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Africa Microinsurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The Africa microinsurance market is currently witnessing moderate growth. Microinsurance is a component of microfinance that provides low-premium insurance plans to the low-income section of society. It offers various insurance, insurance-like, and similar products and services that help the weaker section of the society while providing risk protection and relief in case of distress, misfortune and contingent events. Microinsurance merges various small financial units into a large structure and provides a cushion against unexpected loss and exorbitant interest rates charged by unorganized money lenders.

Africa represents one of the leading microinsurance markets. It is primarily driven by the presence of a large low-income population, coupled with the positive economic growth in the region. In sub-Saharan Africa, many mutualized health insurance schemes have also been created based on voluntary membership. In exchange for the premiums they send to a fund, policyholders are entitled to certain benefits. Besides this, there has been an increase in the delivery of the microinsurance products to the target users through various institutional channels. These include licensed insurers, healthcare providers, microfinance institutions, community-based organizations, and non-governmental organizations (NGOs), which is propelling the market growth. For instance, in West Africa, a French NGO called Centre International de Développement et de Recherche (CIDR) has also developed a maternity cover health insurance product. The product is sold at the village level, with all inhabitants paying an annual fee to cover all pregnant women. On account of these factors, IMARC Group expects the market to continue its moderate growth during the forecast period (2021-2026).

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Africa microinsurance market report, along with forecasts for growth at the region level from 2021-2026. Our report has categorized the market based on region, product type, provider and model type.

Breakup by Product Type:

  • Property Insurance
  • Health Insurance
  • Life Insurance
  • Index Insurance
  • Accidental Death and Disability Insurance
  • Others
     

Breakup by Provider:

  • Microinsurance (Commercially Viable)
  • Microinsurance Through Aid/Government Support
     

Breakup by Model Type:

  • Partner Agent Model
  • Full-Service Model
  • Provider Driven Model
  • Community-Based/Mutual Model
  • Others
     

Breakup by Country:

  • South Africa
  • Morocco
  • Nigeria
  • Egypt
  • Kenya
  • Others
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key Questions Answered in This Report:

  • How has the Africa microinsurance market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the Africa microinsurance market?
  • What are the key regional in the Africa microinsurance market?
  • What is the breakup of the market based on the product type?
  • What is the breakup of the market based on the provider?
  • What is the breakup of the market based on the model type?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the Africa microinsurance market and who are the key players?
  • What is the degree of competition in the industry?

1    Preface
2    Scope and Methodology 

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Africa Microinsurance Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Product Type
    6.1    Property Insurance
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Health Insurance
        6.2.1    Market Trends
        6.2.2    Market Forecast
    6.3    Life Insurance
        6.3.1    Market Trends
        6.3.2    Market Forecast
    6.4    Index Insurance
        6.4.1    Market Trends
        6.4.2    Market Forecast
    6.5    Accidental Death and Disability Insurance
        6.5.1    Market Trends
        6.5.2    Market Forecast
    6.6    Others
        6.6.1    Market Trends
        6.6.2    Market Forecast
7    Market Breakup by Provider
    7.1    Microinsurance (Commercially Viable)
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Microinsurance Through Aid/Government Support
        7.2.1    Market Trends
        7.2.2    Market Forecast
8    Market Breakup by Model Type
    8.1    Partner Agent Model
    8.2    Full-Service Model
    8.3    Provider Driven Model 
    8.4    Community-Based/Mutual Model
    8.5    Others
9    Market Breakup by Country
    9.1    South Africa
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Morocco
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Nigeria
        9.3.1 Market Trends
        9.3.2 Market Forecast
    9.4    Egypt
        9.4.1 Market Trends
        9.4.2 Market Forecast
    9.5    Kenya
        9.5.1 Market Trends
        9.5.2 Market Forecast
    9.6    Others
        9.6.1 Market Trends
        9.6.2 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Policy and Regulatory Landscape
15   Competitive Landscape

    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players

List of Figures

Figure 1: Africa: Microinsurance Market: Major Drivers and Challenges
Figure 2: Africa: Microinsurance Market: Sales Value (in Million US$), 2015-2020
Figure 3: Africa: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 4: Africa: Microinsurance Market: Breakup by Product Type (in %), 2020
Figure 5: Africa: Microinsurance Market: Breakup by Provider (in %), 2020
Figure 6: Africa: Microinsurance Market: Breakup by Country (in %), 2020
Figure 7: Africa: Microinsurance (Property Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 8: Africa: Microinsurance (Property Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 9: Africa: Microinsurance (Health Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 10: Africa: Microinsurance (Health Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 11: Africa: Microinsurance (Life Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 12: Africa: Microinsurance (Life Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 13: Africa: Microinsurance (Index Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 14: Africa: Microinsurance (Index Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 15: Africa: Microinsurance (Accidental Death and Disability Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 16: Africa: Microinsurance (Accidental Death and Disability Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 17: Africa: Microinsurance (Other Product Types) Market: Sales Value (in Million US$), 2015 & 2020
Figure 18: Africa: Microinsurance (Other Product Types) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 19: Africa: Microinsurance (Commercially Viable) Market: Sales Value (in Million US$), 2015 & 2020
Figure 20: Africa: Microinsurance (Commercially Viable) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 21: Africa: Microinsurance (Through Aid/Government Support) Market: Sales Value (in Million US$), 2015 & 2020
Figure 22: Africa: Microinsurance (Through Aid/Government Support) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 23: South Africa: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 24: South Africa: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 25: Morocco: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 26: Morocco: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 27: Nigeria: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 28: Nigeria: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 29: Egypt: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 30: Egypt: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 31: Kenya: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 32: Kenya: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 33: Others: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 34: Others: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 35: Africa: Microinsurance Industry: SWOT Analysis
Figure 36: Africa: Microinsurance Industry: Value Chain Analysis
Figure 37: Africa: Microinsurance Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: Africa: Microinsurance Market: Key Industry Highlights, 2020 and 2026
Table 2: Africa: Microinsurance Market Forecast: Breakup by Product Type (in Million US$), 2021-2026
Table 3: Africa: Microinsurance Market Forecast: Breakup by Provider (in Million US$), 2021-2026
Table 4: Africa: Microinsurance Market Forecast: Breakup by Country (in Million US$), 2021-2026
Table 5: Africa: Microinsurance Market Forecast: Competitive Structure
Table 6: Africa: Microinsurance Market Forecast: Key Players

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