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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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Global Microinsurance Market

Product ID: SQMIG40N2004