Microinsurance Market to Grow by USD 30.39 billion from 2022 to 2027| Increasing demand for insurance policies drives the market – Technavio

NEW YORK, July 25, 2023 /PRNewswire/ --The microinsurance market is estimated to grow by USD 30.39 billion from 2022 to 2027, growing at a CAGR of 6.6%. APAC is estimated to account for 45% of the global market growth. Technavio's analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The growth of the APAC market is fueled by several factors, including the expansion of developing economies, limited insurance penetration, and a growing middle-class population. Increasing disposable incomes are expected to drive the demand for insurance products and foster market innovation. With advancements in digital technology and a burgeoning youth population, customer expectations are high, prompting companies to offer innovative insurance products and digitally-driven business models. Rapid urbanization in the region is also contributing to market growth, as people migrating from rural to urban areas have an increased demand for microinsurance products and services. Additionally, the ageing population in APAC is driving the demand for health insurance products, particularly microinsurance, due to their higher susceptibility to illnesses and health-related concerns. These factors are expected to support the growth of the regional market during the forecast period. For Comprehensive details on the market size of historic period(2017 to 2021) and forecast period (2023-2027) - View the Sample report

Key Developments:

• Rapid advances in technology, intense competition, and changing dynamics in the market are the key factors for the intense competition among vendors. 
• With the rising competition, the market will see consolidation. However, manufacturing complexities and high production costs pose significant risk factors for vendors in the market. 

Market Dynamics

Major Drivers & Challenges-

The increasing demand for insurance policies is notably driving market growth. Microinsurance firms are developing actuarial models and effective sales strategies to cater to the increasing demand for insurance policies. They are adopting efficient pricing policies in response to changing demographics, including the ageing Baby Boomer population and the growing spending power of Millennials. This shift presents opportunities for companies offering medical, life, accident, and other insurance products. The rise in demand for microinsurance is driven by the inclusion of security services and personalized financial services, meeting customers' cost-effective needs. Furthermore, microinsurance firms are investing in innovative insurance products and services to tap into the growth potential of emerging markets. As awareness about the benefits of microinsurance policies continues to increase, their demand is expected to rise during the forecast period.

Data privacy and security concerns are the major challenges hindering market growth. The use of online and on-device data storage in the insurance industry has been facilitated by technological advancements. However, this also exposes the data to potential risks such as cyber theft and hacking. Any breach in cybersecurity or misuse of data can result in significant financial losses. The global spread of COVID-19 necessitated remote working arrangements for many organizations, increasing the risks associated with cybersecurity and data privacy. Cybercriminals took advantage of these vulnerabilities during the pandemic, leading to potential revenue losses for microinsurance vendors. These factors are expected to impede the growth of the global microinsurance market during the forecast period.

Key Trends

The digitalization of the insurance industry is a key trend in the market. The adoption of digitization in the insurance sector has led to significant changes in the market. Digitization enables customers to compare different microinsurance policies and select the one that suits their requirements. Microinsurance companies are focusing on providing convenient, efficient, and personalized services to their clients. Digitalization has made it easier for customers to access and purchase insurance policies. Moreover, the advent of digitalization has led to the emergence of insurance companies that use advanced technologies to offer innovative and tailored microinsurance products and services. 

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report

Vendor Landscape

The microinsurance market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now

Company Profiles

The microinsurance market report includes information on the product launches, sustainability, and prospects of leading vendors including 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.

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

 Market Segmentation

This report extensively covers market segmentation by product type (property insurance, health insurance, life insurance, index insurance, and others), type (microinsurance (commercially viable) and microinsurance through aid or government support), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

• The property insurance segment will account for a significant share of market growth during the forecast period. Property insurance provides financial compensation to building owners or tenants in the event of damage or theft. Replacement cost coverage reimburses the costs of repairing or replacing damaged or lost property without considering depreciation. Premiums for this coverage are based on replacement costs. Actual monetary value coverage covers replacement costs after accounting for depreciation. Extended replacement cost coverage extends the coverage limit by up to 25% if construction costs have increased. The coverage limit represents the maximum benefit that an insurance company pays in a specific situation. Age limits may also apply, indicating the minimum or maximum age at which an insurance company issues or continues a policy. These factors are expected to contribute to the growth of the property insurance segment during the forecast period.

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global microinsurance market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on global microinsurance market 2017 - 2021 ($ billion)

• 4.2 Product Type Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Product Type Segment 2017 - 2021 ($ billion)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product Type

• 6.1 Market segments 
• Exhibit 30: Chart on Product Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product Type - Market share 2022-2027 (%)

• 6.2 Comparison by Product Type 
• Exhibit 32: Chart on Comparison by Product Type
• Exhibit 33: Data Table on Comparison by Product Type

• 6.3 Property insurance - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Property insurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Property insurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Property insurance - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Property insurance - Year-over-year growth 2022-2027 (%)

• 6.4 Health insurance - Market size and forecast 2022-2027
• Exhibit 38: Chart on Health insurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Health insurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Health insurance - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Health insurance - Year-over-year growth 2022-2027 (%)

• 6.5 Life insurance - Market size and forecast 2022-2027
• Exhibit 42: Chart on Life insurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 43: Data Table on Life insurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 44: Chart on Life insurance - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Life insurance - Year-over-year growth 2022-2027 (%)

• 6.6 Index insurance - Market size and forecast 2022-2027
• Exhibit 46: Chart on Index insurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 47: Data Table on Index insurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 48: Chart on Index insurance - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Index insurance - Year-over-year growth 2022-2027 (%)

• 6.7 Others - Market size and forecast 2022-2027
• Exhibit 50: Chart on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by Product Type 
• Exhibit 54: Market opportunity by Product Type ($ billion)
• Exhibit 55: Data Table on Market opportunity by Product Type ($ billion)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 56: Chart on Type - Market share 2022-2027 (%)
• Exhibit 57: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 58: Chart on Comparison by Type
• Exhibit 59: Data Table on Comparison by Type

• 7.3 Microinsurance (commercially viable) - Market size and forecast 2022-2027 
• Exhibit 60: Chart on Microinsurance (commercially viable) - Market size and forecast 2022-2027 ($ billion)
• Exhibit 61: Data Table on Microinsurance (commercially viable) - Market size and forecast 2022-2027 ($ billion)
• Exhibit 62: Chart on Microinsurance (commercially viable) - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Microinsurance (commercially viable) - Year-over-year growth 2022-2027 (%)

• 7.4 Microinsurance through aid or government support - Market size and forecast 2022-2027 
• Exhibit 64: Chart on Microinsurance through aid or government support - Market size and forecast 2022-2027 ($ billion)
• Exhibit 65: Data Table on Microinsurance through aid or government support - Market size and forecast 2022-2027 ($ billion)
• Exhibit 66: Chart on Microinsurance through aid or government support - Year-over-year growth 2022-2027 (%)
• Exhibit 67: Data Table on Microinsurance through aid or government support - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 68: Market opportunity by Type ($ billion)
• Exhibit 69: Data Table on Market opportunity by Type ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 70: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 71: Chart on Market share by geography 2022-2027 (%)
• Exhibit 72: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 73: Chart on Geographic comparison
• Exhibit 74: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 75: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027
• Exhibit 79: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027
• Exhibit 83: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 87: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 91: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 95: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 99: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027
• Exhibit 103: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 104: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 105: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 India - Market size and forecast 2022-2027
• Exhibit 107: Chart on India - Market size and forecast 2022-2027 ($ billion)
• Exhibit 108: Data Table on India - Market size and forecast 2022-2027 ($ billion)
• Exhibit 109: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.12 Mexico - Market size and forecast 2022-2027
• Exhibit 111: Chart on Mexico - Market size and forecast 2022-2027 ($ billion)
• Exhibit 112: Data Table on Mexico - Market size and forecast 2022-2027 ($ billion)
• Exhibit 113: Chart on Mexico - Year-over-year growth 2022-2027 (%)
• Exhibit 114: Data Table on Mexico - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 115: Market opportunity by geography ($ billion)
• Exhibit 116: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 117: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 118: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 119: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 120: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 121: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 122: Matrix on vendor position and classification

• 12.3 Accion International 
• Exhibit 123: Accion International - Overview
• Exhibit 124: Accion International - Product / Service
• Exhibit 125: Accion International - Key offerings

• 12.4 AIA Group Ltd. 
• Exhibit 126: AIA Group Ltd. - Overview
• Exhibit 127: AIA Group Ltd. - Business segments
• Exhibit 128: AIA Group Ltd. - Key offerings
• Exhibit 129: AIA Group Ltd. - Segment focus

• 12.5 AL BARAKAH MICROFINANCE BANK 
• Exhibit 130: AL BARAKAH MICROFINANCE BANK - Overview
• Exhibit 131: AL BARAKAH MICROFINANCE BANK - Product / Service
• Exhibit 132: AL BARAKAH MICROFINANCE BANK - Key offerings

• 12.6 ASA International Group plc 
• Exhibit 133: ASA International Group plc - Overview
• Exhibit 134: ASA International Group plc - Business segments
• Exhibit 135: ASA International Group plc - Key offerings
• Exhibit 136: ASA International Group plc - Segment focus

• 12.7 Banco Bilbao Vizcaya Argentaria SA
• Exhibit 137: Banco Bilbao Vizcaya Argentaria SA - Overview
• Exhibit 138: Banco Bilbao Vizcaya Argentaria SA - Business segments
• Exhibit 139: Banco Bilbao Vizcaya Argentaria SA - Key offerings
• Exhibit 140: Banco Bilbao Vizcaya Argentaria SA - Segment focus

• 12.8 BRAC International Holdings B.V. 
• Exhibit 141: BRAC International Holdings B.V. - Overview
• Exhibit 142: BRAC International Holdings B.V. - Business segments
• Exhibit 143: BRAC International Holdings B.V. - Key offerings
• Exhibit 144: BRAC International Holdings B.V. - Segment focus

• 12.9 Gojo and Company Inc. 
• Exhibit 145: Gojo and Company Inc. - Overview
• Exhibit 146: Gojo and Company Inc. - Product / Service
• Exhibit 147: Gojo and Company Inc. - Key offerings

• 12.10 HDFC Bank Ltd. 
• Exhibit 148: HDFC Bank Ltd. - Overview
• Exhibit 149: HDFC Bank Ltd. - Business segments
• Exhibit 150: HDFC Bank Ltd. - Key offerings
• Exhibit 151: HDFC Bank Ltd. - Segment focus

• 12.11 Hollard Insurance Group 
• Exhibit 152: Hollard Insurance Group - Overview
• Exhibit 153: Hollard Insurance Group - Product / Service
• Exhibit 154: Hollard Insurance Group - Key offerings

• 12.12 ICICI Bank Ltd. 
• Exhibit 155: ICICI Bank Ltd. - Overview
• Exhibit 156: ICICI Bank Ltd. - Business segments
• Exhibit 157: ICICI Bank Ltd. - Key offerings
• Exhibit 158: ICICI Bank Ltd. - Segment focus

• 12.13 Life Insurance Corp. of India 
• Exhibit 159: Life Insurance Corp. of India - Overview
• Exhibit 160: Life Insurance Corp. of India - Product / Service
• Exhibit 161: Life Insurance Corp. of India - Key offerings

• 12.14 Micro Insurance 
• Exhibit 162: Micro Insurance - Overview
• Exhibit 163: Micro Insurance - Product / Service
• Exhibit 164: Micro Insurance - Key offerings

• 12.15 Milliman Inc. 
• Exhibit 165: Milliman Inc. - Overview
• Exhibit 166: Milliman Inc. - Product / Service
• Exhibit 167: Milliman Inc. - Key offerings

• 12.16 Oikocredit International 
• Exhibit 168: Oikocredit International - Overview
• Exhibit 169: Oikocredit International - Product / Service
• Exhibit 170: Oikocredit International - Key offerings

• 12.17 Pramerica Life Insurance Ltd. 
• Exhibit 171: Pramerica Life Insurance Ltd. - Overview
• Exhibit 172: Pramerica Life Insurance Ltd. - Product / Service
• Exhibit 173: Pramerica Life Insurance Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 174: Inclusions checklist
• Exhibit 175: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 176: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 177: Research methodology
• Exhibit 178: Validation techniques employed for market sizing
• Exhibit 179: Information sources

• 13.5 List of abbreviations 
• Exhibit 180: List of abbreviations

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