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.
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.
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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
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Microinsurance industry experienced notable growth in its workforce. Starting in January, employment within the Microinsurance sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Microinsurance output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Microinsurance output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Microinsurance market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Microinsurance market.
Market Segmentation
The global microinsurance market segmentation focuses on Type, Product, Provider, Distribution Channel, Model, and Region.
By Type
Lifetime Coverage
Term Insurance
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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
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
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Table of Contents:
Chapter 1: Introduction to the Global Microinsurance Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Microinsurance Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Microinsurance Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Microinsurance Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Microinsurance market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Microinsurance market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Microinsurance business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
* Assisting businesses in gauging the viability of new or existing products or services.
* Facilitating business enterprises in the identification and cultivation of novel market segments.
* Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
* Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
* Analyzing market trends to aid businesses in devising adaptive strategies.
* Guiding businesses in the optimal placement of their products.
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