Westford USA, May 01, 2023 (GLOBE NEWSWIRE) -- The global Microinsurance market size is expected to reach USD 118.13 billion by 2030 and exhibit a CAGR of 5.91% in the forecast period (2022−2030), according to Skyquest's latest research report. The growing demand for consumer friendly insurance models and the insurance company's growing digitisation is fueling the Market's growth.
Government Incentives and Technological Innovations to Promote the Use of Microinsurance
Growing technological innovations, customization of products, collaboration with other organisations, and new distribution channel trends have led to the growth of microinsurance on a global scale. In addition, microinsurance providers are increasing the use of data analytics to develop new insurance products and better understand low-income individuals' needs is also supporting the growth.
At a global scale, several government initiatives are promoting the growth of Microinsurance. For example, the Philippine government has launched a microinsurance program to improve access to insurance products for low-income families. The program covers risks such as accidents, illness, and death. It also provides insurance coverage to farmers and fisherfolk to protect them from natural disasters and other risks.
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Health Microinsurance Type Demand to Grow Substantially in the Forecast Period
Health Microinsurance type dominated the global market owing to the increasing demand for health insurance in low-income countries, where people often face significant financial burdens from unexpected medical expenses. According to the World Health Organization (WHO), it was found that approximately 100 million people are pushed into extreme poverty every year due to health-related expenses. This highlights the need for affordable health insurance products that can protect low-income individuals from financial hardship.
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Mobile Network Operator is the Leading Distribution Channel Segment
In terms of distribution channels, the mobile network operator segment is the leading segment due to its ability to reach the maximum number of low-income individuals who do not have access to traditional insurance channels. According to SkyQuest, the MNOs had a 71% of success rate in selling microinsurance policies, compared to 48% for agents and 39% for banks.
Asia-Pacific is the Leading Market Due to the Large Population of Low-Income Individuals
Region-wise, Asia-Pacific is one of the largest growing markets To the large population of low-income individuals and the growing interest in micro insurance among governments, NGOs and microfinance institutes. In India, the government has launched several initiatives to promote microinsurance, including the Pradhan Mantri Jan Dhan Yojana (PMJDY) financial inclusion program, which provides basic banking services and insurance coverage to low-income individuals. The government has also launched the National Health Protection Scheme (NHPS), which aims to provide health insurance to over 100 million low-income families.
Browse in-depth TOC on Microinsurance Market
Pages - 242
Tables - 174
Figures – 77
Microinsurance Market Report Suggests:
- The global market size is projected to grow by 118.13 billion by 2030, owing to increasing demand for consumer-friendly insurance models
- In terms of distribution channels, the Mobile network operators segment dominates due to its ability to reach the maximum number of consumers.
- In terms of type, the health microinsurance type segment is projected to gain more popularity due to significant financial burdens from unexpected medical expenses
- Asia Pacific and Middle East, and African regions are leading markets and will continue to exhibit dominance in the global market mainly the due presence of a significant low-income population
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Microinsurance Market Segmentation:
The global Microinsurance market report is segmented based on Product type, Target population, Distribution channel, and region.
By Product Type
- Life insurance
- Health insurance
- Property insurance
- Agriculture insurance
- Weather index insurance
By Target population
- Low-income individuals and families
- Those excluded from formal insurance programs
By Distribution Channel
- Agents
- Banks
- Mobile network operators
- Microfinance institutions
- Direct sales by microinsurance providers
By Region
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- RoE
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- RoLA
- Middle-East and Africa
- South Africa
- GCC Countries
- Rest of MEA
Microinsurance Market Major Company Profiles:
- Allianz SE
- AXA SA
- Zurich Insurance Group Ltd.
- Munich Re Group
- Swiss Re Ltd.
- Chubb Ltd.
- Berkshire Hathaway Inc.
- Generali Group
- MetLife Inc.
- Prudential Financial Inc.
- Ping An Insurance Group Co. of China Ltd.
- China Life Insurance Co. Ltd.
- Bajaj Allianz General Insurance Co. Ltd.
- Aegon NV
- Manulife Financial Corp.
- Aviva plc
- Liberty Mutual Group
- Old Mutual Ltd.
- New York Life Insurance Co.
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