The global microinsurance market size was US$ 74.3 billion in 2021. The global microinsurance market is forecast to grow to US$ 117.7 billion by 2030 by growing at a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.
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Microinsurance products offer insurance to low-income households. It is beneficial for individuals with low income. It is specifically crafted to cover assets and compensation for illness, injury, or death.
Factors Influencing the Market
The growth of the microinsurance market is forecast to be driven by the growing number of advancements like peer-to-peer models, and other cost-effective insurance models. In addition, the rising demand for end-to-end digital experience to enhance the transparency between the insurance taker and service provider will contribute to the growth of the microinsurance market.
The increasing cost of efficient healthcare services and the rising prevalence of diseases will fuel the growth of the global microinsurance market. In addition, the growing employment rate and raising awareness about the benefits of microinsurance policies will surge the growth of the market.
The growing geriatric population and the growing number of accidents will escalate the growth of the global microinsurance market. Furthermore, increasing demand for efficient surgical procedures and growing GDP will benefit the microinsurance market throughout the forecast period.
COVID-19 Impact Analysis
The global microinsurance market witnessed significant obstacles due to the COVID-19 pandemic. The pandemic created a myriad of unexpected problems, such as limitations on the movement, which declined the demand for health insurance. However, the growing digitization and increasing awareness related to beneficial insurance policies will increase the demand for microinsurance policies. Moreover, the pandemic increased the awareness among the citizens to purchase insurance for future needs. Thus, the microinsurance industry may witness lucrative growth opportunities in the coming years.
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Regional Analysis
Based on the regions, the Asia-Pacific microinsurance market is forecast to hold the highest market share during the forecast period. It is due to the presence of emerging economies and the rising low-income population in the region. In addition, favorable regulations in the region will contribute to the growth of the market. The increasing prevalence of diseases, growing number of accidents, and rising geriatric population will also benefit the Asia-Pacific microinsurance market during the study period.
Competitors in the Market
- HDFC Ergo General Insurance Company Limited
- Hollard
- MicroEnsure Holdings Limited
- NSIA Insurance
- Standard Chartered Bank
- Wells Fargo
- SAC Banco do Nordeste
- MetLife
- Bandhan Financial Services Limited
- Protecta
- ICICI Bank
- Tata AIA Life
- Other Prominent Players
Market Segmentation
The global microinsurance market segmentation focuses on Type, Product, Provider, Distribution Channel, Model, and Region.
By Type
- Lifetime Coverage
- Term Insurance
By Product
- Property Insurance
- Health Insurance
- Life Insurance
- Index Insurance
- Accidental Death and Disability Insurance
- Others
By Provider
- Microinsurance (Commercially Viable)
- Microinsurance Through Aid/Government Support
- By Distribution Channel
- Direct Sales
- Financial Institutions
- E-Commerce
- Hospitals
- Clinics
- Others
By Model
- Partner Agent Model
- Full-Service Model
- Provider Driven Model
- Community-Based/Mutual Model
- Others
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What are the key findings of the report?
?This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
?The report offers the current state of the market and future prospects for various geographical regions.
?This report provides both qualitative and quantitative information about the competitive landscape of the market.
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