Takaful Insurance Market to Reach $ 126.8 Billion, Globally, by 2032 at 15.2% CAGR: Allied Market Research

The takaful insurance market is quickly expanding as a result of increasing awareness of islamic finance principles, growing demand for ethical and sharia-compliant financial solutions, expansion into new markets with significant muslim populations, and diversification of takaful product offerings

WILMINGTON, Del., Oct. 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Takaful Insurance Market by Type (Family Takaful, and General Takaful), Distribution (Agents and Brokers, Banks, Direct Response, and Others), and Application (Personal, and Commercial) Global Opportunity Analysis and Industry Forecast, 2023–2032.According to the report, the global takaful insurance market was valued at $31.7 billion in 2022, and is projected to reach $126.8 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032.

Prime Determinants of Growth

The takaful insurance market is influenced by several major drivers, restraints, and opportunities. The takaful insurance market is rapidly developing as Growth in demand of takaful insurance across Muslim majority countries. Furthermore, the market is being driven by the distribution of Investment profits among both participants, by encourages a spirit of justice and teamwork, bringing people and companies into the takaful insurance market and fostering its expansion. However, the takaful insurance market faces growth challenges due to lower consumer awareness, as many potential participants are unaware of its benefits and Sharia-compliant options. On the contrary, for the takaful insurance business, the untapped market potential provides a large opportunity since it permits expansion and growth in niches and geographic areas where awareness and adoption are still in their infancy.

(We are providing report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and COVID-19 Impact Analysis)

• 130 - Tables
• 54 - Charts
• 364 – Pages

Download Research Report Sample & TOC:  

https://www.alliedmarketresearch.com/request-sample/12200 

Report Coverage & Details:

The general takaful segment to maintain its leadership status throughout the forecast period

Based on type, the general takaful segment held the highest market share in 2022, accounting for around three-fourths of the global takaful insurance market revenue. This can be attributed to the fact that it meets a variety of demands, such as insurance for houses, businesses, vehicles, and other valuable assets, general takaful appeals to a wider consumer base. It can take a bigger portion of the market thanks to its vast breadth. However, the family takaful segment is projected to manifest the fastest CAGR of 18.2% from 2023 to 2032, this is attribute to the fact that it takes care of urgent necessities like life insurance and family financial stability, making it a top priority for anyone looking to safeguard those they cherish.

The agents and broker segment to maintain its leadership status throughout the forecast period 

Based on distribution channel, agent and brokers segment held the highest market share in 2022, accounting for more than half of the global takaful insurance market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that they ease the selling of takaful policies and offer individualized guidance, efficiently reaching a large consumer base and developing confidence via their knowledge and service. However, the direct response segment is projected to manifest the fastest CAGR of 21.6% from 2023 to 2032, this is due to their affordability and convenience, which let customers to buy insurance directly online or over the phone, without intermediaries, and which facilitate quick market penetration.

Get Customized Reports with your Requirements: https://www.alliedmarketresearch.com/request-for-customization/12200 

The commercial segment to maintain its leadership status throughout the forecast period 

Based on application, commercial segment held the highest market share in 2022, accounting for nearly three-fifths of the global takaful insurance market revenue and is estimated to maintain its leadership status throughout the forecast period. This is Due to their varied risk management requirements, regulatory constraints, and the size of their activities, they represent a sizable group that demands complete takaful coverage. However, the personal segment is projected to manifest the fastest CAGR of 17.2% from 2023 to 2032, this is attributed to the fact that people's needs for insurance are more urgent and relatable, particularly those for personal and family security.

GCC to maintain its dominance by 2032

Based on region, GCC held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global takaful insurance market revenue. due to their sizable Muslim populations, robust regulatory systems, and high levels of affluence, which foster a climate favorable for the growth of takaful goods and services. However, the Asia-Pacific region is expected to witness the fastest CAGR of 18.4% from 2023 to 2032 and is likely to dominate the market during the forecast period, due to the region's sizable and diversified Muslim population, growing understanding of Islamic financial concepts, and expanding demand for financial products that adhere to Shariah, particularly takaful.

Leading Market Players: -

• 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

The report provides a detailed analysis of these key players of the global takaful insurance market. These players have adopted different strategies such as expansion and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the takaful insurance market analysis from 2022 to 2032 to identify the prevailing takaful insurance market opportunity.
• Market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the takaful insurance market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global takaful insurance market trends, key players, market segments, application areas, and market growth strategies.

Inquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/12200

Takaful Insurance Market Report Highlights

By Application

• Personal
• Commercial

By Type

• Family Takaful
• General Takaful

By Distribution Channel

• Agents and Brokers
• Banks
• Direct Response
• Others

By Region

• GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman)
• Asia-Pacific (Malaysia, Pakistan, Indonesia, Brunei, Rest Of Asia)
• Middle East and Africa (Iran, Jordan, Sudan, Egypt, Nigeria, Rest of Middle East And Africa)
• Rest of ME (Turkey, Sri Lanka)

Trending Reports in BFSI Industry (Book Now with 10% Discount + COVID-19 Scenario):

Property Insurance Market by Coverage (Fire and Theft, House Damage, Floods and Earthquake, Personal Property, Others), by End User (Landlords, Homeowners, Renters, Others), by Application (Personal, Enterprise): Global Opportunity Analysis and Industry Forecast, 2021-2031

Mobile Phone Insurance Market by Phone Type (Budget Phones, Mid & High-End Phones, Premium Smartphones), by Sales Channel (Retail, Online), by Coverage Type (Physical Damage, Internal Component Failure, Theft & Loss Protection, Others), by End User (Business, Individuals), : Global Opportunity Analysis and Industry Forecast, 2020-2030

Pet Insurance Market by Policy Coverage (Accident Only, Accident and Illness, and Others), by Animal Type (Dogs, Cats, Others), by Sales Channel (Agency, Broker, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

Decentralized Insurance Market by Type (Life Insurance, Non-life Insurance), by End User (Businesses, Individuals): Global Opportunity Analysis and Industry Forecast, 2023-2032

P&C Insurance Software Market by Component (Software, Service), by Deployment Model (On Premise, Cloud), by Application (Claims, Underwriting, Operations, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact Us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected] 

Allied Market Research Blog: https://blog.alliedmarketresearch.com
BFSI Blog

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

SOURCE Allied Market Research