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The global microinsurance market reached a value of US$ 78.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 111.84 Billion by 2027, exhibiting at a CAGR of 6.02% during 2022-2027. 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.
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.
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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global microinsurance market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on product type, provider and model type.
Breakup by Product Type:
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Breakup by Provider:
Breakup by Model Type:
Breakup by Region:
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The report has also analysed the competitive landscape of the market along with the profiles of the key players.
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| Units | US$ Billion |
| Segment Coverage | Product Type, Provider, Model Type, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| 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) |
The global microinsurance market was valued at US$ 78.4 Billion in 2021.
We expect the global microinsurance market to exhibit a CAGR of 6.02% during 2022-2027.
The increasing access to financial services among all income groups and the growing consumer awareness towards the importance of microinsurance represent some of the key factors catalyzing the global microinsurance market.
The sudden outbreak of the COVID-19 pandemic has encouraged various key companies to provide cover for medical expenses incurred during the treatment of coronavirus infection, thereby increasing the demand for microinsurance on a global level.
Based on the product type, the global microinsurance market can be segmented into property insurance, health insurance, life insurance, index insurance, accidental death and disability insurance, and others. Among these, life insurance currently holds the majority of the total market share.
Based on the provider, the global microinsurance market has been divided into microinsurance (commercially viable) and microinsurance through aid/government support. Currently, microinsurance (commercially viable) accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
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