The microinsurance market is set to grow, reaching US$ 103.5 Billion by 2026, driven by digital advancements and increased access to financial services.
According to the latest report by IMARC Group, titled “Microinsurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global microinsurance market exhibited moderate growth during 2015-2020. On account of the aforementioned factors, the market is expected to reach a value of US$ 103.5 Billion by 2026. Microinsurance represents the coverage offered to low-income households with limited income access and low-valued assets. It covers several property risks against crops, cattle, fire, etc., and merges multiple small financial units into a more massive structure. Microinsurance provides a cushion against unexpected losses and exorbitant interest rates charged by unorganized money lenders. It assists individuals belonging to the financially weaker society by formulating a tailored plan with minimum premiums and offering compensation for illness, injury, disabilities, and death.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Microinsurance Market Trends:
The expanding insurance sector across the globe and growing access to financial services among all classes of society are some of the key factors driving the microinsurance market. Additionally, continuous advancements, such as peer-to-peer models and other consumer-friendly insurance models, are further propelling the market growth. Besides this, these new trends offer access to flexible products and an end-to-end digital experience ensuring transparency between the service provider and insurance taker. In addition to this, several products are becoming digitally available, and microinsurance policies have gained preference amongst individuals in higher-income segments. This, in turn, is anticipated to bolster the microinsurance market in the coming years.
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Key Market Segmentation:
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Competitive Landscape with Key Players:
The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market.
Key highlights of the Report:
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The main topic is the growth and forecast of the global microinsurance market from 2021 to 2026.
Market growth is driven by digital advancements and increased access to financial services.
Microinsurance provides tailored plans with minimum premiums, offering financial protection against various risks.
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