The rising consumer awareness regarding the importance of microinsurance and its benefits is one of the primary factors driving the market growth.

SHERIDAN, ALABAMA, UNITED STATES, July 21, 2023/EINPresswire.com/ -- IMARC Group, a leading market research company, has recently releases report titled,“Microinsurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, include Microinsurance Market Growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the Microinsurance Market?

• Market Size in 2022: US$ 83.7 Billion
• Market Forecast in 2028: US$ 118.8 Billion
• Growth rate (2023 to 2028): CAGR of 5.8%
• Base Year of the Analysis: 2022
• Forecast Period: 2023-2028

What is Microinsurance?

Microinsurance refers to insurance products designed to cater to the needs of low-income individuals or communities with limited access to traditional insurance services. It offers affordable and accessible coverage for health, life, property, and agriculture risks. It aims to protect vulnerable populations against financial shocks caused by unforeseen events. It promotes financial inclusion and resilience in underserved communities by providing coverage at lower premiums and simplified processes. It plays a vital role in reducing low-income individuals' economic vulnerabilities and offers a safety net for them to recover from setbacks. It contributes to poverty reduction and enhances the overall economic stability of marginalized populations.

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What are the growth prospects and trends in the Microinsurance industry?

The global market is primarily driven by the increasing awareness among individuals, communities, and policymakers about the importance of risk protection and financial inclusion for underserved populations. In line with this, the rapid advancements in technology, particularly mobile technology and digital platforms, have facilitated the distribution and administration of microinsurance products. Technology enables cost-effective operations, efficient claim processes, and wider reach, significantly contributing to the market. Furthermore, governments and regulatory bodies worldwide are supporting and promoting microinsurance initiatives through policy frameworks and incentives. Favorable regulatory environments and government support contribute to market expansion. Apart from this, the growing collaborations between microfinance institutions, insurers, NGOs, and other stakeholders have facilitated the development and distribution of microinsurance products. Such partnerships enhance product accessibility, distribution channels, and consumer trust, catalyzing the market. Moreover, microinsurance providers are developing innovative product designs that cater to the specific needs and preferences of low-income individuals. Customized coverage, flexible payment options, and affordable premiums make microinsurance more attractive, leading to market growth. Besides, as incomes rise in emerging markets, there is an increased ability and willingness to invest in risk protection and insurance. The expanding middle class in these markets strengthens the market. Additionally, the escalating frequency and severity of natural disasters and climate-related events have highlighted the vulnerability of underserved populations. Microinsurance products covering risks related to agriculture, property, and climate-related events are in demand, fostering the market.

What is included in market segmentation?

The report has segmented the market into the following categories:

Product Type Insights:

• Property Insurance
• Health Insurance
• Life Insurance
• Index Insurance
• Accidental Death and Disability Insurance
• Others

Provider Insights:

• Microinsurance (Commercially Viable)
• Microinsurance Through Aid/Government Support

Model Type Insights:

• Partner Agent Model
• Full-Service Model
• Provider Driven Model
• Community-Based/Mutual Model
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Who are the key players operating in the industry?

• Energous Corporation
• Humavox Ltd.
• Integrated Device Technology Inc.
• Leggett & Platt
• Murata Manufacturing Co. Ltd.
• NuCurrent Inc.
• MothersonOssia
• Qualcomm Incorporated
• Samsung Electronics
• TDK Corporation
• Texas Instruments
• Wi-Charge Ltd.
• WiTricity Corporation

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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