Microinsurance Market

The global microinsurance market reached a size of US$ 83.7 billion in 2023. Looking ahead, it is projected to reach US$ 118.8 billion by 2030, exhibiting a CAGR of 6.01% during the period from 2023 to 2030.

Microinsurance, as a component of microfinance, provides coverage to low-income households with limited income access and low-valued assets. It assists individuals from financially vulnerable sections of society by offering tailored plans with low premiums, providing compensation for illness, injury, disabilities, and death. It also covers various property risks, including crops, cattle, and fire. Microinsurance combines multiple small financial units into a larger structure, offering protection against unexpected losses and high interest rates charged by unorganized money lenders. It can be delivered through various models, such as the partner-agent model, all-in-one-insurance model, full-service model, and community-based model, which are administered through certified institutions and intermediaries.

The market growth is driven by the expansion of the insurance sector globally and increased access to financial services across all segments of society. Recent advancements, such as peer-to-peer models and consumer-friendly insurance models, have a positive influence on the market. These new trends provide consumers with flexible products and an end-to-end digital experience, ensuring transparency between insurance takers and service providers. Moreover, the availability of digitally accessible products has led to a preference for microinsurance policies even among individuals in higher income segments.

The analyst's latest report offers a comprehensive insight into the global microinsurance market, covering all essential aspects. It provides a macro overview of the market, detailed industry performance analysis, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, and more. This report is essential reading for entrepreneurs, investors, researchers, consultants, business strategists, and anyone with a stake or planning to enter the global microinsurance market in any capacity.

Key Market Segmentation:

The analyst provides an analysis of the key trends in each sub-segment of the global microinsurance market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type, provider and model type.

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

Breakup by Region:

• Asia Pacific
• North America
• Europe
• Middle East and Africa
• Latin America