Takaful Insurance Market : Lower Chances of Financial Loss in Takaful Insurance | 2023 - 2032

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.

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Key players in the market are adopting different technologies to offer more advanced services & consumer awareness toward takaful insurance is increasing in the market. However, presence of conventional insurance players is becoming challenging and creating tough competition for takaful insurance providers

On the basis of type, the family takaful segment is expected to witness growth at the fastest rate during the forecast period. This is attributed to increased awareness of life insurance policies during COVID-19 outbreak. It offers different types of life coverage against any kind of risk; hence, it is the most lurcative takaful insurance among other types of policies.

By region, the global health insurance market is being dominated by GCC region in 2021, and is expected to maintain this trend during the forecast period. This is attributed to large number of Muslim population and massive awareness toward takaful insurance in this region. However, Asia is expected to grow at the fastest CAGR during the forecast period due to new players emerging in the market that offer takaful insurance and various governments across Asia-Pacific countries such as Malaysia, Indonesia, and Pakistan, encouraging the banking & financial industry to implement takaful insurance offerings in the region.

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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.

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 market share.

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