The global demand for Microinsurance Market is presumed to reach the market size of nearly USD 133.45 MN by 2028 from USD 79.4 MN in 2021 with a CAGR of 7.7% under the study period 2022 - 2028.
Microinsurance is insurance for the low-income group of people who have meager savings. It enables them to pay for the items or necessities with low value, such as a short trip, any event, or any medical requirement. This is an ideal tool to help people in developing nations to meet their health insurance necessities. This can be availed through authorized insurance agents, microfinance institutions, and other nonprofit organizations. Microinsurance ensures wellness in the health and livelihoods of an economically weaker group of people. It makes things more affordable for them by covering products that are primarily important to them. Simply put, it is a way of making typical insurance products more affordable by breaking traditional insurance into small units.
Market Dynamics
The global microinsurance market shows satisfactory growth in the forecast period. The coming of digitization in the insurance field and the growing emphasis on customer-specific insurance models contribute to the development of the microinsurance market. It offers an economical and transparent insurance plan which attracts customers, thus being another reason for growth of this market. The service providers are trying to collaborate with insurance companies to expand their products to improve the customer experience, which positively affects the market's growth. The growth of the insurance segment worldwide and the easy access to financial services by all classes of people are the reasons that will continue to drive the market of microfinance.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of microinsurance. The growth and trends of microinsurance industry provide a holistic approach to this study.
Market Segmentation
This section of the microinsurance market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Type
- Lifetime Coverage
- Term Insurance
By Age Group
- Minor
- Adult
- Senior Citizens
By Product
- Property Insurance
- Health Insurance
- Life Insurance
- Index Insurance
- Accidental Death And Disability Insurance
- Others
By Provider
- Microinsurance (Commercially Viable)
- Microinsurance Through Aid/Government Support
By Distribution Channel
- By Direct Sales
- Financial Institutions
- E-Commerce
- Hospitals
- Clinics
- Others
By Model
- Partner Agent Model
- Full-Service Model
- Provider Driven Model
- Community-Based/Mutual Model
- Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Microinsurance market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Microinsurance Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the microinsurance market include HDFC Ergo General Insurance Company Limited (India), Hollard (Netherlands), MicroEnsure Holdings Limited (U.K.), National Insurance Commission (India), Standard Chartered Bank (U.K.), Wells Fargo (U.S.), SAC Banco do Nordeste (Brazil), MetLife Services and Solutions, LLC (U.S.), Bandhan Bank (India), ICICI Bank (India), Tata AIA Life (India). This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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