Global Microinsurance Market Leading Companies will have the Highest Market Share by 2025

The global microinsurance industry is a large, untapped market, which has a tremendous potential for growth. Several multinational insurers are actively investing in microinsurance policies. According to a report by the Institute of International Finance, more than 60 multinational insurers are involved in microinsurance currently, as compared to only 7 in the year 2005. A study by Microinsurance Landscape Studies stated that more than 500 million microinsurance policies have been sold in the past decade, which despite being an encouraging growth in the global microinsurance market, is only a fraction of the world’s population.

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Several governmental organizations recognize microinsurance, and have set up rules and regulations that are in favor of the market, and aim to be more inclusive of all economic backgrounds. Currently, eighteen countries across Africa, Latin America, and Asia have adopted a microinsurance framework, and 23 more countries are in the process of forming regulatory measures regarding microinsurance policies. The major driving factor behind the growth of the global microinsurance market is the easy availability of low-cost mobile channels. It gives the insurers access to poorer and remote clients, meanwhile reducing the cost of acquisition. Insurers collaborate with mobile network operators to offer free or paid products to their subscriber base. The advancement in insurance technology has introduced different types of insurance models (peer-to-peer and on-demand). These are cost-effective.

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The rapid economic development of China in recent years has made it a pioneer in many areas, including the microinsurance industry. A large population of the country consists of farmers and migrant laborers, who are in need of protection against financial ruins or economic cost of death and illness. In 2008, the first microinsurance project was launched by the Chinese government. It has now expanded to cover over 14 million people, however, that only constitutes about 2% of the country’s population. The culture change, along with the criteria set up by the government for microinsurance policies, is most likely to boost the growth of this market in China. Multinational insurers like Allianz, AXA, and Sanlam are largely investing in BIMA and MicroEnsure.

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This report on ‘Global Microinsurance  Market’ is also based on a research methodology discussing about all the critical aspects of the market. The report also explains an in-depth study about the major regions of the market which is one of the vital feature market intelligence report offers.

The ‘Global Microinsurance  Market’ market report supremely covers an extensive analysis of the market targeting over the opportunities, weaknesses, strengths, and threats the global as well as Chinese market embraces. However, the ‘Global Microinsurance  Market’ market report concludes with industry insights and exclusive comments from the professionals all across the global market.

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