Categories: Market Research

Microinsurance Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Microinsurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Microinsurance Global Market Report 2024, The microinsurance market size has grown strongly in recent years. It will grow from $89.05 billion in 2023 to $95.69 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to financial inclusion initiatives, emergence of microfinance institutions, government support and initiatives, ngo and donor involvement, market liberalization..

The microinsurance market size is expected to see strong growth in the next few years. It will grow to $126.39 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to health pandemics and risks, government social protection programs, rural and agricultural development, regulatory incentives, regulatory initiatives to promote inclusion.. Major trends in the forecast period include digital transformation and insurtech, partnerships with fintech and telecom companies, parametric insurance solutions, pay-per-use and on-demand insurance, blockchain for transparency and trust..

Rising government initiatives for microinsurance are expected to propel the growth of the microinsurance market going forward. Government initiatives refer to specific actions, programs, or policies that are undertaken by a government to address various issues, promote specific goals, or bring about desired outcomes within a society or a specific sector. Microinsurance offers a range of benefits that can be particularly advantageous for economically vulnerable populations and small enterprises. For instance, in October 2022, the UN Capital Development Fund (UNCDF), a US-based public finance agency, unveiled a new microinsurance product in Vanuatu. This was designed to protect climate-vulnerable populations against the adverse financial impacts of extreme weather hazards by providing a quick injection of relief funds within 10–14 days following a natural disaster and is aimed at Vanuatu’s smallholder farmers, fishers, MSMEs, and people with disabilities. Therefore, rising government initiatives for microinsurance will drive the microinsurance market.

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The microinsurance market covered in this report is segmented –

1) By Product Type: Property Insurance, Health Insurance, Life Insurance, Index Insurance, Accidental Death And Disability Insurance, Other Product Type

2) By Model Type: Partner Agent Model, Full-Service Model, Provider Driven Model, Other Model Types

3) By Provider: Microinsurance (Commercially Viable), Microinsurance Through Aid Or Government Support

4) By End-User: Business, Personal

Major companies operating in the microinsurance market are focused on developing advanced platforms such as bizmoProtect to expand distribution and claim processing reach for underserved populations. Microinsurance platforms such as bizmoProtect include payment of outstanding loans for businesses, affordable insurance products to help low-income people cope with and recover from financial losses, and reducing the economic vulnerabilities of lower-income households during the COVID-19 crisis. For instance, in March 2021, Peppermint Innovation Ltd., an Australia-based fintech company, launched a micro-insurance product platform to deliver life and accident insurance products. The new bizmoProtect service offers microinsurance through its bizmoto agent network and platform. The software provides three insurance coverage levels and is currently available for Android phones. Customers use bizmoProtect to register their information, choose an insurance product, fill out forms, and pay for the coverage through an agent network. This insurance coverage can be acquired on a monthly or annual basis.

The microinsurance market report table of contents includes: