Microinsurance Market Size, Trends, Scope and Growth Analysis to 2030

 

 

Description

The global microinsurance market size is expected to grow from USD 71.3 billion in 2020 to USD 107.7 million by 2027, at a CAGR of 7.2% from 2021 to 2027. Microinsurance products offer coverage to low-income households or to individuals who have little savings. It is tailored specifically for lower valued assets and compensation for illness, injury, or death. Microinsurance products are tailored specifically for compensation for illness, injury, or death and lower valued possessions or assets. Developing countries often use microinsurance products. Typically, there are four main methods for delivering microinsurance: the provider-driven model, the full-service model, the community-based model, and the partner-agent model.

Global Microinsurance Market Dynamics

Growth of the insurance sector across the globe and increasing access to financial services among all classes of society are the chief factors driving the market growth. Recent advancements such as peer-to-peer models and other such consumer-friendly insurance models are also positively influencing the market. These new trends provide consumers with access to flexible products and an end-to-end digital experience ensuring transparency between the insurance taker and service provider. Additionally, as more products are becoming digitally available, microinsurance policies have gained preference amongst individuals in higher-income segments.

The rising cost of healthcare and requirement for the proficient flow of processes without the difficulty caused due to payment processes has been directly impacting the growth of the microinsurance market.

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Microinsurance aids individuals belonging to the financially weaker society by devising a modified plan with low premiums and providing compensation for injury, disabilities, illness, and death, which is expected to impact the microinsurance market's demands significantly. The increasing cost of healthcare services coupled with the rising incidence of lifestyle diseases, rising geriatric population, rising incidence of chronic diseases, rising government initiatives for developing reimbursement policies for surgical procedures, and growing GDP and healthcare expenditure all over the globe are some of the factors fueling the growth of the market. In addition, the high adoption of strategies by key players and soaring medical costs will further cater to ample new opportunities that will lead to the growth of the microinsurance market in the forecast period of 2020 to 2027.

The rising cost of healthcare insurance products, stringent regulations, and longer time for claim reimbursement will hinder the growth of the microinsurance market in the forecast mentioned above period.

Scope of the Report

The study categorizes the microinsurance market-based type, product, provider, distribution channel, and model at the regional and global levels.

By Type (Revenue, USD Billion, 2017-2027)

  • Lifetime Coverage
  • Term Insurance

By Product (Revenue, USD Billion, 2017-2027)

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

By Provider (Revenue, USD Billion, 2017-2027)

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

By Distribution Channel (Revenue, USD Billion, 2017-2027)

  • Direct Sales
  • Financial Institutions
  • E-Commerce
  • Hospitals
  • Clinics
  • Others

By Model (Revenue, USD Billion, 2017-2027)

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

By Region (Revenue, USD Billion, 2017-2027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The Asia Pacific accounts for the highest market share during the forecast period

Based on the regions, the global microinsurance market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia-Pacific dominates the microinsurance market due to the improving national economies, increasing low-income population, and regulatory and lawmaking development in the region.

Key Market Players

The major players covered in the microinsurance market report are 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, and Tata AIA Life among other domestic and global players.

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