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