Allied Market Research

2024

Microinsurance Market

Microinsurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type (Property Insurance, Health Insurance, Life Insurance, Index Insurance, Accidental Death and Disability Insurance, Others), by Provider (Microinsurance (Commercially Viable), Microinsurance through Aid/ Government Support) and by Breakup Model Type (Partner Agent Type, Full-Service Model, Provider Driven Model, Community-Based/ Mutual Model, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: | Roshan Deshmukh
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The microinsurance is a type of the mechanism which protects the low-income people against risk, like accident, illness and natural disasters, in exchange of insurance premium payments adjusted to their needs, income and level of risk. It works by helping the low-income families by offering them insurance plans adjusted to their needs. There are four different methods of the microinsurance like provider driven model, full-service model, community-based model and partner agent model. The microinsurance market poses various advantages like that it provides individual coverage that too without retirement savings or the adult in a low-income household. Its products are specially made for the compensation for the injury, illness, disability, term life or death and also the low valued possessions or assets. Its products can be used in the developing countries. Some of the products of the microinsurance are like Aviva Nayi Grameen Suraksha-micro insurance product, BSLI bima kavach yojana, IDBI federal termsurance sampoorna suraksha micro insurance plan, LIC’s new jeevan mangal and so on.


COVID-19 Scenario Analysis:

With the outbreak of COVID-19 globally and the stipulated lockout, there is an ongoing downturn in the healthcare market. Aside from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategy to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.

 Technological progress, cost containment and increased access will in the near future be an integral part of healthcare reforms. Digital health and telehealth have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care and consultation. Over the past few years, regulatory and behavioral barriers have slowed Telehealth growth. However, since many healthcare providers are currently working on video conferencing and telephone calls, this segment's growth will increase several folds over the next two years. The social distancing measures also mandated online consultation of patients with moderate symptoms. In addition, it greatly reduces the burden on hospitals already swamped by counts of COVID-19 patients. Medical IoT devices that live at home with patients are now being used for optimizing outpatient treatment and minimizing repeat visits, and these devices can be further used in a crisis situation. The pandemic led to severe resource constraints. This is expected to result in the development of competitive pricing and value-based pricing models, which will accelerate the market growth in future.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, Impact Analysis

The increase in the growth of the demand for insurance products around the world with increase in the access of financial services in the population is supposed to fuel the growth of the market. Various innovative models like peer-to-peer models, consumer friendly insurance models can also influence the growth of the market. Moreover, the increase in the transparency between the service provider and the insurance taker can boost the growth of the market. Also, the digital availability of the products to the consumers have helped to create the opportunities for the microinsurance market. Recently the newer policies have also gained the popularity in the population which helps to hike the growth of the microinsurance market. The significant point in the market growth are the affordability and safety against the exorbitant medical bills. The help from the government can make a lot difference in the growth of the microinsurance market.

However, the cost constraints and the stringent government regulations are expected to hamper the growth of the market.

New product launches to flourish the market:

In October 2020, IRDAI mandated life insurers to provide a standard individual life term insurance cover starting from January 2021. This was named as ‘Saral Jeevan Bima’ along with the insurance company name prefixed with it.

In August 2018, Bajaj Allianz General Insurance Company Limited announced the launch of the Bajaj Allianz PoS Goal Suraksha plan. This is the opportunity to increase the high returns for next 10-15 years.

Surge in the usage of the microinsurance:

The increase in the demand of the insurance products around the world and the various innovative policy entries can increase the use of the microinsurance. Moreover, the transparency, affordability and safety in the insurance sectors can help the market to surge the usage of microinsurance.


           Key benefits of the report:

  • This study presents the analytical depiction of the global microinsurance market industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global microinsurance market share.
  • The current market is quantitatively analyzed to highlight the global microinsurance market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global microinsurance market analysis based on competitive intensity and how the competition will take shape in coming years.

            Questions answered in the microinsurance market research report:

  • What are the leading market players active in the microinsurance market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?

Microinsurance Market Report Highlights

Aspects Details
Microinsurance Market By Product Type
By Product Type
  • Property Insurance
  • Health Insurance
  • Life Insurance
  • Index Insurance
  • Accidental Death and Disability Insurance
  • Others
Microinsurance Market By Provider
By Provider
  • Microinsurance (Commercially Viable)
  • Microinsurance through Aid/ Government Support
Microinsurance Market By Breakup Model Type
By Breakup Model Type
  • Partner Agent Type
  • Full-Service Model
  • Provider Driven Model
  • Community-Based/ Mutual Model
  • Others
Microinsurance Market By Region
By Region
  • North America 
  • Europe 
  • Asia-Pacific 
  • Latin America 
  • The Middle East and Africa 
Key Market Players
Key Market Players

Hollard Group, Tata AIA Life Insurance Company Ltd., MicroEnsure Holding Ltd, Wells Fargo & Company, Protecta, SAC Banco do Nordeste, others., Standard Chartered plc, MetLife, Inc., ICICI Bank Limited, HDFC ERGO General Insurance Company Limited, Bandhan Financial Services Limited, NSIA Insurance

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Microinsurance Market

Global Opportunity Analysis and Industry Forecast, 2023-2032