India Microinsurance Market Report by Product Type (Property Insurance, Health Insurance, Life Insurance, Index Insurance, Accidental Death and Disability Insurance, and Others), Provider (Microinsurance (Commercially Viable), Microinsurance Through Aid/Government Support), Model Type (Partner Agent Model, Full-Service Model, Provider Driven Model, Community-Based/Mutual Model, and Others), and Region 2024-2032

India Microinsurance Market Report by Product Type (Property Insurance, Health Insurance, Life Insurance, Index Insurance, Accidental Death and Disability Insurance, and Others), Provider (Microinsurance (Commercially Viable), Microinsurance Through Aid/Government Support), Model Type (Partner Agent Model, Full-Service Model, Provider Driven Model, Community-Based/Mutual Model, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A2953
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Market Overview:

The India microinsurance market size reached US$ 367.7 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,511.8 Million by 2032, exhibiting a growth rate (CAGR) of 16.5% during 2024-2032.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 367.7 Million
Market Forecast in 2032
US$ 1,511.8 Million
Market Growth Rate (2024-2032) 16.5%


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.

 

 
 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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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. 

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 at the country and regional levels from 2024-2032. Our report has categorized the market based on product type, provider and model type.

Breakup by Product Type:

 

 
 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Product Type, Model Type, Provider, Region
Region Covered North India, West and Central India, South India, East India
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
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)

Key Questions Answered in This Report

The India microinsurance market was valued at US$ 367.7 Million in 2023.

We expect the India microinsurance market to exhibit a CAGR of 16.5% during 2024-2032.

The growing adoption of microinsurance, as it helps individuals belonging to the financially weaker section of the society by formulating a tailored plan with low premiums and provides compensation for illness, injury, disabilities, death, etc., is primarily driving the India microinsurance market.

The sudden outbreak of the COVID-19 pandemic has led to the rising utilization of microinsurance by numerous organizations across the nation to provide cover for medical expenses incurred during the treatment of the coronavirus infection.

Based on the provider, the India microinsurance market can be bifurcated into microinsurance (commercially viable) and microinsurance through aid/government support. Currently, microinsurance (commercially viable) holds the largest market share.

On a regional level, the market has been classified into North India, West and Central India, South India, and East India, where North India currently dominates the India microinsurance market.

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India Microinsurance Market Report by Product Type (Property Insurance, Health Insurance, Life Insurance, Index Insurance, Accidental Death and Disability Insurance, and Others), Provider (Microinsurance (Commercially Viable), Microinsurance Through Aid/Government Support), Model Type (Partner Agent Model, Full-Service Model, Provider Driven Model, Community-Based/Mutual Model, and Others), and Region 2024-2032
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