Top 5 Companies in the Global Microinsurance Market in 2025

The global microinsurance market reached a value of about USD 82.87 Billion in 2024. The market is projected to grow at a CAGR of 6.50% in the forecast period of 2025-2034 to reach around USD 155.56 Billion by 2034.

Microinsurance is a kind of insurance coverage provided to low-income members of society. It is a subset of microfinance. With modest premiums and a personalised programme, it fully or largely reimburses the medical and other requirements of those who are financially disadvantaged.

Government initiatives, the expanding insurance business, and greater consumer knowledge of insurance programmes drive the global microinsurance market. The growing prevalence of busy and sedentary lifestyles lead to the growth in incidences of obesity and diabetes across the globe. This creates a need for microinsurance, which can cover the growing medical expenses. Microinsurance is increasingly preferred due to its affordability and transparent dynamics, which aids the consumers. Also, several organisations are employing multichannel platforms and virtual networks to provide incentives and build a value chain in the microinsurance business.

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Further, the advent of consumer-friendly insurance models, like the peer-to-peer model, also provides a thrust to the microinsurance market growth. Several companies are increasingly adopting automated portfolio monitoring, which keeps them updated about the credit flow of their client segment and allows them to keep track and take appropriate steps with immediate effect. This helps the microinsurance companies to minimise their risks and propel better revenues and profits. Such factors are anticipated to propel the market growth in the future.

Top Global Microinsurance Companies:

1. AsianLife & General Assurance Corporation

Etiqa Philippines, formerly AsianLife & General Assurance Corporation, is a composite insurance company, majority owned by Etiqa International Holdings (EIHSB) Malaysia, an investment holding company of Malaysia Banking Berhad (Maybank). Etiqa Philippines provides a wide range of both group life and general insurance, group medical benefits, individual life, and non-life, and variable products that cater to various protection, savings, and investment needs for all segments in the Philippines. The products are offered through multiple distribution channels, including brokers, agents, online and business partners.

2. SBI Life Insurance Company Limited

SBI Life Insurance is one of the most trusted life insurance companies in India. Serving millions of families across India, SBI Life’s diverse range of products caters to individuals as well as group customers through protection, pension, savings, and health solutions. Driven by the ‘Customer-First’ approach, SBI Life places great emphasis on maintaining world-class operating efficiency & providing a hassle-free claim settlement experience to its customers by following high ethical standards of service. Additionally, SBI Life is committed to enhancing digital experiences for its customers, distributors, and employees alike.

3. AFPGEN

AFPGEN is a wholly owned subsidiary of the AFP-Mutual Benefit Association, Inc. (AFPMBAI) which was initially created to service the insurance needs of the country’s military and police organisations. AFPGEN’s establishment as a distinct business entity was a product of the Insurance Commission’s (IC) directive in 1978 for AFPMBAI to separate its life and non-life insurance functions. With its singular non-life insurance focus, AFPGEN developed a deeper understanding of the special concerns of its clients and delivered well on its mandate of protecting the country’s defence assets as a provider of non-life insurance policies and issuer of surety bonds for the bidders and suppliers of the AFP and PNP.

4. MIC Global

MIC Global, the Micro Insurance Company, was formed through the merger of TonkaBI, STP Insurance Services, and MicroEnsure which brings together resources, expertise, and skills in underwriting, technology, and distribution for microinsurance - MIC Global provides insurance to internet platforms, millions of micro and small businesses and to the 4 billion people on the planet that are currently unserved.

5. CLIMBS Life and General Insurance Cooperative

CLIMBS Life and General Insurance Cooperative is a life and non-life insurance cooperative duly licenced by both the Cooperative Development Authority and the Insurance Commission born in Cagayan de Oro City. With an increasing number of members who wish to be protected by insurance, throughout the years, CLIMBS offered more and more services to cover their increasing needs. It eventually ventured into partnerships with primary cooperatives nationwide through CoopAssurance Center (CAC) to become a distribution channel of insurance products and services to its members and, overall, as a financial solutions provider to cooperatives and their respective members.