Dublin, July 24, 2023 (GLOBE NEWSWIRE) -- The "Microinsurance Market Size, Share & Trends Analysis Report By Model Type (Partner Agent Model, Full-Service Model), By Product Type, By End-use (Business, Personal), By Provider, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
According to this report, the global microinsurance market is anticipated to reach USD 121.18 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 6.7% from 2023 to 2030.
Market Drivers:
The growth of the microinsurance market can be attributed to several factors. These include increasing disposable income among low-income populations, technological advancements in insurance and mobile technology, and the expansion of high-speed mobile networks worldwide. Companies like Bima and MicroEnsure have leveraged mobile technology and partnerships with leading telecommunication firms to provide microinsurance products to low-income individuals. For example, in October 2021, MicroEnsure collaborated with Jazz Business, a B2B solutions provider, to offer tailored insurance products to its corporate customers at preferential rates.
Blockchain Technology:
Blockchain technology is also playing a significant role in the microinsurance market. It is being utilized to reduce high insurance premiums, simplify the claims process, develop specialized coverage, and support people living in low-income and disaster-prone areas. Microinsurance providers worldwide are offering products and services based on blockchain technology. For instance, Blocksure Ltd., a software company based in London, UK, provides Blocksure OS, a blockchain-based insurance platform for low-income customers in developing countries. Moreover, microinsurance providers are exploring new business models such as peer-to-peer insurance and on-demand coverage, which leverage technology to provide customers with more personalized and flexible insurance options while reducing costs and increasing efficiency.
Digital Transformation and COVID-19 Impact:
Microinsurance providers are embracing technology, sustainability, and innovation to better serve their customers and have a positive impact on society. The COVID-19 pandemic has accelerated the shift toward digital distribution channels in this market. Digital channels offer customers the convenience of purchasing insurance products from the comfort of their own homes without the need for face-to-face interactions. Furthermore, digital channels can be customized to meet the specific needs of different customer segments, providing a more personalized experience.
Market Segmentation:
The report provides a comprehensive analysis of the microinsurance market's segmentation based on model type (partner-agent model, full-service model), product type (life insurance, health insurance, property insurance, others), end-use (business, personal), provider (microinsurance commercially viable, microinsurance through aid/government support), distribution channel (direct sales, financial institutions, digital channels, others), and region.
Key Players:
The report profiles key participants in the microinsurance market, including The Hollard Insurance Company, afpgen.com.ph, American International Group, Inc., Bharti AXA Life Insurance Company Limited, SBI Life Insurance Company Limited, ICICI Prudential Life Insurance Co. Ltd., Banco do Nordeste Brasil S.A., Climbs, Allianz SE, and Bajaj Allianz Life Insurance Co. Ltd.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 110 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $72.85 Billion |
| Forecasted Market Value (USD) by 2030 | $121.18 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
Market Dynamics
Market Drivers
- Emergence of new, innovative channels to market and sell microinsurance
- Increasing number of microinsurance start-ups making market foray with innovative microinsurance plans
Market Challenges
- Lack of adequate financial literacy
- Increasing adoption of health microinsurance products and services
Companies Mentioned
- The Hollard Insurance Company
- afpgen.com.ph
- American International Group, Inc.
- Bharti AXA Life Insurance Company Limited
- SBI Life Insurance Company Limited
- ICICI Prudential Life Insurance Co. Ltd.
- Banco do Nordeste Brasil S.A.
- Climbs
- Allianz SE
- Bajaj Allianz Life Insurance Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/fajrro
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