Product ID: SQMIG40N2004
Global Microinsurance Market Size, Share, Growth Analysis, By Type(Lifetime Coverage, Term Insurance), By Age Group(Minor, Adult), By Product(Property Insurance, Health Insurance), By Provider(Microinsurance (Commercially Viable), and Microinsurance Through Aid/Government Support), By Distribution Channel(Direct Sales, Financial Institutions), By Model(Partner Agent Model, Full-Service Model) - Industry Forecast 2024-2031
Report ID:
SQMIG40N2004 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
174 |
Figures:
79
Global 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.
Global Microinsurance Market Report Snapshots
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