Microinsurance Market Outlook
According to a new report by Expert Market Research titled, “Global Microinsurance Market Size, Share, Analysis, Report and Forecast 2024-2032″,the microinsurance market reached a value of USD 77.81 billion in 2023. Aided by growing insurance industry and rapid digitalisation, the market is projected to further grow at a CAGR of 6.5% between 2024 and 2032 to reach a value of USD 113.42 billion by 2032.
Microinsurance, a subset of the broader insurance domain, offers specific insurance products designed to cater to the needs and financial capabilities of the underserved segments of the population, often in developing economies. These policies typically cover life, health, agricultural risks, and property, aiming to provide a cushion against life’s unexpected hardships.
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The increasing global awareness of the financial vulnerability faced by a significant portion of the population supports the microinsurance market demand. Traditional insurance models often remain inaccessible to many due to high premiums or lack of necessary documentation. Microinsurance, with its tailored products and more affordable pricing, bridges this gap, providing financial security to those who need it the most.
Furthermore, the advent of technology and digital platforms has played a crucial role in shaping the microinsurance market trends. With mobile penetration reaching even the remotest corners, insurance providers can now access and serve previously unreachable clientele. Mobile-based microinsurance platforms simplify policy buying, claims processing, and premium payments, making the process more user-friendly and efficient.
Another pivotal driver, as highlighted by the microinsurance market analysis, is the supportive stance of governments and international organisations. Recognising the social and economic benefits of widespread insurance coverage, many governments have rolled out regulations and initiatives promoting the adoption of microinsurance. International organisations like the World Bank and United Nations have also backed microinsurance projects, enhancing their reach and credibility.
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The agriculture sector, susceptible to weather conditions and market fluctuations, is emerging as a significant catalyst in the microinsurance market growth. Crop and livestock microinsurance products provide a safety net to farmers, ensuring that a bad season does not translate into financial ruin. This not only safeguards individual farmers but also fortifies the entire agricultural value chain, promoting food security and stability. As the world strives for equitable growth and resilience against unforeseen adversities, the microinsurance sector is set to find lucrative growth opportunities.
Microinsurance Market Segmentation
The market can be divided based on product type, provider, model type, and region.
Market Breakup by Product Type
- Property Insurance
- Health Insurance
- Life Insurance
- Index Insurance
- Accidental Death and Disability Insurance
- Others
Market Breakup by Provider
- Microinsurance (Commercially Viable)
- Microinsurance Through Aid/Government Support
Market Breakup by Model Type
- Partner Agent Model
- Full-Service Model
- Provider Driven Model
- Community-Based/Mutual Model
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global microinsurance market. Some of the major players explored in the report by Expert Market Research are as follows:
- 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
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