Microinsurance Market is predicted to reach USD 147.6 Billion at a CAGR of 6.20% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Global Microinsurance Market” that contains information from 2018 to 2032. The microinsurance market is estimated to register a CAGR of 6.20% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global microinsurance market— HDFC Ergo General Insurance Company Limited, Hollard, MicroEnsure Holdings Limited, National Insurance Commission, Standard, Chartered Bank, Wells Fargo, SAC Banco do Nordeste, MetLife Services and Solutions, LLC, Bandhan Bank, ICICI Bank, and Tata AIA Life

Microinsurance Market Highlights:

The global microinsurance market is accounted to register a CAGR of 6.20% during the forecast period and is estimated to reach USD 147.6 Billion by 2032.

As it offers low-income people and households affordable insurance coverage, the microinsurance sector is steadily expanding. According to the requirements of underprivileged groups, microinsurance products often provide coverage for particular risks including health, life, property, and agricultural. The industry is fueled by low-income segments' growing understanding of the value of insurance protection and initiatives by insurers and governments to increase financial inclusion.

Segment Analysis

The global microinsurance market has been segmented based type, age group, product, provider, distribution channel and model.

On the basis of type, the market is segmented into lifetime coverage and term insurance. In 2022, the global market was dominated by the term insurance category. With term insurance, businesses can reach a large number of low-income individuals and families who might not otherwise have access to conventional insurance products.

Based on age group, the global microinsurance market has been segmented into minor, adult, and senior citizens. The adult segment dominated the global market in 2022. Due to their numerous advantages, adult consumers are increasingly adopting microinsurance products, which drives segment growth.

Based on product, the global microinsurance market has been segmented into property insurance, health insurance, life insurance, index insurance, accidental death and disability insurance, and others. In 2022, the life insurance category will rule the world market. Life insurance is now the market leader on a global scale thanks to a combination of lower risk, greater demand, simpler underwriting, and lower rates.

Based on provider, the global microinsurance market has been segmented into microinsurance (commercially viable) and microinsurance through aid/government support. In 2022, the worldwide Microinsurance market was dominated by the microinsurance (commercially viable) category. Commercially successful microinsurance providers are working to develop fresh approaches that are uniquely adapted to the needs of low-income individuals and communities.

Based on distribution, the global microinsurance market has been segmented into direct sales, financial institutions, e-commerce, hospitals, clinics, and others. In 2022, the financial institution segment led the world market for microinsurance. A significant component of the market is served by banks that concentrate on micro-enterprise solutions, which distribute the majority of the microinsurance that is sold through financial institutions.

Based on model, the global microinsurance market has been segmented into partner agent model, full-service model, provider driven model, community-based/mutual model, and others. In 2022, the segment based on partner agent models led the worldwide microinsurance market. Microinsurance providers may benefit from collaborating closely with partner agents who have a solid understanding of the requirements and preferences of their clients.

Regional Analysis

The global microinsurance market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe microinsurance market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The microinsurance market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World microinsurance market comprises of Middle East, Africa, and Latin America.

The largest market share for microinsurance was maintained by the North American regional sector. Offering microinsurance solutions to customers has become easier and more accessible because to the growth of digital platforms and mobile technology. As a result, there are more businesses on the market, including entrepreneurs in the insurtech sector that target underserved demographics with technology. The established regulatory framework for insurance products in North America offers a stable environment for microinsurance providers.

Moreover, in 2022, the Europe microinsurance market held a sizable portion of the industry. The increasing demand for microinsurance products and services is one of the main forces behind market expansion in the Europe region. In the region, a number of non-governmental organisations, microfinance institutions, and donors are also investing in microinsurance.

Additionally, this is due to the existence of a substantial pool of disadvantaged people, low insurance penetration, a supportive legal framework, and technological innovation. Many nations in the Asia-Pacific region have passed laws to support the expansion of microinsurance initiatives. For instance, in some countries, including the Philippines and Indonesia, microinsurance providers are exempt from some regulatory requirements like capitalization and solvency constraints.

Furthermore, the rest of the world's microinsurance market is divided into the Middle East, Africa, and Latin America. Microinsurance products designed to address the particular risks that low-income people and households confront are becoming more popular in the area. The LATAM market offers development potential for microinsurance providers looking to meet the insurance needs of the impoverished sectors due to growing awareness and initiatives to promote financial inclusion.

Key Findings of the Study

• The global microinsurance market is expected to reach USD 147.6 Billion by 2032, at a CAGR of 6.20% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market This is caused by the existence of a substantial pool of disadvantaged people, low insurance penetration, a supportive legal framework, and technological innovation. In the Asia-Pacific region, many nations have passed legislation to support the expansion of microinsurance initiatives.


• Based on age group, the adult segment was attributed to holding the largest market.


• HDFC Ergo General Insurance Company Limited, Hollard, MicroEnsure Holdings Limited, National Insurance Commission, Standard, Chartered Bank, Wells Fargo, SAC Banco do Nordeste, MetLife Services and Solutions, LLC, Bandhan Bank, ICICI Bank, and Tata AIA Life