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India Microinsurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The India microinsurance market is currently witnessing moderate growth. Microinsurance refers to a microfinance component that offers coverage to households with limited income access and low-valued assets. It formulates tailor-made plans for individuals who belong to the weaker section of the society with a low premium rate and offers compensation in case of illness, injury, disabilities and death. It also covers property risk against crops, cattle, and fires. Microinsurance merges various small financial units into a massive structure to provide a safety net against unexpected losses and exorbitant interest rates charged by unorganized money lenders.

India represents one of the largest markets for microinsurance. Various finance industry stakeholders, including non-governmental organizations, microfinance institutions, and donors, are becoming interested in adding microinsurance as an adaptation measure. This is one of the major factors propelling the growth of the market. Furthermore, with recent advancements, microinsurance can be delivered through the partner-agent, full-service, community-based and provider-driven models to the target users. Furthermore, microinsurance policies are gaining prominence across the country due to the easy availability of flexible products and end-to-end digital experience, ensuring transparency. For instance, SEWA Bank offers all self-employed poor women a choice of three microinsurance schemes covering death, health and assets. Another innovative feature is that the insurance is integrated with SEWA’s savings accounts. It also provides policies with limited risks involved while having effective control that reduces the overall costs.  On account of these factors, the market is expected to witness moderate growth during the forecast period (2021-2026).

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India 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.

Breakup by Product Type:

  • Property Insurance
  • Health Insurance
  • Life Insurance
  • Index Insurance
  • Accidental Death and Disability Insurance
  • Others
     

Breakup by Provider:

  • Microinsurance (Commercially Viable)
  • Microinsurance Through Aid/Government Support
     

Breakup by Model Type:

  • Partner Agent Model
  • Full-Service Model
  • Provider Driven Model
  • Community-Based/Mutual Model
  • Others
     

Breakup by Region:

  • North India
  • West and Central India
  • South India
  • East India
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key Questions Answered in This Report:

  • How has the India microinsurance market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the India microinsurance market?
  • What are the key regional markets?
  • What is the breakup of the market based on the product type?
  • What is the breakup of the market based on the provider?
  • What is the breakup of the market based on the model type?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the India microinsurance market and who are the key players?
  • What is the degree of competition in the industry?

1    Preface
2    Scope and Methodology 

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    India Microinsurance Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Product Type
    6.1    Property Insurance
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Health Insurance
        6.2.1    Market Trends
        6.2.2    Market Forecast
    6.3    Life Insurance
        6.3.1    Market Trends
        6.3.2    Market Forecast
    6.4    Index Insurance
        6.4.1    Market Trends
        6.4.2    Market Forecast
    6.5    Accidental Death and Disability Insurance
        6.5.1    Market Trends
        6.5.2    Market Forecast
    6.6    Others
        6.6.1    Market Trends
        6.6.2    Market Forecast
7    Market Breakup by Provider
    7.1    Microinsurance (Commercially Viable)
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Microinsurance Through Aid/Government Support
        7.2.1    Market Trends
        7.2.2    Market Forecast
8    Market Breakup by Model Type
    8.1    Partner Agent Model
    8.2    Full-Service Model
    8.3    Provider Driven Model 
    8.4    Community-Based/Mutual Model
    8.5    Others
9    Market Breakup by Region
    9.1    North India
        9.1.1 Market Trends
        9.1.2 Market Breakup by State
        9.1.3 Market Forecast
    9.2    West and Central India
        9.2.1 Market Trends
        9.2.2 Market Breakup by State
        9.2.3 Market Forecast
    9.3    South India
        9.3.1 Market Trends
        9.3.2 Market Breakup by State
        9.3.3 Market Forecast
    9.4    East India
        9.4.1 Market Trends
        9.4.2 Market Breakup by State
        9.4.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Policy and Regulatory Landscape
15    Competitive Landscape

    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players

List of Figures

Figure 1: India: Microinsurance Market: Major Drivers and Challenges
Figure 2: India: Microinsurance Market: Sales Value (in Million US$), 2015-2020
Figure 3: India: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 4: India: Microinsurance Market: Breakup by Product Type (in %), 2020
Figure 5: India: Microinsurance Market: Breakup by Provider (in %), 2020
Figure 6: India: Microinsurance Market: Breakup by Region (in %), 2020
Figure 7: India: Microinsurance (Property Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 8: India: Microinsurance (Property Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 9: India: Microinsurance (Health Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 10: India: Microinsurance (Health Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 11: India: Microinsurance (Life Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 12: India: Microinsurance (Life Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 13: India: Microinsurance (Index Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 14: India: Microinsurance (Index Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 15: India: Microinsurance (Accidental Death and Disability Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 16: India: Microinsurance (Accidental Death and Disability Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 17: India: Microinsurance (Other Product Types) Market: Sales Value (in Million US$), 2015 & 2020
Figure 18: India: Microinsurance (Other Product Types) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 19: India: Microinsurance (Commercially Viable) Market: Sales Value (in Million US$), 2015 & 2020
Figure 20: India: Microinsurance (Commercially Viable) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 21: India: Microinsurance (Through Aid/Government Support) Market: Sales Value (in Million US$), 2015 & 2020
Figure 22: India: Microinsurance (Through Aid/Government Support) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 23: North India: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 24: North India: Microinsurance Market: Breakup by State (in %), 2020
Figure 25: North India: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 26: West and Central India: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 27: West and Central India: Microinsurance Market: Breakup by State (in %), 2020
Figure 28: West and Central India: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 29: South India: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 30: South India: Microinsurance Market: Breakup by State (in %), 2020
Figure 31: South India: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 32: East India: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 33: East India: Microinsurance Market: Breakup by State (in %), 2020
Figure 34: East India: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 35: India: Microinsurance Industry: SWOT Analysis
Figure 36: India: Microinsurance Industry: Value Chain Analysis
Figure 37: India: Microinsurance Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: India: Microinsurance Market: Key Industry Highlights, 2020 and 2026
Table 2: India: Microinsurance Market Forecast: Breakup by Product Type (in Million US$), 2021-2026
Table 3: India: Microinsurance Market Forecast: Breakup by Provider (in Million US$), 2021-2026
Table 4: India: Microinsurance Market Forecast: Breakup by Region (in Million US$), 2021-2026
Table 5: India: Microinsurance Market: Competitive Structure
Table 6: India: Microinsurance Market: Key Players

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