According to the latest report by IMARC Group, titled “Microinsurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global microinsurance market size reached US$ 64.4 Billion in 2018. Microinsurance is a division of microfinance that provides insurance plans to the under-served or low-income section of the society. These plans include low premiums as they are tailored according to needs of the consumers. There are four basic methods and models available in the market that can be used for providing microinsurance, namely full-service, community-based or mutual, partner-agent and provider-driven models. Nowadays, microinsurance products are delivered to target users through numerous institutional channels, which include licensed insurers, healthcare providers, microfinance institutions, community-based organizations and non-governmental organizations.
Global Microinsurance Market Trends:
The expansion of the insurance sector on a global level is one of the key factors providing a boost to the market growth. Additionally, microinsurance is gaining popularity on account of its affordability and the transparent dynamics between the insurance taker and service provider. Also, several organizations and companies are employing virtual networks and multichannel interaction platforms to provide incentives, and build a value chain in the microinsurance business. This, along with the advent of consumer-friendly insurance models, like the peer-to-peer model, is also providing a thrust to the market growth. Moreover, constant improvements in regulatory policies, especially across developing economies, is creating a positive outlook for the market. For instance, in 2018, as an effort to increase the penetration of insurance in India, the Insurance Regulatory and Development Authority of India (IRDAI) permitted the distribution of all microinsurance products through point-of-sales (PoS). On account of the aforementioned factors, the market is anticipated to reach a value of US$ 92.1 Billion by 2024, growing at a CAGR of 6.1% during the forecast period (2019-2024).
Market Summary:
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