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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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