The global microinsurance market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to reach a value of US$ 103.5 Billion by 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 industries. These insights are included in the report as a major market contributor.
As a component of microfinance, microinsurance is the coverage offered to low-income households with limited income access and low-valued assets. It aids 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 and death. It also covers various property risks against crops, cattle and fire. It merges multiple small financial units into a more massive structure and provides a cushion against unexpected losses and exorbitant interest rates charged by unorganized money lenders. Microinsurance can be delivered through various models such as the partner-agent model, all-in-one-insurance model, full-service model and community-based model which can be administered through certified institutions and intermediaries.
Growth of the insurance sector across the globe and increasing access to financial services among all classes of the society are the chief factors driving the market growth. Recent advancements such as peer-to-peer models and other such consumer-friendly insurance models are also positively influencing the market. These new trends provide consumers with access to flexible products and an end-to-end digital experience ensuring transparency between the insurance taker and service provider. Additionally, as more products are becoming digitally available, microinsurance policies have gained preference amongst individuals in higher income segments as well.
IMARC Group’s latest report provides a deep insight into the global microinsurance market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global microinsurance market in any manner.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global microinsurance market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, product type, provider and model type.
Market Breakup by Product Type:
- Property Insurance
- Health Insurance
- Life Insurance
- Index Insurance
- Accidental Death and Disability Insurance
- Others
Market Breakup by Provider:
- Microinsurance (Commercially Viable)
- Microinsurance Through Aid/Government Support
Market by Breakup Model Type:
- Partner Agent Model
- Full-Service Model
- Provider Driven Model
- Community-Based/Mutual Model
- Others
Market Breakup by Region:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
Competitive Landscape:
The report has also analysed the competitive landscape of the market along with the profiles of the key players.
Key Questions Answered in This Report:
- How has the global microinsurance market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global microinsurance industry?
- What has been the impact of COVID-19 on the global microinsurance market?
- 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 global microinsurance industry?
- What are the key driving factors and challenges in the global microinsurance industry?
- What is the structure of the global microinsurance industry and who are the key players?
- What is the degree of competition in the global microinsurance industry?
- What are the profit margins in the global microinsurance 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 Global Microinsurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Product Type
5.5 Market Breakup by Provider
5.6 Market Breakup by Model Type
5.7 Market Breakup by Region
5.8 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 Asia Pacific
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 North America
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Europe
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Middle East and Africa
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Latin America
9.5.1 Market Trends
9.5.2 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 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
List of Figures
Figure 1: Global: Microinsurance Market: Major Drivers and Challenges
Figure 2: Global: Microinsurance Market: Sales Value (in Billion US$), 2015-2020
Figure 3: Global: Microinsurance Market: Breakup by Product Type (in %), 2020
Figure 4: Global: Microinsurance Market: Breakup by Provider (in %), 2020
Figure 5: Global: Microinsurance Market: Breakup by Region (in %), 2020
Figure 6: Global: Microinsurance Industry: SWOT Analysis
Figure 7: Global: Microinsurance Industry: Value Chain Analysis
Figure 8: Global: Microinsurance Industry: Porter’s Five Forces Analysis
Figure 9: Global: Microinsurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 10: Global: Microinsurance (Property Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 11: Global: Microinsurance (Property Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 12: Global: Microinsurance (Health Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 13: Global: Microinsurance (Health Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 14: Global: Microinsurance (Life Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 15: Global: Microinsurance (Life Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 16: Global: Microinsurance (Index Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 17: Global: Microinsurance (Index Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 18: Global: Microinsurance (Accidental Death and Disability Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 19: Global: Microinsurance (Accidental Death and Disability Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 20: Global: Microinsurance (Other Product Types) Market: Sales Value (in Million US$), 2015 & 2020
Figure 21: Global: Microinsurance (Other Product Types) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 22: Global: Microinsurance (Commercially Viable) Market: Sales Value (in Million US$), 2015 & 2020
Figure 23: Global: Microinsurance (Commercially Viable) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 24: Global: Microinsurance (Through Aid/Government Support) Market: Sales Value (in Million US$), 2015 & 2020
Figure 25: Global: Microinsurance (Through Aid/Government Support) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 26: Asia Pacific: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 27: Asia Pacific: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 28: North America: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 29: North America: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 30: Europe: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 31: Europe: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 32: Middle East and Africa: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 33: Middle East and Africa: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 34: Latin America: Microinsurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 35: Latin America: Microinsurance Market Forecast: Sales Value (in Million US$), 2021-2026
List of Tables
Table 1: Global: Microinsurance Market: Key Industry Highlights, 2020 and 2026
Table 2: Global: Microinsurance Market Forecast: Breakup by Product Type (in Million US$), 2021-2026
Table 3: Global: Microinsurance Market Forecast: Breakup by Provider (in Million US$), 2021-2026
Table 4: Global: Microinsurance Market Forecast: Breakup by Region (in Million US$), 2021-2026
Table 5: Global: Microinsurance Market Structure
Table 6: Global: Microinsurance Market: Key Players