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

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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?