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The Asia Pacific microinsurance market is currently witnessing moderate growth. Looking forward, IMARC Group expects the market to continue its moderate growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Microinsurance is a microfinance division that provides insurance plans to the underserved and low-income sections of society. It aids in providing insurance and other products and services at low premiums that are utilized for risk protection and relief against distress, misfortune, and other contingent events. Microinsurance offers tailor-made plans that meet the customer’s needs and covers property risks against crops, cattle and fires. It merges various small financial units that are formed into one massive structure to prevent unexpected losses and exorbitant interest rates. Nowadays, microinsurance products are delivered via various institutional channels such as licensed insurers, healthcare providers, microfinance institutions, community-based organizations, and non-governmental organizations.
The Asia Pacific represents one of the largest markets for microinsurance, primarily driven by the increasing demand for microinsurance products and services in developing countries such as India and China. This is due to the small installments of premium amounts for people from a poor financial background. Besides this, the growing interest of various stakeholders, such as NGOs, financial institutions and donors, in adding microfinance as an adaptation measure represents another factor propelling the market growth. Moreover, microinsurance offers a promising alternative for poor women to manage risk and use their assets more productively.
IMARC Group provides an analysis of the key trends in each sub-segment of the Asia Pacific 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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