Global Microinsurance Market to Reach US$ 118.8 Billion by 2028, Spurred by Significant Growth in Insurance Sector

September 20, 2019 | Healthcare

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 reached a value of US$ 83.7 Billion in 2022. Microinsurance refers to a division of microfinance that offers insurance to the under-served or low-income section of the society. It involves the requirement of low premiums that are provided through the four basic models of insurance available in the market, namely full-service, community-based or mutual, partner-agent and provider-driven models. These plans are generally tailored according to the requirements of the consumers. Microinsurance products are commonly delivered to the target users via various intermediaries and institutional channels, including healthcare providers, licensed insurers, microfinance institutions, community-based organizations and non-governmental organizations.


Global Microinsurance Market Trends:

The global market is majorly driven by the rapid expansion of the insurance sector. As a major indispensable component of the industry, microinsurance is gaining widespread prominence on the global level. This can be accredited to its cost-efficient insurance schemes and the transparent dynamics between the service provider and the insurer. Moreover, numerous organizations are now deploying virtual networks and multichannel interaction platforms in an attempt to provide incentives as well as build a value chain in the microinsurance business. This is creating a positive outlook for the market. The market is further driven by the continual developments in regulatory policies across the globe. For instance, the Insurance Regulatory and Development Authority of India (IRDAI) has permitted effective distribution of all microinsurance products via point-of-sales (PoS) in an effort to improve the penetration of microinsurance across India, thereby providing an impetus to the market growth. Some of the other factors contributing to the market growth include the introduction of consumer-friendly insurance models in the market and the growing digitization across the insurance sector. On account of the aforementioned factors, the market is expected to reach a value of US$ 118.8 Billion by 2028.


Market Summary:

  • On the basis of the product type, the market has been divided into property insurance, health insurance, life insurance, index insurance, accidental death and disability insurance, and others.
  • 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 categorized into partner agent model, full-service model, provider-driven model, community-based/mutual model and others.
  • On the geographical front, the market has been segregated into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been analyzed with the detailed profiles of the key players operating in the market.


Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Product Type, Provider, Model Type, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Microinsurance Market to Reach US$ 118.8 Billion by 2028, Spurred by Significant Growth in Insurance Sector
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