Milliman is pleased to present the first exclusive Global Family Takaful Report, focusing on the recent developments within family Takaful. With global family Takaful contributions currently estimated at US$1.7 billion, Milliman projects a 250% increase within the next five years to US$4.3 billion. The growth in family Takaful thus far outweighs both general Takaful growth as well as global conventional life insurance growth.
Whilst the Takaful industry produces a number of reports, most of these tend to focus on a combined analysis of general and family Takaful. As actuaries and consultants, we firmly believe that the drivers of general Takaful can be significantly different than those for family Takaful. Hence Milliman identified a need to focus exclusively on a family Takaful report.
The summary report includes a review of the family Takaful industry growth in key regions together with future projections, an overview of the regulatory landscape, results of a family Takaful survey and a discussion of business models and products. The report also provides a focus on Malaysia as the most established of global family Takaful markets along with a comparison of Takaful business with UK mutual insurers.