
Takaful Insurance Market Share, Size, Trends, Industry Analysis Report, By Type (General Takaful, Family Takaful); By Application; By Distribution Channel; By Region; Segment Forecast, 2024 - 2032
Description
Takaful Insurance Market Share, Size, Trends, Industry Analysis Report, By Type (General Takaful, Family Takaful); By Application; By Distribution Channel; By Region; Segment Forecast, 2024 - 2032
The global takaful insurance market size is expected to reach USD 133.45 billion by 2032, according to a new study by Polaris Market Research. The report “Takaful Insurance Market Share, Size, Trends, Industry Analysis Report, By Type (General Takaful, Family Takaful); By Application; By Distribution Channel; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Takaful insurance, often referred to as Islamic insurance, is a unique form of insurance that adheres to Islamic principles, avoiding elements such as interest (riba), uncertainty (gharar), and gambling (maisir). Takaful is based on the principles of mutual cooperation, shared responsibility, and the assurance of participants against defined risks.
The agents/brokers segment accounted for a significant market share in 2023. The role of agents and brokers extends to understanding individual client requirements. This personalized approach enables them to tailor Takaful solutions, ensuring that clients receive coverage that aligns precisely with their specific needs and preferences. Agents, especially those deeply rooted in local communities, contribute to community outreach efforts.
Their presence fosters trust and credibility, essential elements in promoting the acceptance and understanding of Takaful principles within diverse demographic segments. Agents and brokers navigate through local regulatory frameworks, ensuring compliance and contributing to the seamless integration of Takaful into the broader insurance landscape. Their adaptability to regulatory nuances is critical for operational efficiency.
Middle East and Africa accounted for the largest revenue share in 2023. MEA Takaful providers lead in innovation, responding to evolving customer expectations. Hybrid Takaful products and digitization initiatives underscore the commitment to enhanced customer experiences, streamlined processes, and competitive adaptability in the digital era. The surge in awareness regarding Islamic finance principles and an escalating demand for Sharia-compliant financial products propel the expansion of the Takaful insurance market in MEA. A noteworthy trend is the exploration of micro-Takaful, a strategic initiative targeting affordable and accessible insurance solutions for underserved communities. This initiative aligns seamlessly with broader financial inclusion goals, extending insurance coverage to traditionally excluded populations.
Asia-Pacific is expected to experience significant growth during the forecast period. The appeal of Takaful is wider than in Muslim-majority countries. Asia witnesses growing interest and adoption in regions characterized by diverse religious demographics, showcasing the universal acceptance and relevance of Takaful principles. Strategic collaborations and partnerships are common among insurers in Asia, both locally and internationally. These initiatives foster knowledge sharing, resource pooling, and expanded market reach, contributing to the overall growth of the Takaful insurance sector. Recognizing the diverse regulatory landscapes and consumer preferences across Asian countries, the Takaful insurance market customizes products and services. This approach ensures alignment with local requirements and enhances the market's resonance with regional populations.
Takaful Insurance Market Report Highlights
In 2023, the general takaful segment accounted for a significant market share due to rise in demand for property takaful, motor takaful, and liability takaful.
In 2023, the commercial segment accounted for a significant market share due to greater demand for property and liability coverage, business interruption, trade credit, and professional indemnity.
In 2023, agents/brokers segment accounted for significant market share due to their localized expertise and cultural understanding, holistic customer engagement, and adaptation to local regulatory frameworks.
In 2023, Middle East & Africa accounted for the largest revenue share due to strong presence of Islamic finance hubs, regulatory support and frameworks, and potential for micro-takaful.
The market is highly competitive owing to the existence of market players with a global presence, including Abu Dhabi National Takaful Co., AIG Prudential, Allianz, Aman Takaful Insurance Co., Takaful International, and The Islamic Insurance Company among others.
Polaris Market Research has segmented the takaful insurance market report based on type, application, distribution channel, and region:
Takaful Insurance, Type Outlook (Revenue - USD Billion, 2019 - 2032)
General Takaful
Family Takaful
Takaful Insurance, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Commercial
Personal
Takaful Insurance, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)
Banks
Agents/Brokers
Direct Response
Others
Takaful Insurance, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
North America
U.S.
Canada
Europe
France
Germany
UK
Italy
Netherlands
Spain
Russia
Asia Pacific
Japan
China
India
Malaysia
Indonesia
South Korea
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
Saudi Arabia
UAE
Israel
South Africa
Table of Contents
116 Pages
- 1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
- 2. Executive Summary
- 2.1. Market Highlights
- 3. Research Methodology
- 3.1. Overview
- 3.1.1. Data Mining
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
- 4. Global Takaful Insurance Market Insights
- 4.1. Takaful Insurance Market – Distribution Channel Snapshot
- 4.2. Takaful Insurance Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Growing Muslim Population
- 4.2.1.2. Economic Growth in Islamic Finance Hubs
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Lack of Standardization
- 4.3. Porter’s Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Takaful Insurance Market Distribution Channel Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
- 5. Global Takaful Insurance Market, by Type
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 5.3. General Takaful
- 5.3.1. Global Takaful Insurance Market, by General Takaful, by Region, 2019-2032 (USD Billion)
- 5.4. Family Takaful
- 5.4.1. Global Takaful Insurance Market, by Family Takaful, by Region, 2019-2032 (USD Billion)
- 6. Global Takaful Insurance Market, by Application
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 6.3. Commercial
- 6.3.1. Global Takaful Insurance Market, by Commercial, by Region, 2019-2032 (USD Billion)
- 6.4. Personal
- 6.4.1. Global Takaful Insurance Market, by Personal, by Region, 2019-2032 (USD Billion)
- 7. Global Takaful Insurance Market, by Distribution Channel
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.3. Banks
- 7.3.1. Global Takaful Insurance Market, by Banks, By Region, 2019-2032 (USD Billion)
- 7.4. Agents/Brokers
- 7.4.1. Global Takaful Insurance Market, by Agents/Brokers, By Region, 2019-2032 (USD Billion)
- 7.5. Direct Response
- 7.5.1. Global Takaful Insurance Market, by Direct Response, By Region, 2019-2032 (USD Billion)
- 7.6. Others
- 7.6.1. Global Takaful Insurance Market, by Others, By Region, 2019-2032 (USD Billion)
- 8. Global Takaful Insurance Market, by Geography
- 8.1. Key findings
- 8.2. Introduction
- 8.2.1. Takaful Insurance Market Assessment, By Geography, 2019-2032 (USD Billion)
- 8.3. Takaful Insurance Market – North America
- 8.3.1. North America: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.3.2. North America: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.3.3. North America: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.3.4. Takaful Insurance Market – U.S.
- 8.3.4.1. U.S.: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.3.4.2. U.S.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.3.4.3. U.S.: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.3.5. Takaful Insurance Market – Canada
- 8.3.5.1. Canada: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.3.5.2. Canada.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.3.5.3. Canada: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.4. Takaful Insurance Market – Europe
- 8.4.1. Europe: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.2. Europe.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.4.3. Europe: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.4.4. Takaful Insurance Market – UK
- 8.4.4.1. UK: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.4.2. UK.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.4.4.3. UK: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.4.5. Takaful Insurance Market – France
- 8.4.5.1. France: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.5.2. France.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.4.5.3. France: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.4.6. Takaful Insurance Market – Germany
- 8.4.6.1. Germany: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.6.2. Germany.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.4.6.3. Germany: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.4.7. Takaful Insurance Market – Italy
- 8.4.7.1. Italy: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.7.2. Italy.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.4.7.3. Italy: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.4.8. Takaful Insurance Market – Spain
- 8.4.8.1. Spain: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.8.2. Spain.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.4.8.3. Spain: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.4.9. Takaful Insurance Market – Netherlands
- 8.4.9.1. Netherlands: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.9.2. Netherlands.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.4.9.3. Netherlands: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.4.10. Takaful Insurance Market – Russia
- 8.4.10.1. Russia: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.4.10.2. Russia.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.4.10.3. Russia: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.5. Takaful Insurance Market – Asia Pacific
- 8.5.1. Asia Pacific: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.5.2. Asia Pacific.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.5.3. Asia Pacific: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.5.4. Takaful Insurance Market – China
- 8.5.4.1. China: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.5.4.2. China.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.5.4.3. China: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.5.5. Takaful Insurance Market – India
- 8.5.5.1. India: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.5.5.2. India.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.5.5.3. India: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.5.6. Takaful Insurance Market – Malaysia
- 8.5.6.1. Malaysia: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.5.6.2. Malaysia.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.5.6.3. Malaysia: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.5.7. Takaful Insurance Market – Japan
- 8.5.7.1. Japan: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.5.7.2. Japan.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.5.7.3. Japan: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.5.8. Takaful Insurance Market – Indonesia
- 8.5.8.1. Indonesia: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.5.8.2. Indonesia.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.5.8.3. Indonesia: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.5.9. Takaful Insurance Market – South Korea
- 8.5.9.1. South Korea: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.5.9.2. South Korea.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.5.9.3. South Korea: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.6. Takaful Insurance Market – Middle East & Africa
- 8.6.1. Middle East & Africa: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.6.2. Middle East & Africa.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.6.3. Middle East & Africa: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.6.4. Takaful Insurance Market – Saudi Arabia
- 8.6.4.1. Saudi Arabia: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.6.4.2. Saudi Arabia.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.6.4.3. Saudi Arabia: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.6.5. Takaful Insurance Market – UAE
- 8.6.5.1. UAE: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.6.5.2. UAE.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.6.5.3. UAE: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.6.6. Takaful Insurance Market – Israel
- 8.6.6.1. Israel: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.6.6.2. Israel.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.6.6.3. Israel: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.6.7. Takaful Insurance Market – South Africa
- 8.6.7.1. South Africa: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.6.7.2. South Africa.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.6.7.3. South Africa: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.7. Takaful Insurance Market – Latin America
- 8.7.1. Latin America: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.7.2. Latin America.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.7.3. Latin America: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.7.4. Takaful Insurance Market – Mexico
- 8.7.4.1. Mexico: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.7.4.2. Mexico.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.7.4.3. Mexico: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.7.5. Takaful Insurance Market – Brazil
- 8.7.5.1. Brazil: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.7.5.2. Brazil.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.7.5.3. Brazil: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 8.7.6. Takaful Insurance Market – Argentina
- 8.7.6.1. Argentina: Takaful Insurance Market, by Type, 2019-2032 (USD Billion)
- 8.7.6.2. Argentina.: Takaful Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 8.7.6.3. Argentina: Takaful Insurance Market, by Application, 2019-2032 (USD Billion)
- 9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
- 10. Company Profiles
- 10.1. Abu Dhabi National Takaful Co
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. AIG Prudential
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. Allianz
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. Aman Takaful Insurance Co
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. HSBC Insurance
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. JamaPunji
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. Prudential BSN Takaful Berhad
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Qatar Islamic Insurance
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. SALAMA Islamic Arab Insurance Company
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. Standard Chartered Bank
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
- 10.11. Syarikat Takaful Brunei Darussalam
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
- 10.12. Takaful Brunei Darussalam Berhad
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
- 10.13. Takaful International
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development
- 10.14. Takaful Malaysia Berhad
- 10.14.1. Company Overview
- 10.14.2. Financial Performance
- 10.14.3. Product Benchmarking
- 10.14.4. Recent Development
- 10.15. The Islamic Insurance Company
- 10.15.1. Company Overview
- 10.15.2. Financial Performance
- 10.15.3. Product Benchmarking
- 10.15.4. Recent Development
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