The Takaful Global Market Report 2023, provides comprehensive information on the takaful market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Takaful Global Market Report 2023, the global takaful market size is expected to grow from $26.50 billion in 2022 to $29.73 billion in 2023 at a compound annual growth rate (CAGR) of 12.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global takaful market size is expected to grow to $45.95 billion in 2027 at a CAGR of 11.5%.
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Technological advancements are a key trend gaining popularity in the takaful market. Major companies operating in the market are introducing technologically advanced solutions to sustain their position in the market. For instance, in November 2020, Cyber Village Sdn Bhd (CBV), a Malaysia-based digital engagement technology solution provider, launched the industry’s first peer-to-peer community-based family takaful application. The platform is based on CBV’s Insurtech P2P platform. It combines Takaful, mutual aid, and the P2P concept in a single platform and allows a group of individuals to pool their money to insure against a risky situation. Through the platform, the Takaful Operator may meet members’ demands for mobile functionality, self-service alternatives, and proactive communications, including quick and effective digital customer onboarding. The platform’s ledger architecture and digital wallet features allow for a seamless and more individualized consumer journey for community members.
The takaful market is segmented:
1) By Type: Family Takaful, General Takaful
2) By Distribution Channel: Agents and Brokers, Banks, Direct Response, Other Channels
3) By Application: Personal, Commercial
Asia-Pacific was the largest region in the takaful market in 2022.
The table of contents in TBRC’s takaful market report includes:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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