Market Overview:

The India microinsurance market is expected to exhibit moderate growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor. 

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. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India microinsurance market, along with forecasts at the country and regional level from 2021-2026. Our report has categorized the market based on 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.

Report Coverage:

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?