Global Microinsurance Market 2023-2027
The microinsurance market is forecasted to grow by USD 30.39 bn during 2022-2027, accelerating at a CAGR of 6.6% during the forecast period. The report on the microinsurance market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing demand for insurance policies, increase in uncertain catastrophic events, and increasing government regulations on mandatory insurance coverage in developing countries.
Technavio's microinsurance market is segmented as below:
By Product Type
- Property Insurance
- Health Insurance
- Life Insurance
- Index Insurance
- Others
By Type
- Microinsurance (commercially viable)
- Microinsurance through aid or government support
By Geographical Landscape
- APAC
- North America
- Europe
- South America
- Middle East and Africa
This study identifies the digitalization of the insurance industry as one of the prime reasons driving the microinsurance market growth during the next few years. Also, inorganic growth strategies by vendors and integration of it and analytic solutions will lead to sizable demand in the market.
The report on the microinsurance market covers the following areas:
- Microinsurance market sizing
- Microinsurance market forecast
- Microinsurance market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading microinsurance market vendors that include Accion International, AFPGEN, Ageas Federal Life Insurance, AIA Group Ltd., AL BARAKAH MICROFINANCE BANK, Allianz SE, ASA International Group plc, Banco Bilbao Vizcaya Argentaria SA, BRAC International Holdings B.V., Edelweiss Financial Services Ltd., Gojo and Company Inc., HDFC Bank Ltd., Hollard Insurance Group, ICICI Bank Ltd., Life Insurance Corp. of India, Micro Insurance, Milliman Inc., Oikocredit International, Pramerica Life Insurance Ltd., and State Bank of India. Also, the microinsurance market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.