The global Takaful Insurance Market is presently valued at USD 24.85 billion and is poised to amplify at a CAGR of 14.6% over 2022-2030, thereby amassing a valuation of USD 97.17 billion by end of the assessment timeframe.
Takaful is referred to as type of Islamic financial insurance scheme which is based on the principle of mutuality. The members of the community make their contributions to a fixed insurance pool and share the mutual risk among each other. It abides by the Islamic religious law or Sharia which states that it is the responsibility of every individual to stand by their counterparts and protect one another is case of any mishap.
Growth determinants and restraints pertaining to this industry sphere
This insurance covers multiple aspects such as life, health, and general needs, which in turn is increasing its adoption in Islamic regions.
Moreover, the investment profits are divided among the members and in case of zero claims, the premium amount is returned to the participants. These are the pivotal factors escalating the demand for Takaful insurance scheme.
Also, rise in disposable income levels, growing cognizance about the benefits of Takaful insurance, along with the increasing Muslim population worldwide are positively swaying the dynamics of this business sphere.
Furthermore, favorable government initiatives to standardize this insurance scheme is creating lucrative opportunities for the marketplace to prosper.
On the flipside, Takaful insurance is limited to the Muslim population and is yet to be accepted by other religious communities. This is hindering the remuneration scope of this market sphere.
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.
In addition, in case no such claim is made, then the surplus amount is distributed among the members, unlike conventional insurance.
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Segmental assessment of the market
Key Players
- Abu Dhabi National Takaful Company PSC
- AIA PUBLIC Takaful Bhd
- AMAN Insurance
- AmMetLife Takaful Berhad
- Etiqa Family Takaful Berhad
- Etiqa General Takaful Berhad
- FWD Takaful Berhad
- Great Eastern Takaful Berhad
- Hong Leong MSIG Takaful Berhad
- Islamic Insurance Company
- JamaPunji
- Prudential BSN Takaful Berhad
- Qatar Islamic Insurance Company
- SALAMA Islamic Arab Insurance Company
- Standard Chartered
- Sun Life Malaysia Takaful Berhad
- Takaful Brunei Darussalam Sdn Bhd
- Takaful Ikhlas General Berhad
- Takaful International
- Zurich General Takaful Malaysia
- Zurich Takaful Berhad
Based on distribution
- Agents & brokers
- direct response
- banks
- others
The direct response segment is slated to garner significant returns over the stipulated timeline attributing to the shifting inclination of customers towards the direct purchase of Takaful insurance. Moreover, direct insurance sales also offer a wide array of benefits including lower premium, which is further contributing to the segmental growth.
By type
- Family Takaful
- General Takaful
The general Takaful is anticipated to amass notable gains over 2022-2030. This segment covers aspects such as motor Takaful, property & fire, medical & health Takaful, marine, aviation, & transport, and others. The growing prevalence of long term ailments and rising instances of road accidents are stimulating the overall outlook of this segment.
By application
- Personal
- Commercial
The personal segment is expected to capture a high revenue share over the stipulated timeline owing to the rise in per capita income of individuals.
Expounding the geographical ambit of this business sphere
Considering the geographical frame of reference, global Takaful insurance market is classified into GCC, Asia, and MEA. Among these, GCC is projected to expand with a substantial CAGR over 2022-2030. This is credited to the growing awareness regarding the benefits offered by this insurance type.
Similarly, Asia is predicted to capture a significant revenue share over the estimated timeline ascribing to the integration of advanced technology by the service providers to enhance their sales.
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Elucidating the competitive hierarchy of the market
The prominent players defining the competitive gamut of this business vertical are AMAN Insurance, Zurich Malaysia, Allianz, Islamic Insurance, SALAMA Islamic Arab Insurance Company, Abu Dhabi National Takaful Co., Takaful International, Qatar Islamic Insurance, Prudential BSN Takaful Berhad, and Syarikat Takaful Brunei Darussaalam.
The aforementioned companies are engaging into various business centric activities encompassing R&D investments, mergers & acquisitions, service launches, and partnership deals to expand their customer base and stay ahead of their key competitors.
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