Global Microinsurance Market

Microinsurance Market Size, Share, Growth Analysis, By Type(Lifetime Coverage, Term Insurance), By Age Group(Minor, Adult, and Senior Citizens), By Product(Property Insurance, Health Insurance, Life Insurance, Index Insurance), By Provider(Microinsurance (Commercially Viable), and Microinsurance Through Aid/Government Support), By Distribution Channel(Direct Sales, Financial Institutions, E-Commerce, Hospitals), By Model(Partner Agent Model, Full-Service Model, Provider Driven Model, Community-Based/Mutual Model), By Region - Industry Forecast 2024-2031


Report ID: SQMIG40N2004 | Region: Global | Published Date: February, 2024
Pages: 242 |Tables: 174 |Figures: 79

Microinsurance Market Insights

Microinsurance Market size was valued at USD 78.4 billion in 2019 and is poised to grow from USD 83.5 billion in 2023 to USD 131.71 billion by 2031, growing at a CAGR of 6.7% in the forecast period (2024-2031).

The global market is expected to grow significantly during the course of the forecast period. The market growth can be attributed to both market's introduction of consumer-friendly insurance models and the insurance company's growing digitization. Low-income households with restricted income access can obtain insurance coverage via microinsurance. It also offers transparent and inexpensive insurance plans between the service provider and the insurer, which is driving market expansion. Also, a lot of firms are using multichannel interaction platforms and virtual networks to enhance customer experiences and create a long-term value chain for microinsurance businesses, that is driving the market.

To expand their product offerings, some microinsurance solution companies are attempting to form an alliance with insurance companies. Improving the consumer experience is the aim of these developments. For instance, in October 2021, MicroEnsure, a unit of the Micro Insurance Company (MIC), announced its strategic alliance with Chamasure, a Nairobi-based insurance platform that aims to support underserved areas. With this partnership, MicroEnsure offered end-to-end enrollment and claims settlement support together with access to digital insurance solutions for underserved communities across Kenya. Microinsurance policies are accepted in emerging economies, though, as a result of continued digitization and increasing consumer awareness of various insurance policies.

US Microinsurance Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 78.4 billion

Largest Segment

Health Insurance

Fastest Growth

Health Insurance

Growth Rate

6.7% CAGR

Global Microinsurance Market ($ Bn)
Country Share for North America Region (%)

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Microinsurance Market Segmental Analysis

Global Microinsurance Market is segmented based on Type, Age Group, Product, Provider, Distribution Channel, Model, and region. Based on Type the market is segmented into Lifetime Coverage, Term Insurance. Based on Age Group, the market is segmented into Minor, Adult, and Senior Citizens. Based on Product, the market is segmented into Property Insurance, Health Insurance, Life Insurance, Index Insurance, Accidental Death and Disability Insurance. Based on Provider, the market is segmented into Microinsurance (Commercially Viable), and Microinsurance Through Aid/Government Support. Based on Distribution Channel, the market is segmented into Direct Sales, Financial Institutions, E-Commerce, Hospitals, Clinics. Based on Model, the market is segmented into Partner Agent Model, Full-Service Model, Provider Driven Model, Community-Based/Mutual Model. Based on region the global Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Microinsurance Market Analysis by Product

Health insurance is one of the most dominating market segments of the microinsurance market. Numerous low-income individuals and households find it difficult to pay for the necessary medical care due to the rising expense of healthcare. Micro health insurance plans offer reasonable and accessible coverage for basic medical services including consultations, medications, and hospitalization. Index microinsurance is a sort of insurance that helps protect against specific events, like natural disasters, and is frequently provided in developing nations where conventional insurance products are inaccessible or ridiculously expensive.

Global Microinsurance Market By Product, 2023 (%)

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Microinsurance Market Regional Insights

North America dominated the global market due to the rising geriatric population and extensive use of trying to cut medical technology. Microinsurance is commonly given as an add-on to already existing insurance products in North America, such as credit insurance or health insurance

The microinsurance market in Asia Pacific is anticipated to grow at the highest CAGR of 67% from 2022 to 2030. The growth can be due to the rise of MFI and insurance firms in emerging markets including Bangladesh, India, China, and Indonesia. Also, over the course of the forecast period, supportive government initiatives to enhance financial inclusion are expected to drive regional market growth. The key markets in APAC for microinsurance are China, Japan, and India.

Global Microinsurance Market By Region, 2024-2031
  • Largest
  • Fastest

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Microinsurance Market Dynamics

Microinsurance Market Drivers

Growth of financial services availability

  • The expansion of the insurance sector and the increasing accessibility of financial services to all social strata are the key forces behind market expansion. Latest events like peer-to-peer models and other comparable consumer-friendly insurance models are also having a positive effect on the market.

Improving customer experiences

  • Due to their limited income possibilities, low-income households are given insurance coverage through microinsurance. Moreover, it provides service providers and insurers with transparent and cost-effective insurance policies, supporting the market expansion. Many organizations are utilizing multichannel interaction platforms and virtual networks to enhance customer experiences and create a sustainable value chain for microinsurance companies, which is leading to a positive outlook for the sector.

Microinsurance Market Restraints

Higher Price

  • Microinsurance market growth will be restrained during the forecast period by rising healthcare insurance production cost, strict regulations, and extended claim reimbursement timelines.

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Microinsurance Market Competitive Landscape

To increase their market share across the world, these businesses are putting their efforts into adopting growth tactics like alliances, mergers and acquisitions, and new product development. For instance, Micro Insurance signed a collaboration arrangement with Tanzanian company Tan Management Insurance Brokers in April 2021 to create new insurance products for the Tanzanian market and support the expansion of microinsurance in the nation.

Microinsurance Market Top Player’s Company Profiles

  • Allianz SE
  • AXA Group
  • Munich Re Group
  • Zurich Insurance Group
  • MetLife Inc.
  • Swiss Re Group
  • Prudential plc
  • American International Group Inc. (AIG)
  • Berkshire Hathaway Inc.
  • Aviva plc
  • China Life Insurance Company Limited
  • Ping An Insurance (Group) Company of China, Ltd.
  • Chubb Limited
  • Legal & General Group plc
  • Generali Group
  • Aon plc
  • Great Eastern Holdings Limited
  • Liberty Mutual Holding Company Inc.
  • Sompo Holdings, Inc.
  • Travelers Companies, Inc.

Microinsurance Market Recent Developments

  • In April 2021, Micro Insurance and Tan Management Insurance Brokers, a Tanzanian business, have formed a partnership to broaden microinsurance throughout the country and develop new insurance products for the Tanzanian market.

Microinsurance Key Market Trends

  • Accessibility and open operation, which are beneficial to consumers, are driving microinsurance's increasing popularity. In addition, a number of organizations are using multichannel platforms and virtual networks to create a value chain for the microinsurance sector and to provide incentives. The development of consumer-friendly insurance schemes like the peer-to-peer model is another element that encourages the expansion of the market. Since it helps businesses keep track of their clients' credit flows, monitor their development, and take immediate corrective action automated portfolio monitoring is becoming more popular among businesses. The businesses can increase revenue and profits by reducing their risk.
  • The market is expected to grow as a result of the increasing demand for insurance products around the globe and the population's increasing access to financial services. The development of the market may also be influenced by a variety of novel models, such as peer-to-peer models and consumer-friendly insurance models. The growth of the market may also be helped by greater transparency between service providers and insurance customers.

Microinsurance Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global microinsurance market analysis, we found that the Microinsurance market is the implementation of favourable government initiatives, the growth of the insurance market, and growing consumer knowledge of insurance programmes are the primary drivers of the global market. Obesity and diabetes cases are rising around the world as a result of the increasing popularity of busy, sedentary lives. It is becoming necessary as a result of this in order to pay for the rising medical costs. The development of affordable insurance policies that may be further tailored to meet customers' needs is assisting in the development of the industry. During the course of the forecast period, the development of novel programmes by the industry's top players is anticipated to support the growth of the market by providing consumers security from exorbitant medical bills.

Report Metric Details
Market size value in 2023 USD 78.4 billion
Market size value in 2031 USD 131.71 billion
Growth Rate 6.7%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Lifetime Coverage, Term Insurance
  • Age Group
    • Minor, Adult, and Senior Citizens
  • Product
    • Property Insurance, Health Insurance, Life Insurance, Index Insurance, Accidental Death and Disability Insurance
  • Provider
    • Microinsurance (Commercially Viable), and Microinsurance Through Aid/Government Support
  • Distribution Channel
    • Direct Sales, Financial Institutions, E-Commerce, Hospitals, Clinics
  • Model
    • Partner Agent Model, Full-Service Model, Provider Driven Model, Community-Based/Mutual Model
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Allianz SE
  • AXA Group
  • Munich Re Group
  • Zurich Insurance Group
  • MetLife Inc.
  • Swiss Re Group
  • Prudential plc
  • American International Group Inc. (AIG)
  • Berkshire Hathaway Inc.
  • Aviva plc
  • China Life Insurance Company Limited
  • Ping An Insurance (Group) Company of China, Ltd.
  • Chubb Limited
  • Legal & General Group plc
  • Generali Group
  • Aon plc
  • Great Eastern Holdings Limited
  • Liberty Mutual Holding Company Inc.
  • Sompo Holdings, Inc.
  • Travelers Companies, Inc.
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Microinsurance Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Microinsurance Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Microinsurance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Microinsurance Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Microinsurance Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Microinsurance Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Microinsurance Market size was valued at USD 78.4 billion in 2019 and is poised to grow from USD 83.5 billion in 2023 to USD 131.71 billion by 2031, growing at a CAGR of 6.7% in the forecast period (2024-2031).

To increase their market share across the world, these businesses are putting their efforts into adopting growth tactics like alliances, mergers and acquisitions, and new product development. For instance, Micro Insurance signed a collaboration arrangement with Tanzanian company Tan Management Insurance Brokers in April 2021 to create new insurance products for the Tanzanian market and support the expansion of microinsurance in the nation. 'Allianz SE', 'AXA Group', 'Munich Re Group', 'Zurich Insurance Group', 'MetLife Inc.', 'Swiss Re Group', 'Prudential plc', 'American International Group Inc. (AIG)', 'Berkshire Hathaway Inc.', 'Aviva plc', 'China Life Insurance Company Limited', 'Ping An Insurance (Group) Company of China, Ltd.', 'Chubb Limited', 'Legal & General Group plc', 'Generali Group', 'Aon plc', 'Great Eastern Holdings Limited', 'Liberty Mutual Holding Company Inc.', 'Sompo Holdings, Inc.', 'Travelers Companies, Inc.'

The expansion of the insurance sector and the increasing accessibility of financial services to all social strata are the key forces behind market expansion. Latest events like peer-to-peer models and other comparable consumer-friendly insurance models are also having a positive effect on the market.

Accessibility and open operation, which are beneficial to consumers, are driving microinsurance's increasing popularity. In addition, a number of organizations are using multichannel platforms and virtual networks to create a value chain for the microinsurance sector and to provide incentives. The development of consumer-friendly insurance schemes like the peer-to-peer model is another element that encourages the expansion of the market. Since it helps businesses keep track of their clients' credit flows, monitor their development, and take immediate corrective action automated portfolio monitoring is becoming more popular among businesses. The businesses can increase revenue and profits by reducing their risk.

North America dominated the market due to the rising geriatric population and extensive use of trying to cut medical technology. Microinsurance is commonly given as an add-on to already existing insurance products in North America, such as credit insurance or health insurance

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Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

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