The global microinsurance market size was US$ 74.3 billion in 2021. The global microinsurance market is forecast to grow to US$ 117.7 billion by 2030 by growing at a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.

Microinsurance products offer insurance to low-income households. It is beneficial for individuals with low income. It is specifically crafted to cover assets and compensation for illness, injury, or death.

Factors Influencing the Market

The growth of the microinsurance market is forecast to be driven by the growing number of advancements like peer-to-peer models, and other cost-effective insurance models. In addition, the rising demand for end-to-end digital experience to enhance the transparency between the insurance taker and service provider will contribute to the growth of the microinsurance market.

The increasing cost of efficient healthcare services and the rising prevalence of diseases will fuel the growth of the global microinsurance market. In addition, the growing employment rate and raising awareness about the benefits of microinsurance policies will surge the growth of the market.

The growing geriatric population and the growing number of accidents will escalate the growth of the global microinsurance market. Furthermore, increasing demand for efficient surgical procedures and growing GDP will benefit the microinsurance market throughout the forecast period.

COVID-19 Impact Analysis

The global microinsurance market witnessed significant obstacles due to the COVID-19 pandemic. The pandemic created a myriad of unexpected problems, such as limitations on the movement, which declined the demand for health insurance. However, the growing digitization and increasing awareness related to beneficial insurance policies will increase the demand for microinsurance policies. Moreover, the pandemic increased the awareness among the citizens to purchase insurance for future needs. Thus, the microinsurance industry may witness lucrative growth opportunities in the coming years.

Regional Analysis

Based on the regions, the Asia-Pacific microinsurance market is forecast to hold the highest market share during the forecast period. It is due to the presence of emerging economies and the rising low-income population in the region. In addition, favorable regulations in the region will contribute to the growth of the market. The increasing prevalence of diseases, growing number of accidents, and rising geriatric population will also benefit the Asia-Pacific microinsurance market during the study period.

Competitors in the Market

HDFC Ergo General Insurance Company Limited
Hollard
MicroEnsure Holdings Limited
NSIA Insurance
Standard Chartered Bank
Wells Fargo
SAC Banco do Nordeste
MetLife
Bandhan Financial Services Limited
Protecta
ICICI Bank
Tata AIA Life
Other Prominent Players
Market Segmentation

The global microinsurance market segmentation focuses on Type, Product, Provider, Distribution Channel, Model, and Region.

By Type

Lifetime Coverage
Term Insurance
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
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
By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America