According to the latest report by IMARC Group, titled “Microinsurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global microinsurance market size reached US$ 83.7 Billion in 2022. Microinsurance refers to a policy that is designed to provide financial protection to low-income individuals and families. It is delivered through insurance companies, microfinance institutions, cooperatives, non-governmental organizations (NGOs), government bodies, and mobile network operators. Microinsurance covers risks associated with health, life, disability, accidents, injuries, natural disasters, properties, livestock, and crop losses. It is widely used by small business owners, microentrepreneurs, farmers, health workers, migrants, students, and refugees. Microinsurance aids in better risk management, promotes financial stability, builds community resilience, and supports sustainable development. It also offers customized and tailored solutions, which assist in addressing unique challenges faced by specific individuals or communities.
Microinsurance Market Trends:
The rising consumer awareness regarding the importance of microinsurance and its benefits is one of the primary factors driving the market growth. Microinsurance is widely used by low-income families and individuals to manage expenses related to illnesses, death, crop failure, accidents, theft, fires, and natural disasters, which aids in preventing financial shocks, reducing poverty, and building resilience. Furthermore, the implementation of various government initiatives to promote the adoption of microinsurance through regulatory support, tax incentives, and subsidies is positively influencing the market growth. Apart from this, the growing access to financial services due to the rapid advancement in mobile technology, which allows users to choose microinsurance products through smartphone applications, is providing an impetus to the market growth. Additionally, the integration of blockchain technology to improve the security and transparency of microinsurance products, automate claim processes, and ensure quick payments is creating a positive outlook for market growth. In line with this, the utilization of artificial intelligence (AI) in microinsurance applications to digitize the claim process, policy management, and automatically process payments is propelling the market growth. Moreover, the increasing incidences of chronic diseases due to sedentary lifestyles and unhealthy eating habits are facilitating market growth. Other factors, including rising healthcare expenditure, the increasing geriatric population, extensive research and development (R&D) activities, increasing financial literacy, and the growing incidences of natural disasters and climate change-related events, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 118.8 Billion by 2028, exhibiting a CAGR of 5.8% during 2023-2028.
- On the basis of the product type, the market has been divided into property, health, life, index, accidental death and disability, and other insurances.
- Based on the provider, the market has been bifurcated into microinsurance (commercially viable) and microinsurance through aid/government support.
- On the basis of the model type, the market has been classified into partner agent, full-service, provider driven, community-based/mutual, and other models.
- On a regional basis, the market has been categorized into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
- 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, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
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