANCE MARKET FOR GENERAL TAKAFUL, BY REGION, 2020-2030 ($MILLION)
TABLE 9. TAKAFUL INSURANCE MARKET FOR , BY REGION, 2020-2030 ($MILLION)
TABLE 10. GLOBAL TAKAFUL INSURANCE MARKET, BY APPLICATION 2020-2030 ($MILLION)
TABLE 11. TAKAFUL INSURANCE MARKET FOR PERSONAL, BY REGION, 2020-2030 ($MILLION)
TABLE 12. TAKAFUL INSURANCE MARKET FOR COMMERCIAL, BY REGION, 2020-2030 ($MILLION)
TABLE 13. TAKAFUL INSURANCE MARKET FOR , BY REGION, , 2020-2030 ($MILLION)
TABLE 14. GCC TAKAFUL INSURANCE, BY DISTRIBUTION CHANNEL 2020-2030 ($MILLION)
TABLE 15. GCC TAKAFUL INSURANCE, BY TYPE 2020-2030 ($MILLION)
TABLE 16. GCC TAKAFUL INSURANCE, BY APPLICATION 2020-2030 ($MILLION)
TABLE 17. GCC TAKAFUL INSURANCE, BY REGION, 2020-2030 ($MILLION)
TABLE 18. ASIA TAKAFUL INSURANCE, BY DISTRIBUTION CHANNEL 2020-2030 ($MILLION)
TABLE 19. ASIA TAKAFUL INSURANCE, BY TYPE 2020-2030 ($MILLION)
TABLE 20. ASIA TAKAFUL INSURANCE, BY APPLICATION 2020-2030 ($MILLION)
TABLE 21. ASIA TAKAFUL INSURANCE, BY REGION, 2020-2030 ($MILLION)
TABLE 22. MEA TAKAFUL INSURANCE, BY DISTRIBUTION CHANNEL 2020-2030 ($MILLION)
TABLE 23. MEA TAKAFUL INSURANCE, BY TYPE 2020-2030 ($MILLION)
TABLE 24. MEA TAKAFUL INSURANCE, BY APPLICATION 2020-2030 ($MILLION)
TABLE 25. MEA TAKAFUL INSURANCE, BY REGION, 2020-2030 ($MILLION)
TABLE 26. ABU DHABI NATIONAL TAKAFUL CO: COMPANY SNAPSHOT
TABLE 27. ABU DHABI NATIONAL TAKAFUL CO: OPERATING SEGMENTS
TABLE 28. ALLIANZ: COMPANY SNAPSHOT
TABLE 29. ALLIANZ: OPERATING SEGMENTS
TABLE 30. AMAN INSURANCE: COMPANY SNAPSHOT
TABLE 31. AMAN INSURANCE: OPERATING SEGMENTS
TABLE 32. ISLAMIC INSURANCE: COMPANY SNAPSHOT
TABLE 33. ISLAMIC INSURANCE: OPERATING SEGMENTS
TABLE 34. PRUDENTIAL BSN TAKAFUL BERHAD: COMPANY SNAPSHOT
TABLE 35. PRUDENTIAL BSN TAKAFUL BERHAD: OPERATING SEGMENTS
TABLE 36. QATAR ISLAMIC INSURANCE: COMPANY SNAPSHOT
TABLE 37. QATAR ISLAMIC INSURANCE: OPERATING SEGMENTS
TABLE 38. SALAMA ISLAMIC ARAB INSURANCE COMPANY: COMPANY SNAPSHOT
TABLE 39. SALAMA ISLAMIC ARAB INSURANCE COMPANY: OPERATING SEGMENTS
TABLE 40. SYARIKAT TAKAFUL BRUNEI DARUSSALAM: COMPANY SNAPSHOT
TABLE 41. SYARIKAT TAKAFUL BRUNEI DARUSSALAM: OPERATING SEGMENTS
TABLE 42. TAKAFUL INTERNATIONAL: COMPANY SNAPSHOT
TABLE 43. TAKAFUL INTERNATIONAL: OPERATING SEGMENTS
TABLE 44. ZURICH MALAYSIA: COMPANY SNAPSHOT
TABLE 45. ZURICH MALAYSIA: OPERATING SEGMENTS

LIST OF FIGURES

FIGURE 1. GLOBAL TAKAFUL INSURANCE MARKET SEGMENTATION
FIGURE 2. TOP INVESTMENT POCKET
FIGURE 3. TOP WINNING STRATEGIES (%)
FIGURE 4. TAKAFUL INSURANCE MARKET FOR AGENTS AND BROKERS, 2020-2030 ($MILLION)
FIGURE 5. TAKAFUL INSURANCE MARKET FOR BANKS, 2020-2030 ($MILLION)
FIGURE 6. TAKAFUL INSURANCE MARKET FOR DIRECT RESPONSE, 2020-2030 ($MILLION)
FIGURE 7. TAKAFUL INSURANCE MARKET FOR OTHERS, 2020-2030 ($MILLION)
FIGURE 8. TAKAFUL INSURANCE MARKET FOR FAMILY TAKAFUL, 2020-2030 ($MILLION)
FIGURE 9. TAKAFUL INSURANCE MARKET FOR GENERAL TAKAFUL, 2020-2030 ($MILLION)
FIGURE 10. TAKAFUL INSURANCE MARKET FOR , 2020-2030 ($MILLION)
FIGURE 11. TAKAFUL INSURANCE MARKET FOR PERSONAL, 2020-2030 ($MILLION)
FIGURE 12. TAKAFUL INSURANCE MARKET FOR COMMERCIAL, 2020-2030 ($MILLION)
FIGURE 13. GLOBAL TAKAFUL INSURANCE, BY REGION, 2020 (%)
FIGURE 14. SAUDI ARABIA TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 15. UAE TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 16. BAHRAIN TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 17. KUWAIT TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 18. QATAR TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 19. OMAN TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 20. MALAYSIA TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 21. PAKISTAN TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 22. INDONESIA TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 23. BRUNEI TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 24. REST OF ASIA TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 25. IRAN TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 26. JORDAN TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 27. SUDAN TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 28. EGYPT TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 29. NIGERIA TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 30. REST OF MEA TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)

 
 

Takaful insurers have to tackle a number of negative impacts such as lack of standardization, scarcity of human resources, real earnings management, corporate governance, technical efficiency, and lower penetration rate. The key players are adopting technology such as artificial intelligence, block chain,  and advanced analytics, to ensure a better quality of service to the customers. Moreover, companies are improving claims management, which allows clients to monitor the process of insurance in real-time, avoiding elements of uncertainty and lack of transparency. These are becoming major trends in the market. Furthermore, conventional insurance penetration is comparatively low in Muslim majority countries such as Qatar, Kuwait and the UAE. Hence, takaful insurance is seen as a major insurance option for life and general insurance policies.

The takaful insurance market is fragmented with the presence of large number of regional vendors such as Allianz, AMAN Insurance, and Zurich Malaysia. GCC dominated the takaful insurance market, in terms of revenue in 2020, and is expected to maintain its dominance during the forecast period. Availability of large number of Muslim population and preference of takaful insurance over conventional insurance accelerates the market growth in GCC. However, Asia is expected to experience significant growth in the future, owing to increase in awareness toward takaful insurance among Muslim as well as non-Muslim population in developing countries, such as India and Malaysia, which fuels the demand for takaful insurance. This serves as an emerging opportunity for the market in the coming years. Some of the key players profiled in the report include Abu Dhabi National Takaful Co., Islamic Insurance, Prudential BSN Takaful Berhad, Qatar Islamic Insurance, SALAMA Islamic Arab Insurance Company, Syarikat Takaful Brunei Darussalam, and Takaful International. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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A. The Takaful Insurance Market is estimated to grow at a CAGR of 14.6% from 2021 to 2030.

A. The Takaful Insurance Market is projected to reach $97.17 billion by 2030.

A. To get the latest version of sample report

A. Factors such as lack of standardization in takaful insurance due to regional differences and lower consumer awareness toward takaful insurance market.

A. The key players profiled in the report 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 many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Takaful Insurance Market is segmented on the basis of distribution channel, type, application, and region.

A. The key growth strategies of Takaful Insurance market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. Agents & Brokers Segment holds a dominant position throughout the forecast period.

A. Family Takaful segment will grow at a highest CAGR of 16.3% during 2021 - 2030

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