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Global Takaful Insurance Market Size study, by Type (Family Takaful, General Takaful) Distribution Channel (Agents & Brokers, Banks, Direct Response, Others) Application (Personal, Commercial) and Regional Forecasts 2021-2027

  • BIZ4604541
  • 200 Pages
  • July 2021
  • BFSI
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Global Takaful Insurance Market is valued approximately USD 24.85 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 14.6% over the forecast period 2021-2027. Takaful is a sort of Islamic insurance in which members pool their funds to protect each other against loss or injury. Takaful insurance is founded on sharia, or Islamic religious law, which outlines individuals' responsibility to cooperate and protect one another. Takaful policies typically cover health, life, and other types of insurance. Takaful insurance is mostly limited to Islamic countries due to the risk-sharing model philosophy. In Muslim-majority nations, takaful insurance is the most common type of insurance. As a result, it is regarded as a critical factor in promoting market growth. Furthermore, with takaful insurance, investment earnings are dispersed among the participants, and premiums collected from members are recovered if no claims are made. These are some of the key driving forces behind the takaful insurance market's expansion. Lack of standardization in takaful insurance as a result of regional disparities, as well as a lack of consumer awareness of takaful insurance, are some of the problems limiting market growth. Furthermore, considering Muslims make up an important portion of the population of the world, the takaful insurance business has a large untapped market potential. Takaful companies in Bahrain, the United Arab Emirates, and Saudi Arabia are actively involved in equities and the real estate market. Bahrain returns have been erratic due to the country's political upheaval during the last two years. Bahrain has a 0.82 % average return, compared to 2.18 % in the UAE and 3.98 % in Malaysia. As a result, substantial opportunities are projected to emerge during the forecasting years. Another key market driver is that, in contrast to Western countries, the majority of the world's Muslim population is young, with 60% of the total population under the age of 25. This big young Muslim population, fueled by rising levels of prosperity, has the potential to constitute a consumer base for a long time if it is grabbed early.

The main regions of Asia Pacific, North America, Europe, Latin America, and the Rest of the World are included in the geographical analysis of the worldwide Takaful Insurance market. GCC dominated the market in 2020 and is expected to continue to do so during the forecast period. The increase is linked to increased awareness of the benefits of takaful insurance, which has been fueled by recent political and tragic events. Furthermore, demographic factors such as rising population, a big foreign workforce, and rising life expectancy are projected to have a positive impact on demand for takaful insurance products in the GCC. However, Asia Pacific is expected to grow significantly during the forecast period, owing to rising digitization in various Asian countries and the adoption of advanced technology by takaful insurance service providers to increase sales and market value, which is propelling the market in this region forward.

Major market player included in this report are:

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 objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed inRoute of Administrationation about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:

Family Takaful

General Takaful

By Distribution Channel:

Agents & Brokers

Banks

Direct Response

Others

By Application:

Personal

Commercial

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019

Base year – 2020

Forecast period – 2021 to 2027

Target Audience of the Global Takaful Insurance Market in Market Study:

Key Consulting Companies & Advisors

Large, medium-sized, and small enterprises

Venture capitalists

Value-Added Resellers (VARs)

Third-party knowledge providers

Investment bankers

Investors

Chapter 1. Executive Summary

1.1. Market Snapshot

1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)

1.2.1. Takaful Insurance Market, by Region, 2019-2027 (USD Billion)

1.2.2. Takaful Insurance Market, by Type, 2019-2027 (USD Billion)

1.2.3. Takaful Insurance Market, by Distribution Channel, 2019-2027 (USD Billion)

1.2.4. Takaful Insurance Market, by Application, 2019-2027 (USD Billion)

1.3. Key Trends

1.4. Estimation Methodology

1.5. Research Assumption

Chapter 2. Global Takaful Insurance Market Definition and Scope

2.1. Objective of the Study

2.2. Market Definition & Scope

2.2.1. Scope of the Study

2.2.2. Industry Evolution

2.3. Years Considered for the Study

2.4. Currency Conversion Rates

Chapter 3. Global Takaful Insurance Market Dynamics

3.1. Takaful Insurance Market Impact Analysis (2019-2027)

3.1.1. Market Drivers

3.1.1.1. Rapid growth in APAC and Islamic countries

3.1.1.2. Young Muslim population

3.1.2. Market Challenges

3.1.2.1. Lack of consistency due to geographical diversity

3.1.3. Market Opportunities

3.1.3.1. Untapped market potential as large portion of world’s population is Muslim

Chapter 4. Global Takaful Insurance Market Industry Analysis

4.1. Porter’s 5 Force Model

4.1.1. Bargaining Power of Suppliers

4.1.2. Bargaining Power of Buyers

4.1.3. Threat of New Entrants

4.1.4. Threat of Substitutes

4.1.5. Competitive Rivalry

4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2027)

4.2. PEST Analysis

4.2.1. Political

4.2.2. Economical

4.2.3. Social

4.2.4. Technological

4.3. Investment Adoption Model

4.4. Analyst Recommendation & Conclusion

Chapter 5. Global Takaful Insurance Market, by Type

5.1. Market Snapshot

5.2. Global Takaful Insurance Market by Type, Performance - Potential Analysis

5.3. Global Takaful Insurance Market Estimates & Forecasts by Type 2018-2027 (USD Billion)

5.4. Takaful Insurance Market, Sub Segment Analysis

5.4.1. Family Takaful

5.4.2. General Takaful

Chapter 6. Global Takaful Insurance Market, by Distribution Channel

6.1. Market Snapshot

6.2. Global Takaful Insurance Market by Distribution Channel, Performance - Potential Analysis

6.3. Global Takaful Insurance Market Estimates & Forecasts by Distribution Channel 2018-2027 (USD Billion)

6.4. Takaful Insurance Market, Sub Segment Analysis

6.4.1. Agents & Brokers

6.4.2. Banks

6.4.3. Direct Response

6.4.4. Others

Chapter 7. Global Takaful Insurance Market, by Application

7.1. Market Snapshot

7.2. Global Takaful Insurance Market by Application, Performance - Potential Analysis

7.3. Global Takaful Insurance Market Estimates & Forecasts by Application 2018-2027 (USD Billion)

7.4. Takaful Insurance Market, Sub Segment Analysis

7.4.1. Personal

7.4.2. Commercial

Chapter 8. Global Takaful Insurance Market, Regional Analysis

8.1. Takaful Insurance Market, Regional Market Snapshot

8.2. North America Takaful Insurance Market

8.2.1. U.S. Takaful Insurance Market

8.2.1.1. Type breakdown estimates & forecasts, 2018-2027

8.2.1.2. Distribution Channel breakdown estimates & forecasts, 2018-2027

8.2.1.3. Application breakdown estimates & forecasts, 2018-2027

8.2.2. Canada Takaful Insurance Market

8.3. Europe Takaful Insurance Market Snapshot

8.3.1. U.K. Takaful Insurance Market

8.3.2. Germany Takaful Insurance Market

8.3.3. France Takaful Insurance Market

8.3.4. Spain Takaful Insurance Market

8.3.5. Italy Takaful Insurance Market

8.3.6. Rest of Europe Takaful Insurance Market

8.4. Asia-Pacific Takaful Insurance Market Snapshot

8.4.1. China Takaful Insurance Market

8.4.2. India Takaful Insurance Market

8.4.3. Japan Takaful Insurance Market

8.4.4. Australia Takaful Insurance Market

8.4.5. South Korea Takaful Insurance Market

8.4.6. Rest of Asia Pacific Takaful Insurance Market

8.5. Latin America Takaful Insurance Market Snapshot

8.5.1. Brazil Takaful Insurance Market

8.5.2. Mexico Takaful Insurance Market

8.6. Rest of The World Takaful Insurance Market

Chapter 9. Competitive Intelligence

9.1. Top Market Strategies

9.2. Company Profiles

9.2.1. Abu Dhabi National Takaful Co.

9.2.1.1. Key Information

9.2.1.2. Overview

9.2.1.3. Financial (Subject to Data Availability)

9.2.1.4. Product Summary

9.2.1.5. Recent Developments

9.2.2. Allianz

9.2.3. AMAN Insurance

9.2.4. Islamic Insurance

9.2.5. Prudential BSN Takaful Berhad

9.2.6. Qatar Islamic Insurance

9.2.7. SALAMA Islamic Arab Insurance Company

9.2.8. Syarikat Takaful Brunei Darussalam

9.2.9. Takaful International

9.2.10. Zurich Malaysia

Chapter 10. Research Process

10.1. Research Process

10.1.1. Data Mining

10.1.2. Analysis

10.1.3. Market Estimation

10.1.4. Validation

10.1.5. Publishing

10.2. Research Attributes

10.3. Research Assumption

List of Tables

TABLE 1. Global Takaful Insurance Market, report scope

TABLE 2. Global Takaful Insurance Market estimates & forecasts by Region 2018-2027 (USD Billion)

TABLE 3. Global Takaful Insurance Market estimates & forecasts by Type 2018-2027 (USD Billion)

TABLE 4. Global Takaful Insurance Market estimates & forecasts by Distribution Channel 2018-2027 (USD Billion)

TABLE 5. Global Takaful Insurance Market estimates & forecasts by Application 2018-2027 (USD Billion)

TABLE 6. Global Takaful Insurance Market by segment, estimates & forecasts, 2018-2027 (USD Billion)

TABLE 7. Global Takaful Insurance Market by region, estimates & forecasts, 2018-2027 (USD Billion)

TABLE 8. Global Takaful Insurance Market by segment, estimates & forecasts, 2018-2027 (USD Billion)

TABLE 9. Global Takaful Insurance Market by region, estimates & forecasts, 2018-2027 (USD Billion)

TABLE 10. Global Takaful Insurance Market by segment, estimates & forecasts, 2018-2027 (USD Billion)

TABLE 11. Global Takaful Insurance Market by region, estimates & forecasts, 2018-2027 (USD Billion)

TABLE 12. Global Takaful Insurance Market by segment, estimates & forecasts, 2018-2027 (USD Billion)

TABLE 13. Global Takaful Insurance Market by region, estimates & forecasts, 2018-2027 (USD Billion)

TABLE 14. Global Takaful Insurance Market by segment, estimates & forecasts, 2018-2027 (USD Billion)

TABLE 15. Global Takaful Insurance Market by region, estimates & forecasts, 2018-2027 (USD Billion)

TABLE 16. U.S. Takaful Insurance Market estimates & forecasts, 2018-2027 (USD Billion)

TABLE 17. U.S. Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 18. U.S. Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 19. Canada Takaful Insurance Market estimates & forecasts, 2018-2027 (USD Billion)

TABLE 20. Canada Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 21. Canada Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 22. UK Takaful Insurance Market estimates & forecasts, 2018-2027 (USD Billion)

TABLE 23. UK Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 24. UK Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 25. Germany Takaful Insurance Market estimates & forecasts, 2018-2027 (USD Billion)

TABLE 26. Germany Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 27. Germany Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 28. RoE Takaful Insurance Market estimates & forecasts, 2018-2027 (USD Billion)

TABLE 29. RoE Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 30. RoE Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 31. China Takaful Insurance Market estimates & forecasts, 2018-2027 (USD Billion)

TABLE 32. China Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 33. China Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 34. India Takaful Insurance Market estimates & forecasts, 2018-2027 (USD Billion)

TABLE 35. India Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 36. India Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 37. Japan Takaful Insurance Market estimates & forecasts, 2018-2027 (USD Billion)

TABLE 38. Japan Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 39. Japan Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 40. RoAPAC Takaful Insurance Market estimates & forecasts, 2018-2027 (USD Billion)

TABLE 41. RoAPAC Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 42. RoAPAC Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 43. Brazil Takaful Insurance Market estimates & forecasts, 2018-2027 (USD Billion)

TABLE 44. Brazil Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 45. Brazil Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 46. Mexico Takaful Insurance Market estimates & forecasts, 2018-2027 (USD Billion)

TABLE 47. Mexico Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 48. Mexico Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 49. RoLA Takaful Insurance Market estimates & forecasts, 2018-2027 (USD Billion)

TABLE 50. RoLA Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 51. RoLA Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 52. Row Takaful Insurance Market estimates & forecasts, 2018-2027 (USD Billion)

TABLE 53. Row Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 54. Row Takaful Insurance Market estimates & forecasts by segment 2018-2027 (USD Billion)

TABLE 55. List of secondary sources, used in the study of global Takaful Insurance Market

TABLE 56. List of primary sources, used in the study of global Takaful Insurance Market

TABLE 57. Years considered for the study

TABLE 58. Exchange rates considered

 
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