GVR Report cover Microinsurance Market Size, Share & Trends Report

Microinsurance Market Size, Share & Trends Analysis Report By Provider, By Model Type, By Product Type, By Region, And Segment Forecasts, 2021 To 2028

  • Published Date: ---
  • Base Year for Estimate: ---
  • Report ID: GVR452106
  • Format: Electronic (PDF)
  • Historical Data: ---
  • Number of Pages: 0

The global microinsurance market is expected to witness significant growth over the forecast period. The market growth can be attributed to the growing digitization across the insurance sector and the introduction of consumer-friendly insurance models in the market. Microinsurance offers insurance coverage to low-income households, which have limited income access. Additionally, microinsurance also provides transparent and cost-efficient insurance schemes between the service provider and the insurer, which is contributing to the growth of the market. Moreover, numerous organizations are deploying multichannel interaction platforms and virtual networks to provide a better customer experience as well as build a sustainable value chain for microinsurance businesses, thereby creating a positive outlook for the market.

Microinsurance Market Segmentation

Segments

Details

Provider

Microinsurance (Commercially Viable); Microinsurance Through Aid

Model Type

Partner Agent Model; Full-service Model; Provider Driven Model; Other

Product Type

Health Insurance; Life Insurance; Property Insurance; Others

Region

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

 

Numerous microinsurance solution providers are making efforts to enter into partnerships with insurance companies to enhance their product offerings. These enhancements are aimed at providing a better customer experience. For instance, in October 2021, MicroEnsure, a part of the Micro Insurance Company (MIC), announced its strategic partnership with Chamasure, a Nairobi-based insurance platform that focuses on helping underserved communities. Through this partnership, MicroEnsure offered access to digital insurance solutions for the underserved communities across Kenya with end-to-end enrollment and claims settlement support.

The COVID-19 pandemic adversely impacted the microinsurance market growth. A myriad of unexpected issues stemming from the pandemic, such as restrictions on the movement of people owing to safety concerns, led to a reduction in the adoption of insurance policies. However, continued digitization and increasing awareness of various insurance policies among consumers led to the adoption of microinsurance policies in emerging economies, which is subsequently expected to contribute to the market growth over the forecast period.

In recent years, venture capital companies have been focusing on start-ups and helping them in raising funding to enhance their product portfolio and cement their position in the market. For instance, in June 2021, Bimaplan, a microinsurance platform provider, raised USD 2.5 million as a part of the pre-Series A round, taking the total funding up to USD 3 million. It included investors such as Goodwater Capital, Amino Capital, EMVC, and Acequia Capital, as well as angel investors such as Ashish Dave of Mirae Asset Venture Investments, Gokul Rajaram of Doordash, and Arjun Sethi of Tribe Capital. The funding round also included existing investors such as Dream Incubator, RaSa Future Fund, 2am Ventures, Samyakth Capital, and LetsVenture. The company planned to utilize the funding to drive product improvements and innovations, build its teams, and ramp up its distribution network. Such venture capital investments are expected to create new opportunities for the growth of the market over the forecast period.

The key players in the market include Hollard, Allianz, Micro Insurance, ASA International, and American International Group, Inc. These players are focusing on adopting growth strategies such as partnerships, mergers & acquisitions, and new product development to further expand their global market presence. For instance, in April 2021, Micro Insurance announced a partnership agreement with TanManagement Insurance Brokers, a company based in Tanzania, to develop new insurance products in the Tanzanian market and strengthen the growth of microinsurance in the country.

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself...

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

BBB icon D&B icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.