Microinsurance Market to Reach US$ 118.8 Billion by 2028 | CAGR of 5.8%

According to the latest report by IMARC Group, titled "Microinsurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," The global microinsurance market size reached US$ 83.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 118.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.8% during 2023-2028.

Microinsurance Industry Outlook:

Microinsurance is specifically designed for individuals who are unable to afford traditional insurance policies. It offers a low-cost alternative to consumers who otherwise could not afford insurance facilities. It covers small, everyday risks, such as death, disability, illness, and property damage and also helps to protect assets, including livestock, crops, and equipment. It is provided by non-governmental organizations or social enterprises partnered with insurance companies. It aids individuals belonging to the financially weaker section of society by providing a tailored plan with low premiums or helping those affected by natural disasters, such as flooding or earthquakes, and economic hardship or conflict. Some of the popular microinsurance include property, health, life, index, and accidental death and disability insurance.

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Microinsurance Market Growth:

The increasing awareness among the masses regarding microinsurance majorly drives the global market. Coupled with the rising financial inclusion and easy access to insurance products due to the emergence of digital infrastructure, such as mobile money, facilitating access to microinsurance products is a major driving factor. Apart from this, the emergence of peer-to-peer models and other consumer-friendly approaches allow for greater flexibility, offering consumers access to digital services from end to end with more transparency between the insured and the service provider, which is providing a thrust to the market. Moreover, numerous key players are deploying data analytics to offer customized microinsurance products, this is creating a positive market outlook.

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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.

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.

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