Press release
Opportunities for the Global Takaful Insurance Market to reach Blatant Growth in Coming years by 2030 Abu Dhabi National Takaful Co., Allianz, AMAN Insurance.
Adoption of takaful insurance in non-Muslim countries and additional benefits of takaful insurance in comparison to conventional insurance drive the growth of the global takaful insurance market. However, limited consumer awareness and fewer market players hinder the market growth. On the other hand, advancements in technologies in the insurance sector and supportive government regulations provide new opportunities for the market in the next few years.
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Covid-19 Scenario:
Owing to economic uncertainty occurred across the world, participants have been postponing donations of large sums of money. However, the collections would increase as participants recover from the financial losses incurred during the Covid-19 pandemic.
Rise in awareness regarding various takaful insurance types such as health, family, and others resulted in increased demand, which in turn, accelerated the growth of the market.
The report offers detailed segmentation of the global takaful insurance market based on distribution channel, type, application, and region.
Based on distribution channel, the agents & brokers segment contributed to the largest market share in 2020, holding nearly three-fifths of the total share, and is estimated to continue its lead position during the forecast period. However, the direct response segment is expected to witness the largest CAGR of 18.8% from 2021 to 2030.
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Based on type, the general takaful segment accounted for the highest share in 2020, holding nearly three-fourths of the global takaful insurance market, and is estimated to maintain its leadership status during the forecast period. However, the family takaful segment is projected to manifest the highest CAGR of 16.3% from 2021 to 2030.
Based on region, GCC held the highest share in 2020, contributing to more than two-fifths of the total market share, and is expected to maintain its dominant share in terms of revenue by 2030. However, Asia is estimated to portray the fastest CAGR of 17.5% during the forecast period.
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Leading players of the global takaful insurance market analyzed in the research include Abu Dhabi National Takaful Co., AMAN Insurance, Allianz, Prudential BSN Takaful Berhad, Islamic Insurance, SALAMA Islamic Arab Insurance Company, Qatar Islamic Insurance, Takaful International, Syarikat Takaful Brunei Darussalam, and Zurich Malaysia.
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
Some of the Major Points of TOC cover:
CHAPTER 3:MARKET OVERVIEW
3.1.Market definition and scope
3.2.Key forces shaping global takaful insurance market
3.3.Takaful insurance model
3.4.Impact of government regulations on the global takaful insurance market
3.5.Market dynamics
3.5.1.Drivers
3.5.1.1.Growth in demand of takaful insurance across Muslim majority countries
3.5.1.2.Distribution of Investment profits among both participants
3.5.1.3.Numerous benefits such as premium amount refund driving the growth
3.5.2.Restraints
3.5.2.1.Lack of standardization in takaful insurance due to regional differences
3.5.2.2.Lower consumer awareness
3.5.3.Opportunity
3.5.3.1.Untapped market potential for takaful insurance
3.6.COVID-19 impact analysis on takaful insurance market
3.6.1.Impact on takaful insurance market size
3.6.2.Change in consumer trends, preferences, and budget impact, owing to COVID-19
3.6.3.Framework for market challenges faced by takaful insurance providers
3.6.4.Economic impact on takaful insurance providers
3.6.5.Key player strategies to tackle negative impact on the industry
3.6.6.Opportunity analysis for takaful insurance providers
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AI in Insurance Market: https://www.alliedmarketresearch.com/ai-in-insurance-market-A11615
Usage-Based Insurance Market: https://www.alliedmarketresearch.com/usage-based-insurance-market
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