Top 11 Takaful Companies in the World

The global takaful market size reached US$ 33.6 Billion in 2023. As per the analysis by IMARC Group, the leading companies in the takaful market are constantly focusing on the development of new products and services that meet the evolving needs of customers, such as customized Takaful solutions for specific customer segments to enhance customer experience. They are also focusing on enhancing their risk management frameworks to ensure the sustainability of their businesses. Leading companies are implementing robust underwriting processes, investing in technology to improve risk assessment, and diversifying their investment portfolios to mitigate market risks. Moreover, they are expanding their distribution channels and improving the accessibility of their services. They are consequently partnering with banks and other financial institutions to offer their services through their networks, as well as leveraging online and mobile channels to reach a wider audience. Looking forward, the market value is expected to reach US$ 74.0 Billion by 2032, exhibiting a growth rate (CAGR) of 8.9% during 2024-2032.

Learn about opportunities, challenges, and trends in the global Takaful market with IMARC’s market research report. Try a free sample today!

List of Top Companies Operating in the Takaful Industry Worldwide:

The global takaful market has several major players, including Islamic Insurance Company, Jama Punji (Securities & Exchange Commission of Pakistan), Aman Takaful Insurance (ATICO), Salama Cooperative Insurance Company, Standard Chartered PLC, Syarikat Takaful Brunei Darussalam Sdn Bhd, Allianz SE, Prudential BSN Takaful Berhad, Zurich Malaysia, Takaful Malaysia, and Qatar Islamic Insurance Company. More information about these companies has been provided below.

1. Islamic Insurance Company

The Islamic insurance company offers a wide range of insurance services, including fire and additional perils, medical expenses, motor, marine, life, personal accident, worker compensation, liability, comprehensive householder, engineering, contractor plants and machinery, electronic equipment, travel, banking, and plate glass. It recently organized an awareness session with the theme of customer service focusing on providing distinguished service, attracting new customers to the company, and achieving goals and aspirations for growth and development.

2. Jama Punji (Securities & Exchange Commission of Pakistan)

Jama Punji (Securities & Exchange Commission of Pakistan) is a financial technology company that aims to equip the general public with skills and knowledge to make informed financial decisions and manage their money wisely. It facilitates quizzes, risk profiler, scam meter, calculator, stock trading simulator, mobile app, forum, checklists, and games. It offers financial education programs, which provide individuals with the knowledge and skills to make informed financial decisions. Moreover, its services and products, such as training, investment management tools, and online trading services, help people to allocate their budgets appropriately.

3. Aman Takaful Insurance (ATICO)

Aman Takaful Insurance (ATICO) provides both qualitative and quantitative insurance products and services to meet the requirements of the market. It runs its business complying with Shariah compliance and offers services including motor insurance, health insurance, workmen, compensation, and fire insurance. It aims to improve the quality and quality of services and is designed to meet the diverse needs of customers, from individuals to businesses and organizations. The company is committed to providing a high level of customer service and has a strong focus on innovation and technology.

4. Salama Cooperative Insurance Company

Salama Cooperative Insurance Company is one of the largest takaful players in the MENA region and is a pioneer in Shariah Compliant Insurance. It is one of the first cooperative insurance companies licensed under the Cooperative Insurance Regulations, well-known for the quality of service and the security it provides to its valued customers. It offers various insurance services, including motor, medical, travel, malpractice, and general, such as engineering, liability, marine, property, and accident. Moreover, it is committed to upholding the principles of cooperation and mutual assistance in its operations.

5. Standard Chartered PLC

Standard Chartered PLC is a multinational banking and financial services company that operates in more than 60 countries around the world. It provides a range of insurance services, including personal banking, corporate and institutional banking, commercial banking, wealth management, and Islamic banking to individuals, small businesses, corporations, and institutions. It is committed to responsible banking and strongly focuses on sustainability and social responsibility. It is also actively involved in community development programs and has a strong focus on financial inclusion. With 83,000 employees, it is currently listed on the London and Hong Kong Stock Exchanges.

6. Syarikat Takaful Brunei Darussalam Sdn Bhd

Syarikat Takaful Brunei Darussalam Sdn Bhd is an Islamic insurance company recognized as a market leader for innovative products and services. It is one of the largest incorporated takaful operators that provide customers with shariah-compliant financial approaches designed to protect and fulfill their Islamic and moral obligations. It protects against motor and financing, motor, fire, medical, and accident. It aims to provide the best and highest quality of support needed along with its subsidiaries to focus on main corporate social responsibilities (CSR) drivers, such as Jalur Kasih and Blood Donations.

7. Allianz SE

Allianz SE is a leading multinational financial service company that offers a wide range of insurance and financial services, including life and health insurance, property and casualty insurance, and asset management. It offers a wide range of products, services, and solutions in insurance and asset management, such as property and casualty, health and life, asset, business, trade credit insurance, and surety, to 126 million customers in more than 70 countries. Presently, with a network in more than 160 countries, it focuses on the needs of global corporate and specialty clients and provides global business insurance for more than half of the leading marine and aviation enterprises and Fortune Global 500 companies in the world.

8. Prudential BSN Takaful Berhad 

Prudential BSN Takaful Berhad is an insurance company that provides a wide range of services in three main segments, including protection, prosperity, and health. The protection segment includes family death, permanent disability, hospitalization, women-specific disease, and finances. The health segment incorporates 43 critical disease treatments, cancer plans, and coverage for high medical expenses. Moreover, it offers artificial intelligence (AI) powered application that understands individual needs, provides relevant health information through deep AI learning technology, and connects with a doctor virtually.

9. Zurich Life Insurance Malaysia Berhad

Zurich Life Insurance Malaysia Berhad is a multinational insurance company that offers a wide range of products to individuals and businesses, including life and health insurance, general insurance, and investment-linked products. It also assists in smart investment choices and planning for the future, insurance, and investments to offer variety, flexibility, and choice to the consumer. Moreover, it offers a single-premium investment-linked plan that aims to maximize investments with a diversified choice of local and foreign funds and optimizes the long-term goal of wealth creation.

10. Syarikat Takaful Malaysia Keluarga Berhad

Syarikat Takaful Malaysia Keluarga Berhad is one of the leading Islamic insurance companies with an intact financial position and expertise in the field of risk management to meet the needs of customers across our 24 service centers. Its products and services include personal and family, medicine, vehicle, and housing. It also offers services for employers, employees, assets and property, and business and management risk. It is committed to helping people achieve their aspirations for a bright future and a more secure financial position.

11. Qatar Islamic Insurance Company

Qatar Islamic Insurance Company is a leading Islamic insurance company that offers insurance services for travel, motor, marine, fire, engineering, general, liability, life, balsam medical, money bankers, energy electronics, and computer. It further offers a family package and is also known for its customer service and strong financial performance. It also aims to help people achieve their aspirations for a bright future and attain a more secure financial position through their services.

About Author: