Takaful Market By Product, By End User, By Ship Type, By Material, By Application, By Region And Forecast 2023-2032|Abu Dhabi National Takaful Co., Allianz SE, AMAN Insurance Company, Islamic Insurance Company, Prudential BSN Takaful Berhad

The Takaful Global Market Report 2023 by The Business Research Company, provides takaful market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Takaful Global Market Report 2023, the global takaful market size is expected to grow from $26.50 billion in 2022 to $29.73 billion in 2023 at a compound annual growth rate (CAGR) of 12.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global takaful market size is expected to grow to $45.95 billion in 2027 at a CAGR of 11.5%.

The large and increasing Muslim population is driving the takaful market going forward. Muslim people are followers of the religion Islam and live upon the teachings of Prophet Mohammad. The concept of takaful is based on the ideas of shared responsibilities towards each other explained in Islam, and hence the concept is widely practiced by the Muslim population.

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The takaful market is segmented:

1) By Type: Family Takaful, General Takaful

2) By Distribution Channel: Agents and Brokers, Banks, Direct Response, Other Channels

3) By Application: Personal, Commercial

Technological advancements are a key trend gaining popularity in the takaful market. Major companies operating in the market are introducing technologically advanced solutions to sustain their position in the market. For instance, in November 2020, Cyber Village Sdn Bhd (CBV), a Malaysia-based digital engagement technology solution provider, launched the industry’s first peer-to-peer community-based family takaful application. The platform is based on CBV’s Insurtech P2P platform. It combines Takaful, mutual aid, and the P2P concept in a single platform and allows a group of individuals to pool their money to insure against a risky situation. Through the platform, the Takaful Operator may meet members’ demands for mobile functionality, self-service alternatives, and proactive communications, including quick and effective digital customer onboarding. The platform’s ledger architecture and digital wallet features allow for a seamless and more individualized consumer journey for community members.

The takaful market report table of contents includes: