Takaful insurance market to hit $ 126.8 billion globally by 2032-Report

The global takaful insurance market is projected to reach $126.8 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032.

According to a report from Allied Market Research seen by ThePressNG, the global takaful insurance market was valued at $31.7 billion in 2022.

Takaful insurance 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.

According to the report, the takaful insurance market is influenced by several major drivers, restraints, and opportunities.

It noted that the insurance market is rapidly developing with Growth in demand for takaful insurance across Muslim-majority countries.

The report noted that 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.

According to the report, based on the distribution channel, the 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.

Based on application, the report noted that the 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.