Microinsurance Market Size, Share, Industry Analysis, Growth and Forecast 2021-2026

Press Release:

Global Microinsurance Market to Reach US$ 92.1 Billion by 2024, Supported by Favorable Regulations

*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.

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

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?