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Takaful Insurance Market By Distribution Channel (Agents & Brokers, Banks, Direct Response and Others), Type (Family Takaful and General Takaful), and Application (Personal and Commercial): Global Opportunity Analysis and Industry Forecast, 2021–2030

June 2021 | 290 pages | ID: TFE2A4F01777EN
Allied Market Research

US$ 6,169.00

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Takaful is a system of insurance based on the Islamic principles of mutual assistance & donation and policyholders in a takaful arrangement agree to guarantee each other and make contributions to a pool or mutual fund instead of paying premiums. The pool of collected contributions creates the takaful fund and each participant's contribution is based on the type of coverage required and their personal circumstances. A takaful contract specifies the nature of the risk and the length of the coverage, similar to that of a conventional insurance policy. The takaful fund is managed and administered on behalf of the participants by a takaful operator charging an agreed-upon fee to cover costs.

Surge in the awareness toward takaful insurance in Muslim as well as non-Muslim countries has increased the market penetration by offering better services as compared to conventional insurance, which is a major boosting factor for the market growth. In addition, distribution of surplus funds among members in case no claims arise and adoption of technology in takaful insurance market are some of the factors propelling the market growth. However, lack of standardization due to contrast among countries to make changes in the regulations of the takaful insurance and limited awareness toward coverages included in takaful insurance policy are some of the major factors hampering the growth of the takaful insurance market. On the contrary, government initiatives toward the growth of takaful insurance by supporting new companies to easily enter the market, will help new players to offer more innovative products to the consumers. Furthermore, advancement in technologies used in insurance such as block chain, predictive analysis, artificial intelligence, and others, are expected to boost the takaful insurance market tremendously in the upcoming years.

The takaful insurance market is segmented on the basis of distribution channel, type, application, and region. By distribution channel, it is segmented into agents & brokers, banks, direct response and others. By type, it is segregated into family takaful and general takaful. Based on application, the market is divided into personal and commercial. By region, it is analyzed across GCC, Asia, MEA and rest of the World.

The report analyzes the profiles of key players operating in the takaful insurance market such as 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, and Zurich Malaysia. These players have adopted various strategies to increase their market penetration and strengthen their position in the takaful insurance market.

Key Benefits for Stakeholders
      • The study provides in-depth analysis of the takaful insurance market along with the 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 are provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
          • The quantitative analysis of the takaful insurance market from 2021 to 2030 is provided to determine the market potential.
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
By Region
  • GCC
    • Saudi Arabia
    • UAE
    • Bahrain
    • Kuwait
    • Qatar
    • Oman
  • Asia
    • Malaysia
    • Pakistan
    • Indonesia
    • Brunei
    • Rest of Asia
  • MEA
    • Iran
    • Jordan
    • Sudan
    • Egypt
    • Nigeria
    • Rest of MEA
  • Rest of the World
Key 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
CHAPTER 1: INTRODUCTION

1.1. REPORT DESCRIPTION
1.2. KEY MARKET SEGMENTS
1.3. KEY BENEFITS
1.4. RESEARCH METHODOLOGY
  1.4.1. Primary research
  1.4.2. Secondary research
  1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO PERSPECTIVE

CHAPTER 3: MARKET LANDSCAPE

3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS
  3.2.1. Top investment pockets
  3.2.2. Top winning strategies
3.3. PORTER'S FIVE FORCES ANALYSIS
  3.3.1. Bargaining power of suppliers
  3.3.2. Threat of new entrants
  3.3.3. Threat of substitutes
  3.3.4. Competitive rivalry
  3.3.5. Bargaining power among buyers
3.4. MARKET SHARE ANALYSIS/TOP PLAYER POSITIONING 2020
3.5. MARKET DYNAMICS
  3.5.1. Drivers
  3.5.2. Restraints
  3.5.3. Opportunities
3.6. COVID-19 IMPACT ANALYSIS ON THE GLOBAL TAKAFUL INSURANCE MARKET
  3.6.1. Impact on market size
  3.6.2. Consumer trends, preferences, and budget impact
  3.6.3. Economic impact
  3.6.4. Strategies to tackle negative impact
  3.6.5. Opportunity window

CHAPTER 4: TAKAFUL INSURANCE MARKET BY DISTRIBUTION CHANNEL

4.1. OVERVIEW
4.2. AGENTS AND BROKERS
  4.2.1. Key market trends, growth factors and opportunities
  4.2.2. Market size and forecast, by region
  4.2.3. Market share analysis, by country
4.3. BANKS
  4.3.1. Key market trends, growth factors and opportunities
  4.3.2. Market size and forecast, by region
  4.3.3. Market share analysis, by country
4.4. DIRECT RESPONSE
  4.4.1. Key market trends, growth factors and opportunities
  4.4.2. Market size and forecast, by region
  4.4.3. Market share analysis, by country
4.5. OTHERS
  4.5.1. Key market trends, growth factors and opportunities
  4.5.2. Market size and forecast, by region
  4.5.3. Market share analysis, by country

CHAPTER 5: TAKAFUL INSURANCE MARKET BY TYPE

5.1. OVERVIEW
5.2. FAMILY TAKAFUL
  5.2.1. Key market trends, growth factors and opportunities
  5.2.2. Market size and forecast, by region
  5.2.3. Market share analysis, by country
5.3. GENERAL TAKAFUL
  5.3.1. Key market trends, growth factors and opportunities
  5.3.2. Market size and forecast, by region
  5.3.3. Market share analysis, by country

CHAPTER 6: TAKAFUL INSURANCE MARKET BY APPLICATION

6.1. OVERVIEW
6.2. PERSONAL
  6.2.1. Key market trends, growth factors and opportunities
  6.2.2. Market size and forecast, by region
  6.2.3. Market share analysis, by country
6.3. COMMERCIAL
  6.3.1. Key market trends, growth factors and opportunities
  6.3.2. Market size and forecast, by region
  6.3.3. Market share analysis, by country

CHAPTER 7: TAKAFUL INSURANCE MARKET BY REGION

7.1. OVERVIEW
7.2. GCC
  7.2.1. Key market trends and opportunities
  7.2.2. Market size and forecast, by distribution channel
  7.2.3. Market size and forecast, by type
  7.2.4. Market size and forecast, by application
  7.2.5. Market size and forecast, by Country
  7.2.6. Saudi Arabia
    7.2.6.1. Market size and forecast, by distribution channel
    7.2.6.2. Market size and forecast, by type
    7.2.6.3. Market size and forecast, by application
  7.2.7. UAE
    7.2.7.1. Market size and forecast, by distribution channel
    7.2.7.2. Market size and forecast, by type
    7.2.7.3. Market size and forecast, by application
  7.2.8. Bahrain
    7.2.8.1. Market size and forecast, by distribution channel
    7.2.8.2. Market size and forecast, by type
    7.2.8.3. Market size and forecast, by application
  7.2.9. Kuwait
    7.2.9.1. Market size and forecast, by distribution channel
    7.2.9.2. Market size and forecast, by type
    7.2.9.3. Market size and forecast, by application
  7.2.10. Qatar
    7.2.10.1. Market size and forecast, by distribution channel
    7.2.10.2. Market size and forecast, by type
    7.2.10.3. Market size and forecast, by application
  7.2.11. Oman
    7.2.11.1. Market size and forecast, by distribution channel
    7.2.11.2. Market size and forecast, by type
    7.2.11.3. Market size and forecast, by application
7.3. ASIA
  7.3.1. Key market trends and opportunities
  7.3.2. Market size and forecast, by distribution channel
  7.3.3. Market size and forecast, by type
  7.3.4. Market size and forecast, by application
  7.3.5. Market size and forecast, by Country
  7.3.6. Malaysia
    7.3.6.1. Market size and forecast, by distribution channel
    7.3.6.2. Market size and forecast, by type
    7.3.6.3. Market size and forecast, by application
  7.3.7. Pakistan
    7.3.7.1. Market size and forecast, by distribution channel
    7.3.7.2. Market size and forecast, by type
    7.3.7.3. Market size and forecast, by application
  7.3.8. Indonesia
    7.3.8.1. Market size and forecast, by distribution channel
    7.3.8.2. Market size and forecast, by type
    7.3.8.3. Market size and forecast, by application
  7.3.9. Brunei
    7.3.9.1. Market size and forecast, by distribution channel
    7.3.9.2. Market size and forecast, by type
    7.3.9.3. Market size and forecast, by application
  7.3.10. Rest of Asia
    7.3.10.1. Market size and forecast, by distribution channel
    7.3.10.2. Market size and forecast, by type
    7.3.10.3. Market size and forecast, by application
7.4. MEA
  7.4.1. Key market trends and opportunities
  7.4.2. Market size and forecast, by distribution channel
  7.4.3. Market size and forecast, by type
  7.4.4. Market size and forecast, by application
  7.4.5. Market size and forecast, by Country
  7.4.6. Iran
    7.4.6.1. Market size and forecast, by distribution channel
    7.4.6.2. Market size and forecast, by type
    7.4.6.3. Market size and forecast, by application
  7.4.7. Jordan
    7.4.7.1. Market size and forecast, by distribution channel
    7.4.7.2. Market size and forecast, by type
    7.4.7.3. Market size and forecast, by application
  7.4.8. Sudan
    7.4.8.1. Market size and forecast, by distribution channel
    7.4.8.2. Market size and forecast, by type
    7.4.8.3. Market size and forecast, by application
  7.4.9. Egypt
    7.4.9.1. Market size and forecast, by distribution channel
    7.4.9.2. Market size and forecast, by type
    7.4.9.3. Market size and forecast, by application
  7.4.10. Nigeria
    7.4.10.1. Market size and forecast, by distribution channel
    7.4.10.2. Market size and forecast, by type
    7.4.10.3. Market size and forecast, by application
  7.4.11. Rest of MEA
    7.4.11.1. Market size and forecast, by distribution channel
    7.4.11.2. Market size and forecast, by type
    7.4.11.3. Market size and forecast, by application

CHAPTER 8: COMPANY PROFILES

8.1. ABU DHABI NATIONAL TAKAFUL CO
  8.1.1. Company overview
  8.1.2. Key Executives
  8.1.3. Company snapshot
  8.1.4. Operating business segments
  8.1.5. Product portfolio
  8.1.6. Business performance
  8.1.7. Key strategic moves and developments
8.2. ALLIANZ
  8.2.1. Company overview
  8.2.2. Key Executives
  8.2.3. Company snapshot
  8.2.4. Operating business segments
  8.2.5. Product portfolio
  8.2.6. Business performance
  8.2.7. Key strategic moves and developments
8.3. AMAN INSURANCE
  8.3.1. Company overview
  8.3.2. Key Executives
  8.3.3. Company snapshot
  8.3.4. Operating business segments
  8.3.5. Product portfolio
  8.3.6. Business performance
  8.3.7. Key strategic moves and developments
8.4. ISLAMIC INSURANCE
  8.4.1. Company overview
  8.4.2. Key Executives
  8.4.3. Company snapshot
  8.4.4. Operating business segments
  8.4.5. Product portfolio
  8.4.6. Business performance
  8.4.7. Key strategic moves and developments
8.5. PRUDENTIAL BSN TAKAFUL BERHAD
  8.5.1. Company overview
  8.5.2. Key Executives
  8.5.3. Company snapshot
  8.5.4. Operating business segments
  8.5.5. Product portfolio
  8.5.6. Business performance
  8.5.7. Key strategic moves and developments
8.6. QATAR ISLAMIC INSURANCE
  8.6.1. Company overview
  8.6.2. Key Executives
  8.6.3. Company snapshot
  8.6.4. Operating business segments
  8.6.5. Product portfolio
  8.6.6. Business performance
  8.6.7. Key strategic moves and developments
8.7. SALAMA ISLAMIC ARAB INSURANCE COMPANY
  8.7.1. Company overview
  8.7.2. Key Executives
  8.7.3. Company snapshot
  8.7.4. Operating business segments
  8.7.5. Product portfolio
  8.7.6. Business performance
  8.7.7. Key strategic moves and developments
8.8. SYARIKAT TAKAFUL BRUNEI DARUSSALAM
  8.8.1. Company overview
  8.8.2. Key Executives
  8.8.3. Company snapshot
  8.8.4. Operating business segments
  8.8.5. Product portfolio
  8.8.6. Business performance
  8.8.7. Key strategic moves and developments
8.9. TAKAFUL INTERNATIONAL
  8.9.1. Company overview
  8.9.2. Key Executives
  8.9.3. Company snapshot
  8.9.4. Operating business segments
  8.9.5. Product portfolio
  8.9.6. Business performance
  8.9.7. Key strategic moves and developments
8.10. ZURICH MALAYSIA
  8.10.1. Company overview
  8.10.2. Key Executives
  8.10.3. Company snapshot
  8.10.4. Operating business segments
  8.10.5. Product portfolio
  8.10.6. Business performance
  8.10.7. Key strategic moves and developments

LIST OF TABLES

TABLE 1. GLOBAL TAKAFUL INSURANCE MARKET, BY DISTRIBUTION CHANNEL 2020-2030 ($MILLION)
TABLE 2. TAKAFUL INSURANCE MARKET FOR AGENTS AND BROKERS, BY REGION, 2020-2030 ($MILLION)
TABLE 3. TAKAFUL INSURANCE MARKET FOR BANKS, BY REGION, 2020-2030 ($MILLION)
TABLE 4. TAKAFUL INSURANCE MARKET FOR DIRECT RESPONSE, BY REGION, 2020-2030 ($MILLION)
TABLE 5. TAKAFUL INSURANCE MARKET FOR OTHERS, BY REGION, 2020-2030 ($MILLION)
TABLE 6. GLOBAL TAKAFUL INSURANCE MARKET, BY TYPE 2020-2030 ($MILLION)
TABLE 7. TAKAFUL INSURANCE MARKET FOR FAMILY TAKAFUL, BY REGION, 2020-2030 ($MILLION)
TABLE 8. TAKAFUL INSURANCE MARKET FOR GENERAL TAKAFUL, BY REGION, 2020-2030 ($MILLION)
TABLE 9. TAKAFUL INSURANCE MARKET FOR , BY REGION, 2020-2030 ($MILLION)
TABLE 10. GLOBAL TAKAFUL INSURANCE MARKET, BY APPLICATION 2020-2030 ($MILLION)
TABLE 11. TAKAFUL INSURANCE MARKET FOR PERSONAL, BY REGION, 2020-2030 ($MILLION)
TABLE 12. TAKAFUL INSURANCE MARKET FOR COMMERCIAL, BY REGION, 2020-2030 ($MILLION)
TABLE 13. TAKAFUL INSURANCE MARKET FOR , BY REGION, , 2020-2030 ($MILLION)
TABLE 14. GCC TAKAFUL INSURANCE, BY DISTRIBUTION CHANNEL 2020-2030 ($MILLION)
TABLE 15. GCC TAKAFUL INSURANCE, BY TYPE 2020-2030 ($MILLION)
TABLE 16. GCC TAKAFUL INSURANCE, BY APPLICATION 2020-2030 ($MILLION)
TABLE 17. GCC TAKAFUL INSURANCE, BY REGION, 2020-2030 ($MILLION)
TABLE 18. ASIA TAKAFUL INSURANCE, BY DISTRIBUTION CHANNEL 2020-2030 ($MILLION)
TABLE 19. ASIA TAKAFUL INSURANCE, BY TYPE 2020-2030 ($MILLION)
TABLE 20. ASIA TAKAFUL INSURANCE, BY APPLICATION 2020-2030 ($MILLION)
TABLE 21. ASIA TAKAFUL INSURANCE, BY REGION, 2020-2030 ($MILLION)
TABLE 22. MEA TAKAFUL INSURANCE, BY DISTRIBUTION CHANNEL 2020-2030 ($MILLION)
TABLE 23. MEA TAKAFUL INSURANCE, BY TYPE 2020-2030 ($MILLION)
TABLE 24. MEA TAKAFUL INSURANCE, BY APPLICATION 2020-2030 ($MILLION)
TABLE 25. MEA TAKAFUL INSURANCE, BY REGION, 2020-2030 ($MILLION)
TABLE 26. ABU DHABI NATIONAL TAKAFUL CO: COMPANY SNAPSHOT
TABLE 27. ABU DHABI NATIONAL TAKAFUL CO: OPERATING SEGMENTS
TABLE 28. ALLIANZ: COMPANY SNAPSHOT
TABLE 29. ALLIANZ: OPERATING SEGMENTS
TABLE 30. AMAN INSURANCE: COMPANY SNAPSHOT
TABLE 31. AMAN INSURANCE: OPERATING SEGMENTS
TABLE 32. ISLAMIC INSURANCE: COMPANY SNAPSHOT
TABLE 33. ISLAMIC INSURANCE: OPERATING SEGMENTS
TABLE 34. PRUDENTIAL BSN TAKAFUL BERHAD: COMPANY SNAPSHOT
TABLE 35. PRUDENTIAL BSN TAKAFUL BERHAD: OPERATING SEGMENTS
TABLE 36. QATAR ISLAMIC INSURANCE: COMPANY SNAPSHOT
TABLE 37. QATAR ISLAMIC INSURANCE: OPERATING SEGMENTS
TABLE 38. SALAMA ISLAMIC ARAB INSURANCE COMPANY: COMPANY SNAPSHOT
TABLE 39. SALAMA ISLAMIC ARAB INSURANCE COMPANY: OPERATING SEGMENTS
TABLE 40. SYARIKAT TAKAFUL BRUNEI DARUSSALAM: COMPANY SNAPSHOT
TABLE 41. SYARIKAT TAKAFUL BRUNEI DARUSSALAM: OPERATING SEGMENTS
TABLE 42. TAKAFUL INTERNATIONAL: COMPANY SNAPSHOT
TABLE 43. TAKAFUL INTERNATIONAL: OPERATING SEGMENTS
TABLE 44. ZURICH MALAYSIA: COMPANY SNAPSHOT
TABLE 45. ZURICH MALAYSIA: OPERATING SEGMENTS

LIST OF FIGURES

FIGURE 1. GLOBAL TAKAFUL INSURANCE MARKET SEGMENTATION
FIGURE 2. TOP INVESTMENT POCKET
FIGURE 3. TOP WINNING STRATEGIES (%)
FIGURE 4. TAKAFUL INSURANCE MARKET FOR AGENTS AND BROKERS, 2020-2030 ($MILLION)
FIGURE 5. TAKAFUL INSURANCE MARKET FOR BANKS, 2020-2030 ($MILLION)
FIGURE 6. TAKAFUL INSURANCE MARKET FOR DIRECT RESPONSE, 2020-2030 ($MILLION)
FIGURE 7. TAKAFUL INSURANCE MARKET FOR OTHERS, 2020-2030 ($MILLION)
FIGURE 8. TAKAFUL INSURANCE MARKET FOR FAMILY TAKAFUL, 2020-2030 ($MILLION)
FIGURE 9. TAKAFUL INSURANCE MARKET FOR GENERAL TAKAFUL, 2020-2030 ($MILLION)
FIGURE 10. TAKAFUL INSURANCE MARKET FOR , 2020-2030 ($MILLION)
FIGURE 11. TAKAFUL INSURANCE MARKET FOR PERSONAL, 2020-2030 ($MILLION)
FIGURE 12. TAKAFUL INSURANCE MARKET FOR COMMERCIAL, 2020-2030 ($MILLION)
FIGURE 13. GLOBAL TAKAFUL INSURANCE, BY REGION, 2020 (%)
FIGURE 14. SAUDI ARABIA TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 15. UAE TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 16. BAHRAIN TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 17. KUWAIT TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 18. QATAR TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 19. OMAN TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 20. MALAYSIA TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 21. PAKISTAN TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 22. INDONESIA TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 23. BRUNEI TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 24. REST OF ASIA TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 25. IRAN TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 26. JORDAN TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 27. SUDAN TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 28. EGYPT TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 29. NIGERIA TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)
FIGURE 30. REST OF MEA TAKAFUL INSURANCE MARKET, 2020-2030 ($MILLION)


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