ReportsnReports.com adds report Takaful Market in Indonesia 2014-2018 to its store.Takaful market in Indonesia will grow at a CAGR of 29.05 percent over the period 2013-2018. One of the key factors contributing to this market growth is the rapid growth in the Indonesian economy. The Takaful market in Indonesia has also been witnessing geographical expansion. However, the low awareness of the Takaful system could pose a challenge to the growth of this market.
Analyst said: The changing demographics of Indonesia and the increasing importance of Islamic banking are producing a lot of untapped potential and opportunities for takaful insurers. The country comprises more than 18,000 islands, which would require the partnership with an agency to enforce marketing strategies uniformly across all the islands and effective sales as well. Partnership with banks will present a new and readily available distribution channel, which could open up a gamut of new opportunities for takaful operators to develop Sharia-compliant bancassurance products.
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According to the report, rapid economic growth in Indonesia is one of the major drivers of this market. Indonesia has a large Muslim population who are inclined to purchase products that comply with Sharia principles. In fact, the non-Muslim population is also showing an inclination toward such products. As a result of the rapid economic growth, the per capita disposable income is also increasing, resulting in people being more financially able to purchase these insurance products.
Further, the report states that lack of awareness of Islamic banking and its principles among people is one of the main challenges in the market. It is a relatively new concept; therefore, many Islamic and non-Islamic organizations in the country are unaware of takaful products and their benefits.
Takaful Market in Indonesia 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report focuses on Indonesia, covering the Takaful market in Indonesia landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
The key vendors dominating this space are P.T. Asuransi Takaful Keluarga, PT Asuransi Allianz Life Indonesia plc., and PT Asuransi Takaful Umum.
The other vendors mentioned in the report are PT Asuransi Jiwa Manulife Indonesia, PT Askes, and PT Asuransi Jiwa BRINGIN JIWA SEJAHTERA.
Key questions answered in this report:
- What will the market size be in 2018 and at what rate will it grow?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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