Overview and Scope
Microinsurance is insurance coverage designed for low-income individuals and communities, offering an affordable range tailored to their unique needs and financial constraints. It aims to mitigate risk and provide financial protection in health emergencies, crop losses, and property damage.
Sizing and Forecast
The microinsurance market size has grown strongly in recent years. It will grow from $89.05 billion in 2023 to $95.69 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to financial inclusion initiatives, emergence of microfinance institutions, government support and initiatives, ngo and donor involvement, market liberalization..
The microinsurance market size is expected to see strong growth in the next few years. It will grow to $126.39 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to health pandemics and risks, government social protection programs, rural and agricultural development, regulatory incentives, regulatory initiatives to promote inclusion.. Major trends in the forecast period include digital transformation and insurtech, partnerships with fintech and telecom companies, parametric insurance solutions, pay-per-use and on-demand insurance, blockchain for transparency and trust..
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Segmentation & Regional Insights
The microinsurance market covered in this report is segmented –
1) By Product Type: Property Insurance, Health Insurance, Life Insurance, Index Insurance, Accidental Death And Disability Insurance, Other Product Type
2) By Model Type: Partner Agent Model, Full-Service Model, Provider Driven Model, Other Model Types
3) By Provider: Microinsurance (Commercially Viable), Microinsurance Through Aid Or Government Support
4) By End-User: Business, Personal
Asia-Pacific was the largest region in the microinsurance market in 2023. The regions covered in the microinsurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Rising government initiatives for microinsurance are expected to propel the growth of the microinsurance market going forward. Government initiatives refer to specific actions, programs, or policies that are undertaken by a government to address various issues, promote specific goals, or bring about desired outcomes within a society or a specific sector. Microinsurance offers a range of benefits that can be particularly advantageous for economically vulnerable populations and small enterprises. For instance, in October 2022, the UN Capital Development Fund (UNCDF), a US-based public finance agency, unveiled a new microinsurance product in Vanuatu. This was designed to protect climate-vulnerable populations against the adverse financial impacts of extreme weather hazards by providing a quick injection of relief funds within 10–14 days following a natural disaster and is aimed at Vanuatu’s smallholder farmers, fishers, MSMEs, and people with disabilities. Therefore, rising government initiatives for microinsurance will drive the microinsurance market.
Key Industry Players
Major companies operating in the microinsurance market report are Berkshire Hathaway Inc., Ping An Insurance (Group) Company of China Ltd., Allianz SE, China Life Insurance Company Limited, Wells Fargo & Company, MetLife Inc., American International Group Inc., Liberty Mutual Holding Company Inc., Chubb Limited, Zurich Insurance Group, Aviva PLC, Aon PLC, SBI Life Insurance Company Ltd., ICICI Prudential Life Insurance Co. Ltd., Bharti AXA Life Insurance Company Ltd., Munich Re Group, National Insurance Company Limited, Tata AIA Life Insurance Company Limited, Banco do Nordeste Brasil S.A., HDFC Ergo General Insurance Company Limited, The Hollard Insurance Company Pty Ltd, Swiss Re Group, Bajaj Allianz Life Insurance Co. Ltd., Bandhan Bank Ltd., NSIA Insurance Ltd., CLIMBS Life and General Insurance Cooperative, Protecta Insurance New Zealand, MicroEnsure Holdings Limited, MetLife Services and Solutions LLC, afpgen.com.ph
The microinsurance market report table of contents includes:
1. Executive Summary
2. Microinsurance Market Characteristics
3. Microinsurance Market Trends And Strategies
4. Microinsurance Market – Macro Economic Scenario
5. Global Microinsurance Market Size and Growth
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32. Global Microinsurance Market Competitive Benchmarking
33. Global Microinsurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Microinsurance Market
35. Microinsurance Market Future Outlook and Potential Analysis
36. Appendix
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