The global Microinsurance Market size is expected to reach USD 121.18 billion by 2030, growing at a CAGR of 6.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The industry growth can be attributed to various factors, such as increasing disposable income, technological advancements in insurance and mobile technology, and the expansion of high-speed mobile networks worldwide. Companies, such as Bima and MicroEnsure, utilize mobile technology and collaborate with top telecommunication firms to provide microinsurance to low-income people. For instance, in October 2021, MicroEnsure partnered with Jazz Business, a leading B2B solutions provider, to offer tailored insurance products to its corporate customers at preferential rates.
Blockchain
technology is being utilized to reduce high insurance premiums, simplify
the claims process, facilitate the development of specialized coverage, and
support people residing in low-income and disaster-prone areas. Various
microinsurance providers worldwide offer microinsurance products and services
based on blockchain technology. For instance, Blocksure Ltd., a software
company based in London, UK, provides Blocksure OS, a blockchain-based
insurance platform for low-income customers in developing countries.
Microinsurance providers are exploring new business models like peer-to-peer
insurance and on-demand coverage. These models leverage technology to provide
customers with more personalized and flexible insurance options while reducing
costs and increasing efficiency.
Microinsurance
providers are embracing technology, sustainability, and innovation to serve
their customers better and positively impact society. The COVID-19 pandemic
highlighted the importance of digital transformation. The pandemic has
accelerated the shift toward digital distribution channels in this market.
Digital channels offer customers the convenience of buying insurance products
from the comfort of their own homes without the need for face-to-face
interactions. In addition, digital channels can be customized to meet the
specific needs of different customer segments, offering a more personalized
experience. The microinsurance (commercially viable) segment dominated the
market in 2022. The commercially viable microinsurance market has been
expanding rapidly in recent years, with several developments helping drive
growth & improve product accessibility.
The
microinsurance (commercially viable) segment is also more likely to have access
to formal financial services, which makes it easier for insurance companies to
distribute their products and collect premiums. This allows insurance companies
to reduce administrative costs and increase efficiency. The Asia Pacific region
dominated the industry in 2022. The region has seen significant economic growth
in recent years due to increasing disposable income among low-income
households. This has resulted in a growing demand for insurance products
catering to the low-income population segment. In addition, the region has a
high mobile phone penetration rate, facilitating the growth of mobile-based
microinsurance products.
List of Key Players in Microinsurance Market
- The Hollard Insurance Company
- afpgen.com.ph
- American International Group, Inc.
- Bharti AXA Life Insurance Company Limited
- SBI Life Insurance Company Limited
- ICICI Prudential Life Insurance Co. Ltd.
- Banco do Nordeste Brasil S.A.
- Climbs
- Allianz SE
- Bajaj Allianz Life Insurance Co. Ltd.
Related Press
Release@ Microinsurance
Market Report
Microinsurance Market Report Highlights
- The
partner-agent model segment dominated the market in 2022. In this model,
microinsurance providers partner with local agents to sell their products
to low-income individuals and communities. Local agents act as
intermediaries between the provider and customers and are responsible for
marketing, sales, and customer services. This approach is especially
advantageous for the market, enabling providers to leverage these agents’
established networks and relationships to reach underserved populations
- The life insurance
segment dominated the market in 2022. Low-income households face a greater
risk of financial distress due to their limited financial resources,
making life insurance essential. The market has responded to this need by
developing affordable and accessible life insurance products tailored to
low-income customers' specific needs and preferences. These products often
have low premiums and simplified underwriting processes, making them more
accessible to customers who may not qualify for traditional life insurance
- The
financial institutions segment dominated the market in 2022. Financial
institutions have the expertise to design and market insurance products
that meet low-income customers' needs and preferences. They also benefit
from cross-selling opportunities by offering their existing customer base
microinsurance products
- The business
segment dominated the industry in 2022. Microinsurance can provide Small
& Medium-sized Enterprises (SMEs) a way to attract and retain
employees by offering them insurance coverage. Offering employees access
to insurance coverage improves their financial security and well-being.
This, in turn, helps improve employee retention and productivity
Microinsurance Market Report Scope
|
Report Attribute |
Details |
|
Market size value in 2023 |
USD 77.11 billion |
|
Revenue forecast in 2030 |
USD 121.18 billion |
|
Growth rate |
CAGR of 6.7% from 2023 to 2030 |
|
Base year of estimation |
2022 |
|
Historical data |
2017 - 2021 |
|
Forecast period |
2023 - 2030 |
Related Reports@
Microinsurance Market Segmentation
Grand
View Research has segmented the global microinsurance market on the basis of
provider, model type, product type, distribution channel, end-use, and region:
Microinsurance Provider Outlook (Revenue, USD
Billion, 2017 - 2030)
- Microinsurance
(Commercially Viable)
- Microinsurance
Through Aid/Government Support
Microinsurance Model Type Outlook (Revenue, USD
Billion, 2017 - 2030)
- Partner
Agent Model
- Full-Service
Model
- Provider
Driven Model
- Others
Microinsurance Product Type Outlook (Revenue, USD Billion,
2017 - 2030)
- Life
Insurance
- Health
Insurance
- Property
Insurance
- Others
Microinsurance Distribution Channel Outlook
(Revenue, USD Billion, 2017 - 2030)
- Direct Sales
- Financial
Institutions
- Digital
Channels
- Others
Microinsurance End-Use Outlook (Revenue, USD
Billion, 2017 - 2030)
- Business
- Personal
Microinsurance Regional Outlook (Revenue, USD Billion,
2017 - 2030)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Asia Pacific
- China
- India
- South Korea
- Japan
- Philippines
- Australia
- Latin
America
- Brazil
- Mexico
- Middle East
& Africa
- Kingdom of
Saudi Arabia (KSA)
- UAE
- South
Africa
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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