The Asia Pacific microinsurance market size reached US$ 3.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.4 Billion by 2028, exhibiting a growth rate (CAGR) of 19.4% during 2023-2028.
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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Asia Pacific microinsurance market report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on product type, provider and model type.
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Base Year of the Analysis
Product Type, Provider, Model Type, Country
China, Japan, India, South Korea, Australia, Indonesia, Others
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Key Questions Answered in This Report
The Asia Pacific microinsurance market was valued at US$ 3.0 Billion in 2022.
We expect the Asia Pacific microinsurance market to exhibit a CAGR of 19.4% during 2023-2028.
The growing adoption of microinsurance, as it helps individuals belonging to the financially weaker section of society by formulating a tailored plan with low premiums and provides compensation for illness, injury, disabilities, death, etc., is primarily driving the Asia Pacific microinsurance market.
The sudden outbreak of the COVID-19 pandemic has led to the rising utilization of microinsurance by organizations across several Asia Pacific nations to provide cover for medical expenses incurred during the treatment of the coronavirus infection.
Based on the product type, the Asia Pacific microinsurance market can be categorized into property insurance, health insurance, life insurance, index insurance, accidental death and disability insurance, and others. Among these, life insurance accounts for the majority of the total market share.
Based on the provider, the Asia Pacific microinsurance market has been segregated into microinsurance (commercially viable) and microinsurance through aid/government support, where microinsurance (commercially viable) currently exhibits a clear dominance in the market.
Based on the model type, the Asia Pacific microinsurance market can be bifurcated into partner agent model, full-service model, provider driven model, community-based/mutual model, and others. Currently, partner agent model holds the largest market share.
On a regional level, the market has been classified into China, Japan, India, South Korea, Australia, Indonesia, and others, where India currently dominates the Asia Pacific microinsurance market.
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