Press release
India Microinsurance Market Outlook 2023-2028, Growth Opportunities, SWOT Analysis, and Forecast
IMARC Group, a leading market research company, has recently releases report titled, India Microinsurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," The study provides a detailed analysis of the industry, including the India Microinsurance Market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.Report Highlights
How big is the India microinsurance market?
Market Size in 2022: US$ 307.7 Million
Market Forecast in 2028: US$ 896.1 Million
Growth rate (2023 to 2028): CAGR of 18.9%
Base Year of the Analysis: 2022
Forecast Period: 2023-2028
What is microinsurance in India?
Microinsurance refers to an insurance policy that is created to provide low-cost insurance coverage to low-income individuals and families. Microinsurance policy provides coverage for risks that are specific to the needs of low-income individuals, such as health emergencies, crop failures, and property damage due to natural disasters. It is often offered by non-profit organizations, cooperatives, or microfinance institutions that work with low-income populations. It is an affordable and easily accessible option, with low premiums and flexible payment options. It can provide a safety net for low-income individuals and families who might otherwise be unable to afford insurance coverage, which help protect them from financial shocks and improve their overall well-being.
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What are the growth prospects and trends in the India microinsurance industry?
The market in India is primarily driven by the growing recognition of the importance of financial inclusion. This can be attributed to the rising need for providing financial assistance to low-income individuals. Since microinsurance helps protect low-income individuals and families from financial shocks, such as health emergencies or crop failures, that can have devastating consequences for their livelihoods, which is providing a boost to the demand across the country. Additionally, microinsurance also helps in providing a safety net and promotes entrepreneurship, investment, and resilience in vulnerable communities, further creating a positive market outlook. Furthermore, with the continuous advancement in digital platforms, there has been a considerable rise in the uptake of microinsurance among individuals. Some of the other factors driving the market further include rapid urbanization and increasing awareness among the masses.
What is included in market segmentation?
The report has segmented the market into the following categories:
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 Region:
• North India
• West and Central India
• South India
• East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/india-microinsurance-market
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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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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