Takaful Insurance Market By Type (Family Insurance, General Insurance, Property & Fire Insurance, Medical & Health Insurance, Others), By Application (Personal, Commercial), Regional Analysis (America, Europe, Asia Pacific, and Middle East & Africa) Growth Opportunity and Industry Forecast 2021-2027

Published Date : 15 Sep 2021
Category : Banking and Finance
Pages : 145

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Market Analysis and Insights
The global takaful insurance market was valued at $24,850.54 million in 2020, and is projected to reach $97,170.73 million by 2030, registering a CAGR of 14.6% from 2021 to 2030.

Key Findings of the Takaful Insurance Market Report:

The agents & brokers segment was the highest contributor to the market, with $14,178.52 million in 2020, and is estimated to reach $52,795.66 million by 2030, at a CAGR of 14.0% during the forecast period.
Takaful insurance is considered as the main form of insurance practices in the Muslim majority countries such as UAE, Afghanistan, Bahrain, and others. Thus, this is a major factor boosting the growth of takaful insurance market.
In takaful insurance, usually there is a surplus amount left after all the claims are resolved and those amounts are shared among the participants. Since, the premium is considered as a donation by the participants, a small portion of surplus amount is given to the organizer of the takaful for managing the process of insurance. While the rest of the amount is distributed equally among the participants. Therefore, this concept of profit sharing attracts lot of people to invest in takaful insurance rather than conventional insurance. Therefore, the chances of incurring loss are minimized to a great extent. Thus, these factors are propelling the growth of takaful insurance market.
The general takaful segment was the highest contributor to the market, with $18,555.56 million in 2020, and is estimated to reach $67,142.54 million by 2030, at a CAGR of 14.0% during the forecast period.
GCC was the highest revenue contributor, is estimated to reach $39,626.22 million by 2030, with a CAGR of 13.7%. Asia is estimated to reach $18,899.71 million by 2030, at a significant CAGR of 17.5%. The takaful insurance industry in GCC is highly technical and has a massive demand for takaful insurance over convention insurance across the region. Moreover, UAE and Qatar include huge number of takaful insurance provides and score the highest technical efficiency, while Saudi Arabia and UAE are the most cost efficient among the GCC countries.
Demographic influences such as the increasing population base, large workforce of foreigners, and increasing life expectancy are likely to have an optimistic influence on the demand of takaful insurance products in GCC.

Research Methodology
Our research methodology constitutes a mix of secondary & primary research which ideally starts from exhaustive data mining, conducting primary interviews (suppliers/distributors/end-users), and formulating insights, estimates, growth rates accordingly. Final primary validation is a mandate to confirm our research findings with Key Opinion Leaders (KoLs), Industry Experts, Takaful Insurance includes major supplies & Independent Consultants among others

Market Segmentation
The Takaful Insurance market is segmented on the basis of type, application, end-use industry, and region & country.

Global Takaful Insurance Market by Type
Based on Takaful Insurance type, the market is divided into type Family Insurance, General Insurance, Property & Fire Insurance, Medical & Health Insurance, Others. Takaful Insurance market's sub-segment is expected to hold the largest market share during the forecast period. Increased demand for high-quality industrial valves in the Banking and Finance and other industries. Also to mitigate the risk of contamination is driving the demand for Takaful Insurance at present. The growing concern about the market and industry is expected to boost the Takaful Insurance market in Banking and Finance.

Global Takaful Insurance Market by Application
Based on Takaful Insurance application, the market is divided into Personal, Commercial. Takaful Insurance application valves are one of the most basic and indispensable components of today's modern technological society. Market segment is expected to hold the largest market share in the global Takaful Insurance market.

Global Market Scope and Takaful Insurance Market Size
The scope of the report is to provide a 360-degree view of the market by assessing the entire value chain and analyzing the key Takaful Insurance market trends from 2021 to 2027 underlying in specific geographies. Qualitative and quantitative aspects are interlinked to provide rationales on market numbers, CAGR, and forecasts.

Takaful Insurance Market Country Level Analysis
Most of the countries are estimated to emerge as a fastest growing region and hold the largest market share in the global industrial Takaful Insurance market, mainly due to Growing industory trends of present situations, which cannot be ignored. Geographically, regional insights has been segmented on the basis of North America, Europe, Asia Pacific, South America and The Middle East And Africa region.

Key Takaful Insurance market players identified in the report are listed below
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

Some of the other major highlights of the demand for Takaful Insurance report include analysis, purchasing volume, prices, pricing analysis, and regulatory framework. Coverage on manufacturing structure, distribution channels, and Porter’s Five Forces analysis are also incorporated in the scope to provide analysis on the demand and supply side. This is anticipated to create opportunities for the growth of the Takaful Insurance market during the forecast period.

COVID-19 Impact Analysis
- The COVID-19 pandemic had a significant impact on the on trade segment and Industry.
- Manufacturers are comprehending strategies to revive from the current situation by means of reshaping their sales channels as well as product innovation.
- The duration of the virus outbreak remains a key factor in assessing the overall impact of the pandemic. However, the global Takaful Insurance industry is expected to stabilize after 2021.
- The liquor industry was not impacted severely due to the pandemic.

Key Takaful Insurance Market Trends
- The report identifies, determines, and forecasts the Global Takaful Insurance Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Takaful Insurance Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in the Takaful Insurance Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Takaful Insurance Market.

Table of Contents
Study Coverage: It includes key manufacturers covered, key market segments, the scope of products offered in the global Takaful Insurance market, years considered, and study objectives. Additionally, it touches the segmentation study provided in the report on the basis of the type of product and application.
Executive Summary: It gives a summary of key studies, market growth rate, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
Production by Region: Here, the report provides information related to import and export, production, revenue, and key players of all regional markets studied.
Profile of Manufacturers: Each player profiled in this section is studied on the basis of SWOT analysis, their products, production, value, capacity, and other vital factors.

Takaful Insurance Market Growth is segmented on the basis of market type, application, end-user and region.
Based on Type
Family Insurance
General Insurance
Property & Fire Insurance
Medical & Health Insurance
Others

Based on Application
Personal
Commercial

Regions Covered
Americas
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Chile
Colombia
Rest Of Latin America

Europe
United Kingdom
Germany
France
Italy
Spain
Netherlands
Sweden
Rest of Europe

Asia-Pacific
China
India
Japan
South Korea
Australia
Singapore
Indonesia
Malaysia
Thailand
Philippines,
Vietnam
Rest of Asia-Pacific

The Middle East And Africa
Saudi Arabia
United Arab Emirates
South Africa
Iran
Turkey
Morocco
Nigeria
Algeria
Cameroon
Chad
Congo
Egypt
Kuwait
Rest of LAMEA

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Table of Contents
1 Report Overview
    1.1 Study Scope
    1.2 Market Analysis by Type
        1.2.1 Global Takaful Insurance Market Size Growth Rate by Type: 2016 VS 2021 VS 2027
        1.2.2 Family Insurance
        1.2.3 General Insurance
        1.2.4 Property & Fire Insurance
        1.2.5 Medical & Health Insurance
        1.2.6 Others
    1.3 Market by Application
        1.3.1 Global Takaful Insurance Market Share by Application: 2016 VS 2021 VS 2027
        1.3.2 Personal
        1.3.3 Commercial
1.4 Study Objectives
1.5 Years Considered

2 Global Growth Trends
    2.1 Global Takaful Insurance Market Perspective (2016-2027)
    2.2 Takaful Insurance Growth Trends by Regions
        2.2.1 Takaful Insurance Market Size by Regions: 2016 VS 2021 VS 2027
        2.2.2 Takaful Insurance Historic Market Share by Regions (2016-2020)
        2.2.3 Takaful Insurance Forecasted Market Size by Regions (2021-2027)
    2.3 Takaful Insurance Industry Dynamic
        2.3.1 Takaful Insurance Market Trends
        2.3.2 Takaful Insurance Market Drivers
        2.3.3 Takaful Insurance Market Challenges
        2.3.4 Takaful Insurance Market Restraints

3 Competition Landscape by Key Players
    3.1 Global Top Takaful Insurance Players by Revenue
        3.1.1 Global Top Takaful Insurance Players by Revenue (2016-2020)
        3.1.2 Global Takaful Insurance Revenue Market Share by Players (2016-2020)
    3.2 Global Takaful Insurance Market Share by Company Type (Tier 1, Tier 2 and Tier 3)
    3.3 Players Covered: Ranking by Takaful Insurance Revenue
    3.4 Global Takaful Insurance Market Concentration Ratio
        3.4.1 Global Takaful Insurance Market Concentration Ratio (CR5 and HHI)
        3.4.2 Global Top 10 and Top 5 Companies by Takaful Insurance Revenue in 2020
    3.5 Takaful Insurance Key Players Head office and Area Served
    3.6 Key Players Takaful Insurance Product Solution and Service
    3.7 Date of Enter into Takaful Insurance Market
    3.8 Mergers & Acquisitions, Expansion Plans

4 Takaful Insurance Breakdown Data by Type
    4.1 Global Takaful Insurance Historic Market Size by Type (2016-2020)
    4.2 Global Takaful Insurance Forecasted Market Size by Type (2021-2027)

5 Takaful Insurance Breakdown Data by Application
    5.1 Global Takaful Insurance Historic Market Size by Application (2016-2020)
    5.2 Global Takaful Insurance Forecasted Market Size by Application (2021-2027)

6 North America
    6.1 North America Takaful Insurance Market Size (2016-2027)
    6.2 North America Takaful Insurance Market Size by Type
        6.2.1 North America Takaful Insurance Market Size by Type (2016-2020)
        6.2.2 North America Takaful Insurance Market Size by Type (2021-2027)
        6.2.3 North America Takaful Insurance Market Size by Type (2016-2027)
    6.3 North America Takaful Insurance Market Size by Application
        6.3.1 North America Takaful Insurance Market Size by Application (2016-2020)
        6.3.2 North America Takaful Insurance Market Size by Application (2021-2027)
        6.3.3 North America Takaful Insurance Market Size by Application (2016-2027)
    6.4 North America Takaful Insurance Market Size by Country
        6.4.1 North America Takaful Insurance Market Size by Country (2016-2020)
        6.4.2 North America Takaful Insurance Market Size by Country (2021-2027)
        6.4.3 United States
        6.4.4 Canada

7 Europe
    7.1 Europe Takaful Insurance Market Size (2016-2027)
    7.2 Europe Takaful Insurance Market Size by Type
        7.2.1 Europe Takaful Insurance Market Size by Type (2016-2020)
        7.2.2 Europe Takaful Insurance Market Size by Type (2021-2027)
        7.2.3 Europe Takaful Insurance Market Size by Type (2016-2027)
    7.3 Europe Takaful Insurance Market Size by Application
        7.3.1 Europe Takaful Insurance Market Size by Application (2016-2020)
        7.3.2 Europe Takaful Insurance Market Size by Application (2021-2027)
        7.3.3 Europe Takaful Insurance Market Size by Application (2016-2027)
    7.4 Europe Takaful Insurance Market Size by Country
        7.4.1 Europe Takaful Insurance Market Size by Country (2016-2020)
        7.4.2 Europe Takaful Insurance Market Size by Country (2021-2027)
        7.4.3 Germany
        7.4.4 France
        7.4.5 U.K.
        7.4.6 Italy
        7.4.7 Russia
        7.4.8 Nordic

8 Asia-Pacific
    8.1 Asia-Pacific Takaful Insurance Market Size (2016-2027)
    8.2 Asia-Pacific Takaful Insurance Market Size by Type
        8.2.1 Asia-Pacific Takaful Insurance Market Size by Type (2016-2020)
        8.2.2 Asia-Pacific Takaful Insurance Market Size by Type (2021-2027)
        8.2.3 Asia-Pacific Takaful Insurance Market Size by Type (2016-2027)
    8.3 Asia-Pacific Takaful Insurance Market Size by Application
        8.3.1 Asia-Pacific Takaful Insurance Market Size by Application (2016-2020)
        8.3.2 Asia-Pacific Takaful Insurance Market Size by Application (2021-2027)
        8.3.3 Asia-Pacific Takaful Insurance Market Size by Application (2016-2027)
    8.4 Asia-Pacific Takaful Insurance Market Size by Region
        8.4.1 Asia-Pacific Takaful Insurance Market Size by Region (2016-2020)
        8.4.2 Asia-Pacific Takaful Insurance Market Size by Region (2021-2027)
        8.4.3 China
        8.4.4 Japan
        8.4.5 South Korea
        8.4.6 Southeast Asia
        8.4.7 India
        8.4.8 Australia

9 Latin America
    9.1 Latin America Takaful Insurance Market Size (2016-2027)
    9.2 Latin America Takaful Insurance Market Size by Type
        9.2.1 Latin America Takaful Insurance Market Size by Type (2016-2020)
        9.2.2 Latin America Takaful Insurance Market Size by Type (2021-2027)
        9.2.3 Latin America Takaful Insurance Market Size by Type (2016-2027)
    9.3 Latin America Takaful Insurance Market Size by Application
        9.3.1 Latin America Takaful Insurance Market Size by Application (2016-2020)
        9.3.2 Latin America Takaful Insurance Market Size by Application (2021-2027)
        9.3.3 Latin America Takaful Insurance Market Size by Application (2016-2027)
    9.4 Latin America Takaful Insurance Market Size by Country
        9.4.1 Latin America Takaful Insurance Market Size by Country (2016-2020)
        9.4.2 Latin America Takaful Insurance Market Size by Country (2021-2027)
        9.4.3 Mexico
        9.4.4 Brazil

10 Middle East & Africa
    10.1 Middle East & Africa Takaful Insurance Market Size (2016-2027)
    10.2 Middle East & Africa Takaful Insurance Market Size by Type
        10.2.1 Middle East & Africa Takaful Insurance Market Size by Type (2016-2020)
        10.2.2 Middle East & Africa Takaful Insurance Market Size by Type (2021-2027)
        10.2.3 Middle East & Africa Takaful Insurance Market Size by Type (2016-2027)
    10.3 Middle East & Africa Takaful Insurance Market Size by Application
        10.3.1 Middle East & Africa Takaful Insurance Market Size by Application (2016-2020)
        10.3.2 Middle East & Africa Takaful Insurance Market Size by Application (2021-2027)
        10.3.3 Middle East & Africa Takaful Insurance Market Size by Application (2016-2027)
    10.4 Middle East & Africa Takaful Insurance Market Size by Country
        10.4.1 Middle East & Africa Takaful Insurance Market Size by Country (2016-2020)
        10.4.2 Middle East & Africa Takaful Insurance Market Size by Country (2021-2027)
        10.4.3 Turkey
        10.4.4 Saudi Arabia
        10.4.5 UAE

11 Key Players Profiles
    11.1 Abu Dhabi National Takaful Co.
        11.1.1 Abu Dhabi National Takaful Co. Company Details
        11.1.2 Abu Dhabi National Takaful Co. Business Overview
        11.1.3 Abu Dhabi National Takaful Co. Takaful Insurance Introduction
        11.1.4 Abu Dhabi National Takaful Co. Revenue in Takaful Insurance Business (2016-2020)
        11.1.5 Abu Dhabi National Takaful Co. Recent Development
    11.2 Allianz
        11.2.1 Allianz Company Details
        11.2.2 Allianz Business Overview
        11.2.3 Allianz Takaful Insurance Introduction
        11.2.4 Allianz Revenue in Takaful Insurance Business (2016-2020)
        11.2.5 Allianz Recent Development
    11.3 AMAN Insurance
        11.3.1 AMAN Insurance Company Details
        11.3.2 AMAN Insurance Business Overview
        11.3.3 AMAN Insurance Takaful Insurance Introduction
        11.3.4 AMAN Insurance Revenue in Takaful Insurance Business (2016-2020)
        11.3.5 AMAN Insurance Recent Development
    11.4 Islamic Insurance
        11.4.1 Islamic Insurance Company Details
        11.4.2 Islamic Insurance Business Overview
        11.4.3 Islamic Insurance Takaful Insurance Introduction
        11.4.4 Islamic Insurance Revenue in Takaful Insurance Business (2016-2020)
        11.4.5 Islamic Insurance Recent Development
    11.5 Prudential BSN Takaful Berhad
        11.5.1 Prudential BSN Takaful Berhad Company Details
        11.5.2 Prudential BSN Takaful Berhad Business Overview
        11.5.3 Prudential BSN Takaful Berhad Takaful Insurance Introduction
        11.5.4 Prudential BSN Takaful Berhad Revenue in Takaful Insurance Business (2016-2020)
        11.5.5 Prudential BSN Takaful Berhad Recent Development
    11.6 Qatar Islamic Insurance
        11.6.1 Qatar Islamic Insurance Company Details
        11.6.2 Qatar Islamic Insurance Business Overview
        11.6.3 Qatar Islamic Insurance Takaful Insurance Introduction
        11.6.4 Qatar Islamic Insurance Revenue in Takaful Insurance Business (2016-2020)
        11.6.5 Qatar Islamic Insurance Recent Development
    11.7 SALAMA Islamic Arab Insurance Company
        11.7.1 SALAMA Islamic Arab Insurance Company Company Details
        11.7.2 SALAMA Islamic Arab Insurance Company Business Overview
        11.7.3 SALAMA Islamic Arab Insurance Company Takaful Insurance Introduction
        11.7.4 SALAMA Islamic Arab Insurance Company Revenue in Takaful Insurance Business (2016-2020)
        11.7.5 SALAMA Islamic Arab Insurance Company Recent Development
    11.8 Syarikat Takaful Brunei Darussalam
        11.8.1 Syarikat Takaful Brunei Darussalam Company Details
        11.8.2 Syarikat Takaful Brunei Darussalam Business Overview
        11.8.3 Syarikat Takaful Brunei Darussalam Takaful Insurance Introduction
        11.8.4 Syarikat Takaful Brunei Darussalam Revenue in Takaful Insurance Business (2016-2020)
        11.8.5 Syarikat Takaful Brunei Darussalam Recent Development
    11.9 Takaful International
        11.9.1 Takaful International Company Details
        11.9.2 Takaful International Business Overview
        11.9.3 Takaful International Takaful Insurance Introduction
        11.9.4 Takaful International Revenue in Takaful Insurance Business (2016-2020)
        11.9.5 Takaful International Recent Development
    11.10 Zurich Malaysia
        11.10.1 Zurich Malaysia Company Details
        11.10.2 Zurich Malaysia Business Overview
        11.10.3 Zurich Malaysia Takaful Insurance Introduction
        11.10.4 Zurich Malaysia Revenue in Takaful Insurance Business (2016-2020)
        11.10.5 Zurich Malaysia Recent Development

12 Analyst's Viewpoints/Conclusions

13 Appendix
    13.1 Research Methodology
        13.1.1 Methodology/Research Approach
        13.1.2 Data Source
    13.2 Disclaimer
    13.3 Author Details

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Takaful Insurance Market By Type (Family Insurance, General Insurance, Property & Fire Insurance, Medical & Health Insurance, Others), By Application (Personal, Commercial), Regional Analysis (America. . . . .

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