Global Microinsurance Market Size, Share, Top Companies and Report 2021-2026

Microinsurance refers to the financial coverage offered to the low-income section of society. It provides compensation, products, and other services in exchange for low premium payments that are utilized for risk protection, relief against distress, and contingent events. These events include illnesses, injuries, disabilities, crop diseases, cattle damage, and fires. Microinsurance also delivers customized plans through various models, such as all-in-one insurance, full-service, partner-agent, and community-based model. They are usually administered through various institutional channels and intermediaries.

According to the latest report by IMARC Group, titled “Microinsurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global microinsurance market exhibited moderate growth during 2015-2020. On account of the aforementioned factors, the market is expected to reach a value of US$ 103.5 Billion by 2026.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global Microinsurance Market Trends:

Rapid expansion in the insurance sector and the rising need for financial aid services, especially amongst the under-served sections, are majorly driving the global microinsurance market growth. Additionally, numerous organizations are deploying virtual networks and multichannel interaction platforms as an adaptable measure to provide incentives and build a value chain in the microinsurance industry. This is acting as another growth-inducing factor. Furthermore, rapid digitization and the introduction of consumer-friendly and flexible insurance models, are positively influencing the market growth.

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Key Market Segmentation:

Breakup by Provider:

  • Microinsurance (Commercially Viable)
  • Microinsurance Through Aid/Government Support

Breakup by Product Type:

  • Property Insurance
  • Health Insurance
  • Life Insurance
  • Index Insurance
  • Accidental Death and Disability Insurance
  • Others

Breakup by Model Type:

  • Partner Agent Model
  • Full-Service Model
  • Provider Driven Model
  • Community-Based/Mutual Model
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Competitive Landscape with Key Players:

The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market.

Key highlights of the Report:

  • Market Performance (2015-2020)
  • Market Outlook (2021-2026)
  • COVID-19 Impact on the Market
  • Porter’s Five Forces Analysis
  • Historical, Current and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Smith Ivo

Five years in chemical & material has made Ivo Smith more or less an expert in everything related to medicines, drugs, chemicals and related sectors – at least from the PR front. Through his insider access to the sector, he has gained valuable insight into the entire manufacturing process of chemical and material.
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