The takaful insurance coverage market is rapidly increasing because of growing consciousness of islamic finance rules, rising demand for moral and sharia-compliant monetary options, enlargement into new markets with important muslim populations, and diversification of takaful product choices
WILMINGTON, Del., Oct. 17, 2023 /PRNewswire/ — Allied Market Research revealed a report, titled, “Takaful Insurance Market by Type (Family Takaful, and General Takaful), Distribution (Agents and Brokers, Banks, Direct Response, and Others), and Application (Personal, and Commercial) Global Opportunity Analysis and Industry Forecast, 2023–2032.According to the report, the worldwide takaful insurance coverage market was valued at $31.7 billion in 2022, and is projected to achieve $126.8 billion by 2032, rising at a CAGR of 15.2% from 2023 to 2032.
Prime Determinants of Growth
The takaful insurance coverage market is influenced by a number of main drivers, restraints, and alternatives. The takaful insurance coverage market is quickly creating as Growth in demand of takaful insurance coverage throughout Muslim majority nations. Furthermore, the market is being pushed by the distribution of Investment income amongst each contributors, by encourages a spirit of justice and teamwork, bringing individuals and corporations into the takaful insurance coverage market and fostering its enlargement. However, the takaful insurance coverage market faces progress challenges as a consequence of decrease client consciousness, as many potential contributors are unaware of its advantages and Sharia-compliant choices. On the opposite, for the takaful insurance coverage business, the untapped market potential offers a big alternative because it permits enlargement and progress in niches and geographic areas the place consciousness and adoption are nonetheless of their infancy.
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- 130 – Tables
- 54 – Charts
- 364 – Pages
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Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$31.64 billion |
|
Market Size in 2032 |
$126.8 billion |
|
CAGR |
15.2 % |
|
No. of Pages in Report |
364 |
|
Segments coated |
Type, Distribution, Applicaton, and Region. |
|
Drivers |
Growth in demand of takaful insurance coverage throughout Muslim majority nations Distribution of Investment income amongst each contributors Numerous advantages resembling premium quantity refund driving the expansion |
|
Opportunities |
Untapped market potential for takaful insurance coverage |
|
Restraints |
Lack of standardization in takaful insurance coverage as a consequence of regional variations Lower client consciousness |
The common takaful phase to keep up its management standing all through the forecast interval
Based on sort, the final takaful phase held the best market share in 2022, accounting for round three-fourths of the worldwide takaful insurance coverage market income. This may be attributed to the truth that it meets a wide range of calls for, resembling insurance coverage for homes, businesses, autos, and different beneficial belongings, common takaful appeals to a wider client base. It can take a much bigger portion of the market due to its huge breadth. However, the household takaful phase is projected to manifest the quickest CAGR of 18.2% from 2023 to 2032, that is attribute to the truth that it takes care of pressing requirements like life insurance coverage and household monetary stability, making it a prime precedence for anybody trying to safeguard these they cherish.
The brokers and dealer phase to keep up its management standing all through the forecast interval
Based on distribution channel, agent and brokers phase held the best market share in 2022, accounting for greater than half of the worldwide takaful insurance coverage market income and is estimated to keep up its management standing all through the forecast interval. This is attributed to the truth that they ease the promoting of takaful insurance policies and provide individualized steering, effectively reaching a big client base and creating confidence through their information and repair. However, the direct response phase is projected to manifest the quickest CAGR of 21.6% from 2023 to 2032, this is because of their affordability and comfort, which let prospects to purchase insurance coverage immediately on-line or over the telephone, with out intermediaries, and which facilitate fast market penetration.
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The industrial phase to keep up its management standing all through the forecast interval
Based on software, industrial phase held the best market share in 2022, accounting for practically three-fifths of the worldwide takaful insurance coverage market income and is estimated to keep up its management standing all through the forecast interval. This is Due to their assorted danger administration necessities, regulatory constraints, and the scale of their actions, they characterize a large group that calls for full takaful protection. However, the non-public phase is projected to manifest the quickest CAGR of 17.2% from 2023 to 2032, that is attributed to the truth that individuals’s wants for insurance coverage are extra pressing and relatable, significantly these for private and household safety.
GCC to keep up its dominance by 2032
Based on area, GCC held the best market share by way of income in 2022, accounting for greater than two-fifths of the worldwide takaful insurance coverage market income. as a consequence of their sizable Muslim populations, sturdy regulatory techniques, and excessive ranges of affluence, which foster a local weather favorable for the expansion of takaful items and providers. However, the Asia-Pacific area is anticipated to witness the quickest CAGR of 18.4% from 2023 to 2032 and is more likely to dominate the market in the course of the forecast interval, as a result of area’s sizable and diversified Muslim inhabitants, rising understanding of Islamic monetary ideas, and increasing demand for monetary merchandise that adhere to Shariah, significantly takaful.
Leading 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
The report offers an in depth evaluation of those key gamers of the worldwide takaful insurance coverage market. These gamers have adopted totally different methods resembling enlargement and product launch to extend their market share and keep dominant shares in numerous areas. The report is efficacious in highlighting business efficiency, working segments, product portfolio, and strategic strikes of market gamers to showcase the aggressive state of affairs.
Key Benefits for Stakeholders
- This report offers a quantitative evaluation of the market segments, present developments, estimations, and dynamics of the takaful insurance coverage market evaluation from 2022 to 2032 to establish the prevailing takaful insurance coverage market alternative.
- Market analysis is obtainable together with data associated to key drivers, restraints, and alternatives.
- Porter’s 5 forces evaluation highlights the efficiency of patrons and suppliers to allow stakeholders to make profit-oriented business choices and strengthen their supplier-buyer community.
- In-depth evaluation of the takaful insurance coverage market segmentation assists to find out the prevailing market alternatives.
- Major nations in every area are mapped in accordance with their income contribution to the worldwide market.
- Market participant positioning facilitates benchmarking and offers a transparent understanding of the current position of the market gamers.
- The report consists of the evaluation of the regional in addition to world takaful insurance coverage market developments, key gamers, market segments, software areas, and market progress methods.
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Takaful Insurance Market Report Highlights
By Application
By Type
- Family Takaful
- General Takaful
By Distribution Channel
- Agents and Brokers
- Banks
- Direct Response
- Others
By Region
- GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman)
- Asia-Pacific (Malaysia, Pakistan, Indonesia, Brunei, Rest Of Asia)
- Middle East and Africa (Iran, Jordan, Sudan, Egypt, Nigeria, Rest of Middle East And Africa)
- Rest of ME (Turkey, Sri Lanka)
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