Global Takaful Insurance Market Expected to Grow at a CAGR of 14.6% from 2021 to 2030, Reaching $97.17 Billion by 2030

The global takaful insurance market was valued at $24.85 billion in 2020, and is projected to reach $97.17 billion by 2030, growing at a CAGR of 14.6% from 2021 to 2030.

Takaful is a type of Islamic insurance wherein members contribute money into a pool system to guarantee each other against loss or damage. Takaful insurance is based on sharia or Islamic religious law, which explains responsibilities of individuals to cooperate with each other and protect one another.

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Takaful insurance companies offer a variety of products such as life insurance, health insurance, general insurance, and investment-linked products. It is important to compare the product offerings of each company and determine which ones are most popular among consumers.

Pricing is a key factor in the Takaful insurance industry. It is important to compare the premiums charged by each company for similar products and coverage levels. This can help identify which companies are offering the best value for money.

Customer service is an important factor in any industry, and the Takaful insurance industry is no exception. It is important to compare the quality of customer service provided by each company and determine which ones have the best reputation for customer satisfaction.

Financial strength is an important factor to consider when choosing a Takaful insurance provider. It is important to analyze the financial performance of each company, including their profitability, solvency, and liquidity.

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Based on type, the general takaful segment accounted for the highest share in 2020, holding nearly three-fourths of the global takaful insurance market, and is estimated to maintain its leadership status during the forecast period. However, the family takaful segment is projected to manifest the highest CAGR of 16.3% from 2021 to 2030.

Based on region, GCC held the highest share in 2020, contributing to more than two-fifths of the total market share, and is expected to maintain its dominant share in terms of revenue by 2030. However, Asia is estimated to portray the fastest CAGR of 17.5% during the forecast period.

Key Benefits for Stakeholders

• The study provides in-depth analysis of the takaful insurance market share along with current & future trends to illustrate the imminent investment pockets.
• Information about key drivers, restrains, & opportunities and their impact analysis on the takaful insurance market size is provided in the report.
• Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the takaful insurance market.
• An extensive analysis of the key segments of the industry helps to understand the takaful insurance market trends.
• The quantitative analysis of the global takaful insurance market forecast from 2021 to 2030 is provided to determine the market potential.

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Key Market Segments

• By Distribution Channel
Agents & Brokers
Banks
Direct Response
Others

• By Type
Family Takaful
General Takaful
Motor Takaful
Personal
Third Party Liability Coverage
Comprehensive & Optional Coverage
Commercial
Property & Fire
Medical & Health Takaful
Marine, Aviation & Transport
Others

• By Application
Personal
Commercial

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