The insurance industry in
Competitive vendor landscape
The growth of the nominal GDP in
“There is an increase in technological innovations in the micro-insurance industry. The recovery of the global economy, future innovations, and the sustainability of a growing global population rely on micro-insurance companies as these are considered economic growth engines,” says
In response to high demand for micro-insurance products, micro-insurance companies must focus on innovation to gain a larger share of the markets. Micro-insurance customers are largely dependent on insurance providers as they are less aware of micro-insurance products. The low-income customers often do not have knowledge or proper understanding of the products and this lack of awareness about various sources of microfinancing products is hampering the growth of micro-insurance companies.
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Top seven micro-insurance market vendors in
AIG is a major insurance provider with over 88 million customers across the world. This company offers life and retirement services, casualty and property insurance, and mortgage guarantee. It is serving the institutional, commercial, and individual customers.
Asian Life and General Assurance
Asian Life and General Assurance offers many insurance products to the various institutions located in
CARD Pioneer is formed from the joining of CARD and Pioneer together for providing micro-insurance products to the economically-and-socially challenged families located in
CLIMBS Life is among the leading vendors of insurance products in
The company offers barangay family protection that provides three main coverages: personal accident, property, and cash assistance. The company pays
The company provides MetLife Vishwas, which is a single premium, micro-insurance, non-participating term assurance plan that provides life cover at a nominal cost to the insured. On survival, the insured gets 110% or 125% of the premium (110% of the single premium is paid for a five-year coverage term and 125% of the single premium is paid for a 10-year coverage term).
MicroEnsure provides insurance to the mass market with more than 15 million customers in 17 markets across
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