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Microinsurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

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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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.

Key Market Segmentation:

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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  • Property Insurance
  • Health Insurance
  • Life Insurance
  • Index Insurance
  • Accidental Death and Disability Insurance
  • Others
     

Breakup by Provider:

  • Microinsurance (Commercially Viable)
  • Microinsurance Through Aid/Government Support
     

Breakup by Model Type:

  • Partner Agent Model
  • Full-Service Model
  • Provider Driven Model
  • Community-Based/Mutual Model
  • Others
     

Breakup by Region:

 

 
 

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  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America
     

Competitive Landscape:

The report has also analysed the competitive landscape of the market along with the profiles of the key players.

Report Coverage:

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)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Microinsurance Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Product Type
    5.5    Market Breakup by Provider 
    5.6    Market Breakup by Model Type
    5.7    Market Breakup by Region
    5.8    Market Forecast
6   Market Breakup by Product Type
    6.1    Property Insurance
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Health Insurance
        6.2.1    Market Trends
        6.2.2    Market Forecast
    6.3    Life Insurance
        6.3.1    Market Trends
        6.3.2    Market Forecast
    6.4    Index Insurance
        6.4.1    Market Trends
        6.4.2    Market Forecast
    6.5    Accidental Death and Disability Insurance
        6.5.1    Market Trends
        6.5.2    Market Forecast
    6.6    Others
        6.6.1    Market Trends
        6.6.2    Market Forecast
7   Market Breakup by Provider
    7.1    Microinsurance (Commercially Viable)
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Microinsurance Through Aid/Government Support
        7.2.1    Market Trends
        7.2.2    Market Forecast
8   Market Breakup by Model Type
    8.1    Partner Agent Model
    8.2    Full-Service Model
    8.3    Provider Driven Model 
    8.4    Community-Based/Mutual Model
    8.5    Others
9   Market Breakup by Region
    9.1    Asia Pacific
        9.1.1    Market Trends
        9.1.2    Market Forecast
    9.2    North America
        9.2.1    Market Trends
        9.2.2    Market Forecast
    9.3    Europe
        9.3.1    Market Trends
        9.3.2    Market Forecast
    9.4    Middle East and Africa
        9.4.1    Market Trends
        9.4.2    Market Forecast
    9.5    Latin America
        9.5.1    Market Trends
        9.5.2    Market Forecast
10  SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11  Value Chain Analysis
12  Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13  Price Analysis
14  Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players


List of Figures

Figure 1: Global: Microinsurance Market: Major Drivers and Challenges
Figure 2: Global: Microinsurance Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Microinsurance Market: Breakup by Product Type (in %), 2021
Figure 4: Global: Microinsurance Market: Breakup by Provider (in %), 2021
Figure 5: Global: Microinsurance Market: Breakup by Region (in %), 2021
Figure 6: Global: Microinsurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 7: Global: Microinsurance Industry: SWOT Analysis
Figure 8: Global: Microinsurance Industry: Value Chain Analysis
Figure 9: Global: Microinsurance Industry: Porter’s Five Forces Analysis
Figure 10: Global: Microinsurance (Property Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Microinsurance (Property Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Microinsurance (Health Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Microinsurance (Health Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Microinsurance (Life Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Microinsurance (Life Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Microinsurance (Index Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Microinsurance (Index Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Microinsurance (Accidental Death and Disability Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Microinsurance (Accidental Death and Disability Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Microinsurance (Other Product Types) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Microinsurance (Other Product Types) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Microinsurance (Commercially Viable) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Microinsurance (Commercially Viable) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Microinsurance (Through Aid/Government Support) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Microinsurance (Through Aid/Government Support) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Asia Pacific: Microinsurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Asia Pacific: Microinsurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: North America: Microinsurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: North America: Microinsurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Europe: Microinsurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Europe: Microinsurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Middle East and Africa: Microinsurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Middle East and Africa: Microinsurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Latin America: Microinsurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Latin America: Microinsurance Market Forecast: Sales Value (in Million US$), 2022-2027


List of Tables

Table 1: Global: Microinsurance Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Microinsurance Market Forecast: Breakup by Product Type (in Million US$), 2022-2027
Table 3: Global: Microinsurance Market Forecast: Breakup by Provider (in Million US$), 2022-2027
Table 4: Global: Microinsurance Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 5: Global: Microinsurance Market Structure
Table 6: Global: Microinsurance Market: Key Players


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Key Questions Answered in This Report

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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