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Microinsurance Market

Global Microinsurance Market Size, Share, Trends, Forecast: By Product Type: Property Insurance, Health Insurance, Life Insurance, Index Insurance, Accidental Death and Disability Insurance, Others; By Provider: Microinsurance (Commercially Viable), Others; By Model Type; Regional Analysis; Competitive Landscape; 2024-2032

Global Microinsurance Market Outlook

The global microinsurance market size was around USD 82.87 billion in 2023. The industry is further expected to grow at a CAGR of 6.5% over the forecast period of 2024-2032 to attain a value of around USD 145.91 billion by 2032.

 

The global microinsurance market is being driven by the growing insurance industry and rapid digitalisation, ensuring transparency between the consumers and service providers. The commercially viable microinsurance segment, among other service providers, accounts for the majority of the total market share.

 

Microinsurance Market

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Region-wise, the Asia Pacific holds the leading position in the market owing to the presence of a large population and favourable government initiatives. Within the Asia Pacific, continuous improvements in regulatory policies, especially in developing nations, is expected to create a positive outlook for the industry. For instance, the Insurance Regulatory and Development Authority of India (IRDAI), in a bid to increase the penetration of insurance in the country, permitted the distribution of all microinsurance products through point-of-sales (PoS) in 2018. The governments in such regions are framing policies to raise competitiveness, promoting innovation, and contributing to the economic growth by encouraging customers to take up microinsurance products and making banking easier and more accessible. Such trends are expected to contribute to the global microinsurance market growth over the forecast period.

 

Market Segmentation

A part of microfinance, microinsurance is a type of insurance coverage offered to low-income sections of the society. It wholly or partially reimburses the medical and various other needs of the individuals belonging to the financially weaker section with low premiums and a tailored scheme. Thus, it provides customers compensation for an injury, illness, disabilities, death, and various property risks.

 

Microinsurance Market by Product Type

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The microinsurance market segmentation, based on product type, is as follows:

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

On the basis of provider, the microinsurance market has been categorised into:

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

On the basis of model type, the microinsurance market has been categorised into:

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

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Microinsurance Market by Region

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Market Analysis 

The global microinsurance market is being driven by the implementation of favourable government initiatives, the growing insurance industry, and rising awareness regarding insurance programmes among consumers. The growing prevalence of busy and sedentary lifestyles is leading to the growth in incidences of obesity and diabetes across the globe. This is creating a need for microinsurance, which can cover the growing medical expenses. The launch of affordable insurance plans, which can further be customised to fulfil customers’ requirements, is contributing to the industry growth. The development of novel programmes by the leading players in the industry, aimed at providing a safeguard against exorbitant medical bills to the consumers, is expected to aid the microinsurance market growth over the forecast period. 

Microinsurance is increasingly being preferred owing 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. Further, the advent of consumer-friendly insurance models, like the peer-to-peer model, is also providing 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 boost the industry growth in the future. 

The report also gives a detailed analysis of the major key players in the global microinsurance market, covering their competitive landscape, capacity, and latest developments like mergers and acquisitions, investments, capacity expansion, and plant turnarounds. The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. 

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product Type
  • Provider
  • Model Type
  • Region
Breakup by Product Type
  • 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
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Company Covered
  • Etiqa Life and General Assurance Philippines, Inc.
  • SBI Life Insurance Company Limited
  • AFP General Insurance Corporation (AFPGEN)
  • MIC Global
  • CLIMBS Life and General Insurance Cooperative
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Microinsurance Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Microinsurance Historical Market (2018-2023) 
    8.3    Global Microinsurance Market Forecast (2024-2032)
    8.4    Global Microinsurance Market by Product Type
        8.4.1    Property Insurance 
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Health Insurance 
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Life Insurance 
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Index Insurance
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)
        8.4.5    Accidental Death and Disability Insurance 
            8.4.5.1    Historical Trend (2018-2023)
            8.4.5.2    Forecast Trend (2024-2032)
        8.4.6    Others
    8.5    Global Microinsurance Market by Provider
        8.5.1    Microinsurance (Commercially Viable)  
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Microinsurance Through Aid/Government Support 
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
    8.6    Global Microinsurance Market by Model Type
        8.6.1    Partner Agent Model    
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Full-Service Model  
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Provider Driven Model  
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Community-Based/Mutual Model 
            8.6.4.1    Historical Trend (2018-2023)
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Others
    8.7    Global Microinsurance Market by Region
        8.7.1    North America
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Europe
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Asia Pacific
            8.7.3.1    Historical Trend (2018-2023)
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Latin America
            8.7.4.1    Historical Trend (2018-2023)
            8.7.4.2    Forecast Trend (2024-2032)
        8.7.5    Middle East and Africa
            8.7.5.1    Historical Trend (2018-2023)
            8.7.5.2    Forecast Trend (2024-2032)
9    North America Microinsurance Market Analysis
    9.1    United States of America
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
10    Europe Microinsurance Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023)
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Microinsurance Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023)
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023)
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023)
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Microinsurance Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and  Africa Microinsurance Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023)
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023)
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Etiqa Life and General Assurance Philippines, Inc.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    SBI Life Insurance Company Limited
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    AFP General Insurance Corporation (AFPGEN)
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    MIC Global
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    CLIMBS Life and General Insurance Cooperative
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Others
17    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Microinsurance Market: Key Industry Highlights, 2017 and 2027
2.    Global Microinsurance Historical Market: Breakup by Product Type (USD Billion), 2018-2023
3.    Global Microinsurance Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
4.    Global Microinsurance Historical Market: Breakup by Provider (USD Billion), 2018-2023
5.    Global Microinsurance Market Forecast: Breakup by Provider (USD Billion), 2024-2032
6.    Global Microinsurance Historical Market: Breakup by Model Type (USD Billion), 2018-2023
7.    Global Microinsurance Market Forecast: Breakup by Model Type (USD Billion), 2024-2032
8.    Global Microinsurance Historical Market: Breakup by Region (USD Billion), 2018-2023
9.    Global Microinsurance Market Forecast: Breakup by Region (USD Billion), 2024-2032
10.    North America Microinsurance Historical Market: Breakup by Country (USD Billion), 2018-2023
11.    North America Microinsurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
12.    Europe Microinsurance Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    Europe Microinsurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Asia Pacific Microinsurance Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Asia Pacific Microinsurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Latin America Microinsurance Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Latin America Microinsurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Middle East and Africa Microinsurance Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Middle East and Africa Microinsurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Global Microinsurance Market Structure

Key Questions Answered in the Report

In 2023, the global microinsurance market attained a value of nearly USD 82.87 billion. 

The market is projected to grow at a CAGR of 6.5% between 2024 and 2032.

The market is estimated to grow in the forecast period of 2024-2032 to reach about USD 145.91 billion by 2032. 

The major drivers of the market are the growing demand for affordable and customisable insurance schemes, rising disposable incomes, increasing population, growing prevalence of various lifestyle-related diseases, and the rising shift towards digitalisation with a focus on providing improved transparency to consumers.

The key trends guiding the growth of the market include the launch of peer-to-peer insurance models and the growing adoption of automated portfolio monitoring by companies engaged in microinsurance business.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific. 

Property insurance, health insurance, life insurance, index insurance, and accidental death and disability insurance are the major product types considered in the market report. 

The different microinsurance providers in the market are microinsurance (commercially viable) and microinsurance through aid/government support.

Partner agent model, full-service model, provider driven model, and community-based/mutual model, among others, are the major model types of microinsurance.  

The key players in the market are Etiqa Life and General Assurance Philippines, Inc., SBI Life Insurance Company Limited, AFP General Insurance Corporation, MIC Global, and CLIMBS Life and General Insurance Cooperative, among others. 

Analyst Review

The global microinsurance market attained a value of USD 82.87 billion in 2023, driven by the increased availability of affordable and customisable insurance policies and the growing focus on digitalisation. Aided by the adoption of automated portfolio monitoring by the industry players, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 6.5%. The microinsurance market is projected to reach USD 145.91 billion by 2032. 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its product types, the microinsurance industry can be segmented into property, health, life, index, and accidental death and disability insurance, among others. On the basis of provider, the commercially viable microinsurance segment accounts for the leading share in the industry. On the basis of model types, the industry is segmented into partner agent model, full-service model, provider driven model, and community-based/mutual model, among others. The major regional markets for microinsurance are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific accounting for the largest share of the industry. 

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.  

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