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Micro Insurance Market Size - By Product Type (Health, Life, Property), Distribution Channel (Direct Sales, Microfinance Institutions, Digital Platform), End Use (Business, Personal), Model Type, Provider, Regional Outlook & Global Forecast, 2023 - 2032

Publisher Global Market Insights
Published Oct 17, 2023
Length 295 Pages
SKU # GMI18367091

Description

Micro Insurance Market Size - By Product Type (Health, Life, Property), Distribution Channel (Direct Sales, Microfinance Institutions, Digital Platform), End Use (Business, Personal), Model Type, Provider, Regional Outlook & Global Forecast, 2023 - 2032


Micro Insurance market is anticipated to record a CAGR of over 6.5% during 2023-2032, driven by the increasing focus on financial inclusion, especially in emerging nations. Many people have limited access to traditional insurance services. Governments and financial institutions recognize the importance of extending insurance services, promoting economic stability, and fostering resilience in unexpected events for the public.

With an inclination in technological advancements, the widespread use of digital platforms, and proliferation of mobile technology, the insurance products will become more accessible, pushing the industry growth. For instance, in June 2022, 1st CENTRAL, a technology-enabled insurance services provider and the world’s largest telematics service provider-Cambridge Mobile Telematics (CMT) announced the launch of a telematics-based insurance product called 1st CENTRAL Connect. The platform enabled the customers with renewal discounts on safe driving and offered guidance on making a claim if it detected a crash.

The overall micro insurance market is divided based on product type, model type, provider, distribution channel, end-use, and region.

Health segment is slated to witness a notable CAGR through 2032, attributed to the growing importance of affordable healthcare coverage among underserved populations. With rising health concerns and medical expenses, individuals in low-income brackets are seeking accessible solutions. Insurance covers essential healthcare services, preventive care, and even specific illnesses, providing a crucial safety net for individuals.

As per distribution channel, direct sales segment is poised to record significant growth rate over the forecast period, owing to its effectiveness in reaching and engaging the target audience directly. This channel provides a personal and immediate connection, allowing for tailored communication and knowledge about the benefits of micro-insurance. It enhances efficiency, reduce costs, and build trust between insurers and policyholders. A deeper understanding of the value proposition will stimulate sales of micro insurance policies through direct sales channel.

North America micro insurance industry is expected to generate lucrative opportunities and will expand at a modest rate in the coming years. Rising awareness about financial security, coupled with a growing preference for customized solutions, has led to increased adoption of micro-insurance products. The dynamic regulatory environment encourages innovation and the development of insurance offerings, augmenting the regional market growth.

Table of Contents

295 Pages
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Micro insurance market 360 degree synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Regional trends
2.4 Product type trends
2.5 Model type trends
2.6 Provider trends
2.7 Distribution channel trends
2.8 End-use trends
Chapter 3 Micro Insurance Market Industry Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.8.1 Partnership/Collaboration
3.8.2 Merger/Acquisition
3.8.3 Investment
3.8.4 Product launch & innovation
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Rising goal of extending financial services
3.10.1.2 Supportive regulatory frameworks and incentives from governments
3.10.1.3 Technology advancements such as mobile and digital platforms
3.10.1.4 Increasing education and awareness campaigns among low-income individuals
3.10.2 Industry pitfalls & challenges
3.10.2.1 Overpricing and complexity
3.10.2.2 Lack of trust and understanding
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.3.1 Allianz SE
4.3.2 Axa Group
4.3.3 BRAC
4.3.4 MetLife Foundation
4.3.5 MicroEnsure
4.3.6 Swiss Re
4.3.7 Zurich Insurance Group
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022
Chapter 5 Micro Insurance Market Estimates & Forecast, By Product Type (Revenue)
5.1 Key trends, by product type
5.2 Health microinsurance
5.3 Life microinsurance
5.4 Property microinsurance
5.5 Others
Chapter 6 Micro Insurance Market Estimates & Forecast, By Model Type (Revenue)
6.1 Key trends, by model type
6.2 Partner agent model
6.3 Full-service model
6.4 Provider driven model
6.5 Others
Chapter 7 Micro insurance Market Estimates & Forecast, By Provider (Revenue)
7.1 Key trends, by provider
7.2 Microinsurance
7.3 Microinsurance through aid/government support
Chapter 8 Micro insurance Market Estimates & Forecast, By Distribution Channel (Revenue)
8.1 Key trends, by distribution channel
8.2 Direct sales
8.3 Microfinance institutions
8.4 Digital platform
Chapter 9 Micro insurance market Estimates & Forecast, By End-Use (Revenue)
9.1 Key trends, by end-use
9.2 Business
9.3 Personal
Chapter 10 Micro insurance Market Estimates & Forecast, By Region (Revenue)
10.1 Key trends, by region
10.2 North America
10.2.1 U.S.
10.2.2 Canada
10.3 Europe
10.3.1 UK
10.3.2 Germany
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 Nordics
10.4 Asia Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 Australia
10.4.5 South Korea
10.4.6 Southeast Asia
10.5 Latin America
10.5.1 Brazil
10.5.2 Mexico
10.5.3 Argentina
10.6 MEA
10.6.1 UAE
10.6.2 Saudi Arabia
10.6.3 South Africa
Chapter 11 Company Profiles
11.1 AIA Group
11.2 Allianz SE
11.3 ASA International
11.4 AXA Group
11.5 Bajaj Allianz Life Insurance Co. Ltd.
11.6 Basix
11.7 BIMA
11.8 BRAC (formerly known as Bangladesh Rural Advancement Committee)
11.9 MetLife Foundation
11.10 MicroEnsure
11.11 Old Mutual Limited
11.12 Oxfam America
11.13 SKS Microfinance
11.14 Telenor Microfinance Bank
11.15 Zurich Insurance Group

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