India Microinsurance Market to Reach US$ 1,511.8 Million by 2032, Catalyzed by Increasing Government of India (GoI) Initiatives

May 31, 2023 | Healthcare

According to the latest report by IMARC Group, titled “India 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 Region 2024-2032," the India microinsurance market size reached US$ 367.7 Million in 2023. Microinsurance refers to a policy designed to provide financial support and address the needs of low-income individuals and communities. It is offered by government agencies, insurance companies, cooperatives, microfinance institutions, and non-governmental organizations (NGOs). Microinsurance covers a wide range of financial risks associated with health, life, property, accidents, injuries, natural disasters, agriculture, and livestock. It is widely used by farmers, laborers, migrant workers, small business owners, and entrepreneurs. Microinsurance reduces financial burdens, empowers society, prevents poverty, and mitigates the risks of unforeseen events. It also aids in improving quality of life, increasing access to essential services, promoting financial inclusion, and boosting economic growth.

India Microinsurance Market Trends:

The increasing initiative by the Government of India (GoI) to promote financial inclusion to eradicate poverty and bring marginalized communities into the formal financial system is one of the primary factors propelling the market growth. In line with this, microinsurance plays a crucial role in empowering low-income individuals and families and assisting them in managing expenses associated with illnesses, accidents, natural disasters, and crop failure. Furthermore, the growing awareness among the masses regarding the importance and benefits of microinsurance in reducing poverty, building resilience, and preventing financial shock is acting as another growth-inducing factor. Additionally, the rapid proliferation of smartphones, laptops, and other intelligent devices, which allow users to browse and select the most appropriate microinsurance product from the convenience of their homes, is providing an impetus to the market growth. Besides this, the utilization of artificial intelligence (AI) to enhance customer experience, provide personalized recommendations, improve risk assessment, simplify claiming process, and prevent fraud is positively influencing the market growth. Moreover, the expanding network of microfinance institutions and self-help groups (SHGs) in India is facilitating the market growth as they have an established relationship with low-income families and communities, thus providing an effective distribution channel for microinsurance products. Other factors, including increasing financial literacy among the masses, the rising geriatric population, and the growing prevalence of chronic diseases, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 1,511.8 Million by 2032, exhibiting a CAGR of 16.5% during 2024-2032.

Market Summary:

  • On the basis of the product type, the market has been divided into property, health, life, index, accidental death and disability, and other insurances.
  • Based on the provider, the market has been bifurcated into microinsurance (commercially viable) and microinsurance through aid/government support.
  • On the basis of the model type, the market has been classified into partner agent, full-service, provider driven, community-based/mutual, and other models.
  • On a regional basis, the market has been categorized into North, West and Central, South, and East India.
  • The competitive landscape of the industry has also been examined along with the profiles of the key players.


Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Product Type, Model Type, Provider, Region
Region Covered North India, West and Central India, South India, East India
Customization Scope 10% Free Customization
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India Microinsurance Market to Reach US$ 1,511.8 Million by 2032, Catalyzed by Increasing Government of India (GoI) Initiatives
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