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Global Micro Insurance Market 2016-2020

About the Microinsurance Market

Microinsurance products are coverage policies targeted at households with low-income levels. These plans provide tailored insurance policies for individuals with little or small saving plans. They offer lower value assets and compensation for injury, illness, or death to a person compared to other insurance policies. Microinsurance companies assist the not so well off by offering insurance plans that are tailored to their specific needs. The coverage value of the policy is lower than a typical insurance plan. Therefore, the insured customer pays considerably smaller premiums to the insurance company. The presence of the microinsurance market is strong in developing countries with high growing opportunities.

Technavio’s analysts forecast the global microinsurance market to grow at a CAGR of 8.2% during the period 2016-2020.

Covered in this report

The report covers the present scenario and the growth prospects of the global microinsurance market for 2016-2020. To calculate the market size, we consider the total amount of microinsurance from the Americas, APAC, and EMEA.

The market is divided into the following segments based on geography:

  • Americas
  • APAC
  • EMEA
Technavio's report, Global Microinsurance Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • Alternative Insurance Company
  • Bajaj Allianz
  • IFFCO Tokio General Insurance
  • Mapfre
  • Pioneer Life
Other prominent vendors
  • HDFC Ergo
  • Hollard Insurance
  • MicroEnsure
  • NSIA Insurance
  • PNB MetLife
  • Protecta
  • Tata AIA Life
Market driver
  • Different valuation strategies
  • For a full, detailed list, view our report
Market challenge
  • Difficulty in credit assessment of the insured
  • For a full, detailed list, view our report
Market trend
  • Microinsurance becoming mandatory
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2020 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?

Press Release

Technavio Announces the Publication of its Research Report – Global Microinsurance Market 2016-2020

Technavio recognizes the following companies as the key players in the global microinsurance market: Alternative Insurance Company, Bajaj Allianz, IFFCO Tokio General Insurance, Mapfre, and Pioneer Life.

Other Prominent Vendors in the market are: HDFC Ergo, Hollard Insurance, MicroEnsure, NSIA Insurance, PNB MetLife, Protecta, and Tata AIA Life.

Commenting on the report, an analyst from Technavio’s team said: “One trend which is exerting a positive influence on the market is the mandatory need for microinsurance. Mandatory coverage, often required in connection with a loan, is widespread in microinsurance, particularly among life and accident products. Some microinsurance products combine both mandatory and voluntary coverage policies, for example by requiring customers to purchase a base level of coverage with the option to add on either more coverage or more covered persons. Countries such as Brazil, India, Mexico, Peru, the Philippines, and Taiwan have already implemented some levels of regulation, both to support the adoption of microinsurance and to protect customers.”

According to the report, a key growth driver is the different valuation strategies used by insurance companies. The microinsurance industry is considered a cyclical industry. Therefore, microinsurers formulate different strategies to earn positive yields and generate cash flows. Such strategies should bring in stable earnings year-on-year for players in the microinsurance industry. The microinsurance companies are affected by the insurance industry's cyclicality, but the growth resulting from the changes in premiums may not influence the relative growth prospects of microinsurance companies. However, it is important to consider the fact that a microinsurance company’s underwriting activities do have an effect on the valuation of the insurer. This applies to instances when there is a growth in the rate of the premium.

Further, the report states that one challenge that could hamper market growth is the difficulty in credit assessment of the insured. It is critical for a microinsurance company to assess the creditworthiness of the insured before availing insurance services to minimize risks of default on repayments of premium.

Companies Mentioned

Alternative Insurance Company, Bajaj Allianz, IFFCO Tokio General Insurance, Mapfre, Pioneer Life, HDFC Ergo, Hollard Insurance, MicroEnsure, NSIA Insurance, PNB MetLife, Protecta, Tata AIA Life.

  • Executive summary
    • Highlights
  • Scope of the report
    • Market overview
      • Table Countries covered for market analysis
    • Top-vendor offerings
      • Table Product offerings
  • Market research methodology
    • Research methodology
    • Economic indicators
  • Introduction
    • Key market highlights
    • Microinsurance: Overview
    • Key players in microinsurance value chain
      • Table Key players in microinsurance value chain
    • Microinsurance transaction
      • Table Life cycle of microinsurance
    • Role of policy and regulation in shaping the business environment of the microinsurance sector
      • Table Role of policy and regulation in shaping business environment of microinsurance sector
    • Difference between traditional insurance and microinsurance
      • Table Difference between traditional insurance and microinsurance
      • Table Strategies to manage significant risks for low-income people in developing countries
  • Market landscape
    • Market overview
      • Table Products offered by microinsurance providers
      • Table Types of property insurance
      • Table Damages and losses covered under property insurance
      • Table Concept of life insurance is based on two fundamental principles
      • Table Personal uses of life insurance business
      • Table Types of life insurance
      • Table Investments involved in a life insurance policy taken by an individual
    • Market size and forecast
      • Table Global microinsurance market 2015-2020 ($ billions)
      • Table Global microinsurance market by type 2015
      • Table Global microinsurance market by types 2015 ($ billions)
      • Table Reasons for upgrading capital management
    • Five forces analysis
      • Table Five forces analysis
  • Geographical segmentation
    • Geographical segmentation 2015
      • Table Global microinsurance market by geography 2015
    • Geographical segmentation 2020
      • Table Global microinsurance market by geography 2020
    • APAC
      • Table Microinsurance market in APAC 2015-2020 ($ billions)
      • Table Key market healthcare insurance environment in APAC
    • Americas
      • Table Microinsurance market in Americas 2015-2020 ($ billions)
      • Table Health saving account (HSA) contribution limits, deductibles, and out of pocket expenses limit in Americas 2015-2016
    • EMEA
      • Table Microinsurance market in EMEA 2015-2020 ($ billions)
  • Market drivers
    • Consolidation in industry
    • Different valuation strategies
    • Development of life microinsurance, health microinsurance, and various kinds of agricultural insurance
      • Table Whole life insurance policy features
  • Impact of drivers
    • Table Impact of drivers
  • Market challenges
    • Lack of awareness
    • Difficulty in credit assessment of the insured
    • Stringent capital requirements
  • Impact of drivers and challenges
    • Table Impact of drivers and challenges
  • Market trends
    • Microinsurance becoming mandatory
      • Table Benefits of mandatory coverage
    • Increase in the customer connectivity
      • Table Innovations in customer services
      • Table Factors that drive customer satisfaction
      • Table Customer connectivity
    • Leveraging social media channels for better market penetration
      • Table Social media benefits to insurance firms
  • Vendor landscape
    • Competitive landscape
    • Other prominent vendors
  • Key vendor analysis
    • Alternative Insurance Company (AIC)
    • Bajaj Allianz
      • Table Bajaj Allianz: Product portfolio
    • IFFCO Tokio General Insurance
      • Table IFFCO Tokio General Insurance: Product portfolio
    • Mapfre
    • Pioneer Life
      • Table Pioneer Life: Product portfolio
  • Appendix
    • List of abbreviations
  • Explore Technavio

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