After 30 years, Takaful insurance is no longer considered a nascent industry—it has flourished as the fastest growing segment within the insurance industry, spreading its geographic footprint from east to west beyond its Muslim community niche.
Family Takaful is catching the attention of analysts as a growing force, increasing life insurance penetration rates both in nascent and mature Takaful markets, as per the first edition of the Milliman Global Family Takaful Report 2011, which estimated family Takaful contributions at US$1.7 billion in 2010, accounting for 20% of total global Takaful gross written premiums.
This article was first published in the autumn 2011 issue of Financial Bridges. Reprinted with permission.
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Family Takaful: Creating new growth dimensions for Takaful industry
Family Takaful is increasing life insurance penetration rates both in nascent and mature Takaful markets.