WASHINGTON, July 11, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis of the Global Takaful Insurance Market finds that Market Penetration among Muslim countries and Lower Chances of Financial Loss in Takaful Insurance Market are some factors that augment the growth of the Takaful Insurance Market in recent years. The Global Takaful Insurance Market revenue is expected to reach a value USD 55.6 Billion in 2028.
The Global Market revenue was valued at USD 25.1 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period; states Vantage Market Research, in a report, titled "Takaful Insurance Market Size, Share & Trends Analysis Report by Distribution Channel (Agents & Brokers, Banks, Direct Response, Others), by Type (Family Takaful, General Takaful), by Application (Personal, Commercial), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Takaful Insurance market is predicted to grow at a CAGR of roughly 14.2% during the forecast period.
- The Takaful Insurance market was estimated to be worth roughly USD 25.1 Billion in 2021 and is expected to reach USD 55.6 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Takaful Insurance market.
Market Dynamics:
Drivers:
Market Penetration among Muslim Majority Countries
The Takaful Insurance Market has witnessed steady growth over the past few years, driven by market penetration among Muslim majority countries. Many Muslim countries such as the UAE, Saudi Arabia, Oman, Malaysia, and others, consider Takaful Insurance Market as a form of ethical insurance under Islamic law. As a result, these countries have higher entry rates for Takaful Insurance Market compared to conventional insurance, as traditional insurance is considered illegal under Islamic law. Therefore, it is easy for market players to increase their penetration into the Muslim majority market. In addition, government-sponsored Takaful Insurance Market programs help the market thrive in countries such as Saudi Arabia, Malaysia, and the UAE. For example, in June 2021, the Uganda Insurance Regulatory Authority proposed to expand the old and profitable insurance market. The Authority also committed itself to supporting all efforts to provide better takaful and Takaful Insurance Market in the country. Therefore, these factors are expected to enhance the market's growth in the forecast period.
Decrease Probabilities of Financial Loss
According to Islamic law, the money raised should be collected and used when members are faced with any emergency, such as medical problems, business losses, to note a few. Therefore, in any such claim, the insured receives the required amount to cover the risk. Additionally, in absence of such claim, the accumulated amount is distributed among the members, in contrast to conventional insurance. Therefore, the chances of financial loss are significantly reduced. Furthermore, these features attract many new members to contribute to Takaful Insurance Market. As a result, this is a significant factor contributing to the market's growth.
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Segmentation of the Global Takaful Insurance Market:
- Distribution Channel
- Agents & Brokers
- Banks
- Direct Response
- Other Channels
- Type
- Family Takaful
- General Takaful
- Application
- Personal
- Commercial
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The outbreak of COVID-19 has affected almost all industries globally. Several manufacturing and development facilities across the globe were forced to shut down their operations during the initial stages of the pandemic. State and National Governments globally implemented lockdown measures and ensured social distancing norms to restrict the fast spread of the pandemic. In addition, the financial crisis which followed right after the pandemic led to a significant delay in the commercial roll-out of the pharmaceutical and other industries. As a result, several small and medium-scale companies witnessed a substantial drop in income. These industries are considered the backbone of various technology providers and are trying to recover since the emergence of the COVID-19 pandemic in 2020. As a result, market players faced numerous challenges in the view of disruptions in the supply chain due to the pandemic.
Things are expected to improve in the second half of 2022 as operations of the players are resuming leading to more supplies returning on track.
Vantage Market Research's study on the Global Takaful Insurance Market has taken the purview of the impact of the COVID-19 pandemic on the global market demand. The study has evaluated and forecasted the market size and growth trends for all the regions and countries based on the following data points:
COVID-19 Impact Analysis:
- Impact Assessment of COVID-19 Pandemic
a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long-Term Dynamics
- Short-Term Dynamics
The report on Takaful Insurance Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Takaful Insurance Market Size, Share & Trends Analysis Report by Distribution Channel (Agents & Brokers, Banks, Direct Response, Others), by Type (Family Takaful, General Takaful), by Application (Personal, Commercial), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Regional Analysis:
Asia Pacific Holds Largest Market Share
Asia Pacific is expected to dominate the growth of Takaful Insurance Market in 2021. In GCC countries, the presence of many Muslims supports regional growth, which benefits the global market. Currently, Muslims make up one-fifth of the world's population, which is expected to increase in the future, thus boosting the industry worldwide. Awareness of growing products is one of the key factors in improving market penetration, as most Muslims lack protection due to a lack of knowledge about the wide range of solutions offered by the takaful market. As the penetration of traditional insurance services and their knowledge even in affluent Islamic regions, including the GCC, is very limited, takaful is considered a key insurance awareness tool and presents important opportunities in these countries.
List of Prominent Players in the Takaful Insurance Market:
- 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
- Zurich Malaysia
Recent Developments:
August 2020 - Noor Takaful, an Islamic insurance company, announced its tactical partnership with the Ajman Bank. This collaboration has raised the overall reach of life takaful savings, protection, and investment products across Ajman Bank's portfolio, ensuring that customers' Takaful requirements are efficiently met.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Takaful Insurance Market?
- How will the Takaful Insurance Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Takaful Insurance Market?
- What is the Takaful Insurance market drivers and restrictions?
- What will be the CAGR and size of the Takaful Insurance Market throughout the forecast period?
This market titled “Takaful Insurance Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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