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Takaful Insurance Market to Reach $ 126.8 Billion, Globally, by 2032 at 15.2% CAGR: Allied Market Research
The takaful insurance market is quickly expanding as a result of increasing awareness of islamic finance principles, growing demand for ethical and sharia-compliant financial solutions, expansion into new markets with significant muslim populations, and diversification of takaful product offerings
WILMINGTON, Del., Oct. 17, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Takaful Insurance Market by Type (Family Takaful, and General Takaful), Distribution (Agents and Brokers, Banks, Direct Response, and Others), and Application (Personal, and Commercial) Global Opportunity Analysis and Industry Forecast, 2023–2032.According to the report, the global takaful insurance market was valued at $31.7 billion in 2022, and is projected to reach $126.8 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032.
Prime Determinants of Growth
The takaful insurance market is influenced by several major drivers, restraints, and opportunities. The takaful insurance market is rapidly developing as Growth in demand of takaful insurance across Muslim majority countries. Furthermore, the market is being driven by the distribution of Investment profits among both participants, by encourages a spirit of justice and teamwork, bringing people and companies into the takaful insurance market and fostering its expansion. However, the takaful insurance market faces growth challenges due to lower consumer awareness, as many potential participants are unaware of its benefits and Sharia-compliant options. On the contrary, for the takaful insurance business, the untapped market potential provides a large opportunity since it permits expansion and growth in niches and geographic areas where awareness and adoption are still in their infancy.
(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)
- 130 – Tables
- 54 – Charts
- 364 – Pages
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https://www.alliedmarketresearch.com/request-sample/12200
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period  |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$31.64 billion |
|
Market Size in 2032 |
$126.8 billion |
|
CAGR |
15.2 % |
|
No. of Pages in Report |
364 |
|
Segments covered |
Type, Distribution, Applicaton, and Region. |
|
Drivers |
Growth in demand of takaful insurance across Muslim majority countries Distribution of Investment profits among both participants Numerous benefits such as premium amount refund driving the growth |
|
Opportunities |
Untapped market potential for takaful insurance |
|
Restraints |
Lack of standardization in takaful insurance due to regional differences Lower consumer awareness |
The general takaful segment to maintain its leadership status throughout the forecast period
Based on type, the general takaful segment held the highest market share in 2022, accounting for around three-fourths of the global takaful insurance market revenue. This can be attributed to the fact that it meets a variety of demands, such as insurance for houses, businesses, vehicles, and other valuable assets, general takaful appeals to a wider consumer base. It can take a bigger portion of the market thanks to its vast breadth. However, the family takaful segment is projected to manifest the fastest CAGR of 18.2% from 2023 to 2032, this is attribute to the fact that it takes care of urgent necessities like life insurance and family financial stability, making it a top priority for anyone looking to safeguard those they cherish.
The agents and broker segment to maintain its leadership status throughout the forecast period
Based on distribution channel, agent and brokers segment held the highest market share in 2022, accounting for more than half of the global takaful insurance market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that they ease the selling of takaful policies and offer individualized guidance, efficiently reaching a large consumer base and developing confidence via their knowledge and service. However, the direct response segment is projected to manifest the fastest CAGR of 21.6% from 2023 to 2032, this is due to their affordability and convenience, which let customers to buy insurance directly online or over the phone, without intermediaries, and which facilitate quick market penetration.
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The commercial segment to maintain its leadership status throughout the forecast period
Based on application, commercial segment held the highest market share in 2022, accounting for nearly three-fifths of the global takaful insurance market revenue and is estimated to maintain its leadership status throughout the forecast period. This is Due to their varied risk management requirements, regulatory constraints, and the size of their activities, they represent a sizable group that demands complete takaful coverage. However, the personal segment is projected to manifest the fastest CAGR of 17.2% from 2023 to 2032, this is attributed to the fact that people’s needs for insurance are more urgent and relatable, particularly those for personal and family security.
GCC to maintain its dominance by 2032
Based on region, GCC held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global takaful insurance market revenue. due to their sizable Muslim populations, robust regulatory systems, and high levels of affluence, which foster a climate favorable for the growth of takaful goods and services. However, the Asia-Pacific region is expected to witness the fastest CAGR of 18.4% from 2023 to 2032 and is likely to dominate the market during the forecast period, due to the region’s sizable and diversified Muslim population, growing understanding of Islamic financial concepts, and expanding demand for financial products that adhere to Shariah, particularly takaful.
Leading 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
The report provides a detailed analysis of these key players of the global takaful insurance market. These players have adopted different strategies such as expansion and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the takaful insurance market analysis from 2022 to 2032 to identify the prevailing takaful insurance market opportunity.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the takaful insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global takaful insurance market trends, key players, market segments, application areas, and market growth strategies.
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Takaful Insurance Market Report Highlights
By Application
- Personal
- Commercial
By Type
- Family Takaful
- General Takaful
By Distribution Channel
- Agents and Brokers
- Banks
- Direct Response
- Others
By Region
- GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman)
- Asia-Pacific (Malaysia, Pakistan, Indonesia, Brunei, Rest Of Asia)
- Middle East and Africa (Iran, Jordan, Sudan, Egypt, Nigeria, Rest of Middle East And Africa)
- Rest of ME (Turkey, Sri Lanka)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
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Fintech PR
Verlingue consolidates its position in Europe with the acquisition of ProConseils Solutions
QUIMPER, France, Nov. 27, 2024 /PRNewswire/ — The insurance broker Verlingue, a subsidiary of the Adelaïde Group, announces its acquisition of ProConseils Solutions, a major player in the insurance brokerage market in French-speaking Switzerland. This strategic operation will enable Verlingue to strengthen its position in the Swiss market by broadening its range of services and expertise in the field of insurance coverage for businesses, local authorities and medico-social establishments.
ProConseils Solutions was founded in 2003 and is known for its personalised client approach and commitment to quality. With a staff of almost 25 employees based in three offices in the Canton of Vaud, ProConseils Solutions works with more than 1,500 companies, nearly 150 local authorities and 30 medico-social establishments, providing them with optimised solutions for managing their insurance coverage.
This acquisition is fully aligned with Verlingue’s Better Future 28 strategic plan, which aims to reinforce the company’s presence in Europe and expand the territorial coverage of its business, based on an ambitious project bringing together local businesses with a shared vision.
Benjamin Verlingue, Chairman and CEO of the Adelaïde Group, explains that:
“The acquisition of ProConseils Solutions marks an important step in our growth strategy in Switzerland and Europe. We share strong values with ProConseils Solutions, notably close relations with our customers and service excellence. Joining forces will enable us to provide all our customers – whether in Switzerland or in the other countries in which we operate – an even broader range of expertise and solutions that are increasingly tailored to their needs.”
Alain Bornand and Joseph Gelsomino, co-Founders of ProConseils Solutions, add:
“Becoming part of Verlingue and the Adelaïde Group, is a real opportunity for our customers and our staff. We will be able to provide even better services and draw on the Group’s technical expertise and international dimension. It will also enable us to continue to develop ProConseils Solutions in French-speaking Switzerland, both through our existing teams and through possible acquisitions. ProConseils Solutions is entering a new phase in its evolution and we are looking forward to sharing this with our customers, partners and staff.”
With this acquisition, Verlingue will help the Adelaïde Group achieve its objective of becoming the leading family-owned insurance broker in Europe by 2028.
About Verlingue
Verlingue is an insurance broker specialising in business protection, and a subsidiary of the Adelaïde Group. Working alongside entrepreneurs, Verlingue’s goal is to harness corporate risk management and employee protection to drive its customers’ value creation and performance. With offices in France, Portugal, Switzerland, the United Kingdom and Italy, and through partners in over 100 countries, Verlingue works with its customers over the long term and at every instant to better understand and plan ahead for new risks and develop simple yet effective solutions to protect their business (corporate risk) and staff (supplementary social protection schemes and pensions).
1,500 employees, 550 of whom are based outside France
Operating out of 5 countries in Europe
Media Contact:
Agence Epoka – Lucie Fortin – [email protected] – +33 (0)6 19 68 70 18
About ProConseils Solutions
ProConseils Solutions is an insurance broker that specialises in providing insurance advice and coverage to local authorities, socio-medical establishments and SMEs. Our team has extensive expertise, based on nationally-recognised higher occupational training, supported by many years’ experience in the field. With local offices in Morges, Yverdon-les-Bains and Payerne, we are close to our customers. Respect, competency, high standards and team spirit are the values that underpin our corporate charter.
Media contact for ProConseils Solutions and Verlingue Switzerland:
Verlingue SA – Nicole Maissen – Marketing & Communications Manager – [email protected] – Telephone +41 58 414 45 20
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Fintech
Former MD of SUI Foundation, Greg Siourounis, Joins xMoney Global as Co-Founder and CEO to build MiCA-Regulated Stablecoin Platform
xMoney Global, the global, inter-bank and cross crypto/fiat integrated payments platform has appointed award-winning economist Dr. Greg Siourounis as Co-Founder and CEO. The company is a Mastercard principal member, with strategic European licenses, such as e-Money and VASP.
As the digital landscape continues to evolve with the coming MiCA regulation, xMoney Global intends to lead Europe into this new transformative EU regulated stablecoin era. Greg Siourounis will lead the integration of xMoney’s advanced blockchain-enabled payments infrastructure with its upcoming stablecoin program. Stablecoins are a key driver of blockchain adoption in today’s market, now surpassing Bitcoin, remittances, and PayPal in annual transaction volume. As such, xMoney’s Global reputation positions it to bridge Web3 innovation with traditional finance, leading Europe into a new transformative EU regulated stablecoin era.
Dr. Greg, who has played a pioneering role in the growth of Sui Foundation as its former Managing Director and who previously founded Everypay, will drive xMoney Global’s next wave of growth. Beyond the standard reference of his academic work in 2024’s Nobel Prize in Economics, Dr. Greg’s career is also decorated with awards such as the 2005 Young Economist Award from The European Economic Association and the 2008 Austin Robinson Prize from The Royal Economic Society. His immediate target will be to focus on partnerships, regulatory alignment and market expansion, as xMoney Global looks to build a comprehensive payments platform that bridges legacy financial systems with the potential of decentralized finance.
Commenting on his appointment, Dr. Greg Siourounis, CEO of xMoney Global, said, “As Europe prepares to embrace MiCA regulation, xMoney Global is positioned to redefine what compliant, secure, and seamless digital payments can be. Our goal is to deliver a solid and trusted ecosystem that combines the strengths of traditional finance with the flexibility of blockchain technology to create a future-ready payment experience.”
Beniamin Mincu, Co-founder of MultiversX, said, “xMoney Global’s mission aligns perfectly with the vision of MultiversX to bring scalable and secure blockchain solutions to mainstream finance. This appointment marks a significant step toward building a more inclusive and resilient financial system.”
The launch of xMoney Global aims to offer a next-gen blockchain-as-a-service module backed by its native stablecoin, with key white-labeled services including acquiring, issuing, onramps/offramps and a sticky loyalty program, all backed by MultiversX’s state-of-the-art sharding technology. Following the surge in crypto markets after Trump’s pro-crypto Presidential win, xMoney will be ideally placed to accelerate real-world adoption as the easiest way for everyone (consumers, retail and e-commerce) to seamlessly access fiat and crypto currencies in an app, card or payment gateway.
The post Former MD of SUI Foundation, Greg Siourounis, Joins xMoney Global as Co-Founder and CEO to build MiCA-Regulated Stablecoin Platform appeared first on News, Events, Advertising Options.
Double Data Deal for Life
LONDON, Nov. 27, 2024 /PRNewswire/ — In anticipation of Black Friday, Slice Mobile is enhancing its popular plans—Mini, Middy, and Biggie—by offering double the data. Both new and existing customers can benefit from this upgrade for life, as long as they remain on the same plan.
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Unlimited Plan for £5 for 3 Months
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This limited-time offer is available until 11th December 2024, making it the perfect opportunity for those seeking a flexible and affordable mobile plan.
How to Get Started
New users can join Slice Mobile, or current users can switch their free trial to a paid plan via the Slice app during the promotional period.
View original content:https://www.prnewswire.co.uk/news-releases/slice-mobile-launches-special-black-friday-offers-302317430.html
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