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Exploring the Future: Takaful Insurance Market Global Opportunity Analysis and Industry Forecast from 2021 to 2030
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.
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