Press release
Africa Microinsurance Market To Reach US$ 5.9 Billion by 2028 | Growth Rate (CAGR) of 8.8%
According to the latest report by IMARC Group, titled," Africa Microinsurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Africa microinsurance market size reached US$ 3.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.9 Billion by 2028, exhibiting a growth rate (CAGR) of 8.8% during 2023-2028. Microinsurance refers to a form of financial coverage that is designed for low-income households who have limited access to income and own low-valued assets. The primary aim of microinsurance is to provide financial protection to the weaker sections of society against unexpected losses, illness, injury, disability, and death. It merges numerous small financial units into a more massive structure and provides a cushion against unexpected losses and exorbitant interest rates charged by unorganized money lenders. It covers various risks, including life, property, health, and liability, and is offered through different models, such as the partner-agent, all-in-one-insurance, full-service, and community-based models, facilitated by accredited institutions and intermediaries. It promotes financial protection, healthcare accessibility, improved living standards, increased economic growth, and community development for the masses.Request Free Sample Report (Exclusive Offer on this report): https://www.imarcgroup.com/africa-microinsurance-market/requestsample
Industry Growth:
The expanding insurance sector is driving the microinsurance market in Africa. Furthermore, continual technological advancements, including the emergence of mobile banking and telemedicine have made it easier to deliver microinsurance products to low-income individuals and households, thus contributing to the market. To enhance customer experience and establish a sustainable value chain for microinsurance businesses, several major companies are deploying multichannel interaction platforms and virtual networks, creating a positive market outlook. Moreover, rising initiatives by the government to develop reimbursement policies for the vulnerable sections of society are acting as growth-inducing factors. Moreover, the launch of consumer-friendly insurance models, such as peer-to-peer models, and rising awareness regarding insurance programs among consumers are favorably impacting the market across Africa.
Ask Analyst for Instant Discount and Download Full Report with TOC & List of Figure: https://www.imarcgroup.com/africa-microinsurance-market
Key Market Segmentation:
Breakup by Product Type:
• Property Insurance
• Health Insurance
• Life Insurance
• Index Insurance
• Accidental Death and Disability Insurance
• Others
Breakup by Provider:
• Microinsurance (Commercially Viable)
• Microinsurance Through Aid/Government Support
Breakup by Model Type:
• Partner Agent Model
• Full-Service Model
• Provider Driven Model
• Community-Based/Mutual Model
• Others
Breakup by Country:
• South Africa
• Morocco
• Nigeria
• Egypt
• Kenya
• Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key Highlights of the Report:
• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• 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.
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IMARC Group
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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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