Asia Pacific Microinsurance Market to Reach US$ 15.2 Billion by 2032, Fostered by Expanding Insurance Sector

April 28, 2023 | Healthcare

According to the latest report by IMARC Group, titled "Asia Pacific Microinsurance Market Report by Product Type (Property Insurance, Health Insurance, Life Insurance, Index Insurance, Accidental Death and Disability Insurance, and Others), Provider (Microinsurance (Commercially Viable), Microinsurance Through Aid/Government Support), Model Type (Partner Agent Model, Full-Service Model, Provider Driven Model, Community-Based/Mutual Model, and Others), and Country 2024-2032," the Asia Pacific microinsurance market size reached US$ 3.6 Billion in 2023. 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$ 15.2 Billion by 2032, exhibiting a growth rate (CAGR) of 17% during 2024-2032.

Market Summary:

  • 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, Provider, Model Type, Country
Countries Covered China, Japan, India, South Korea, Australia, Indonesia, Others
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3699
Five User License: US$ 4699
Corporate License: US$ 5699
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)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Asia Pacific Microinsurance Market to Reach US$ 15.2 Billion by 2032, Fostered by Expanding Insurance Sector
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-714-6104


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More