According to the latest report by IMARC Group, titled "Microinsurance Market: Asia Pacific Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Asia Pacific microinsurance market size reached US$ 3.0 Billion in 2022. Microinsurance is the financial coverage offered to low-income households with limited income access and low-valued assets. It provides financial protection to the weaker sections of society and compensation for illness, injury, disabilities, and death. It merges numerous small financial units into a more massive structure and provides a cushion against unexpected losses and exorbitant interest rates charged by unorganized money lenders. It covers numerous risks, including life, property, health, and liability, and is delivered through various models, such as the partner-agent model, all-in-one-insurance, full-service, and community-based model, that is directed through certified institutions and intermediaries. It provides several advantages, including financial protection, access to health care, improved living standards, increased economic growth, and community development.
Asia Pacific Microinsurance Market Trends:
The market in the Asia Pacific is primarily driven by the expanding insurance sector. Moreover, continual technological advancements, such as the advent of mobile banking and telemedicine, are making it easier to deliver microinsurance products to low-income individuals and households, thereby contributing to the market. In line with this, numerous major companies are deploying multichannel interaction platforms and virtual networks to provide a better customer experience and build a sustainable value chain for microinsurance businesses, creating a positive outlook. Apart from this, the rising initiatives by the governments for developing reimbursement policies for surgical procedures are acting as other growth-inducing factors. Furthermore, the launch of consumer-friendly insurance models, including peer-to-peer models, and rising awareness regarding insurance programs among consumers are favorably impacting the market across the Asia Pacific. Moreover, microinsurance offers a promising alternative for poor women to manage risk and use their assets more productively. Additionally, the growth of micro-entrepreneurship in the region has created a need for insurance products that can help small businesses manage their risks. Furthermore, the microinsurance providers are launching several education and awareness campaigns to inform low-income households about the benefits of insurance and how it can help them manage their risks, thus creating a positive market outlook. Since the Asia Pacific region is vulnerable to the impacts of climate change, such as natural disasters and extreme weather events, microinsurance can help households and businesses manage the risks associated with climate change, making it an important tool for building resilience in the region, thereby impacting the market favorably. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 8.4 Billion by 2028, exhibiting a growth rate (CAGR) of 19.4% during 2023-2028.
- On the basis of the product type, the market has been divided into property, health, life, index insurance, accidental death and disability, and other insurances.
- Based on the provider, the market has been segmented into microinsurance (commercially viable), and microinsurance through aid/government support.
- On the basis of the model type, the market has been segregated into partner agent, full-service, provider driven, community-based/mutual, and other models.
- Based on the country, the market has been classified into China, Japan, India, South Korea, Australia, Indonesia, and others.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
|Base Year of the Analysis
||Product Type, Provider, Model Type, Country
||China, Japan, India, South Korea, Australia, Indonesia, Others
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