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Microinsurance Market 2022 New Opportunities, Top Trends and Business Development 2030

Quadintel published a new report on the Microinsurance Market. The research report consists of thorough information about demand, growth, opportunities, challenges, and restraints. In addition, it delivers an in-depth analysis of the structure and possibility of global and regional industries.

The global microinsurance market size was US$ 74.3 billion in 2021. The global microinsurance market is forecast to grow to US$ 117.7 billion by 2030 by growing at a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.

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Microinsurance products offer insurance to low-income households. It is beneficial for individuals with low income. It is specifically crafted to cover assets and compensation for illness, injury, or death.

Factors Influencing the Market

The growth of the microinsurance market is forecast to be driven by the growing number of advancements like peer-to-peer models, and other cost-effective insurance models. In addition, the rising demand for end-to-end digital experience to enhance the transparency between the insurance taker and service provider will contribute to the growth of the microinsurance market.

The increasing cost of efficient healthcare services and the rising prevalence of diseases will fuel the growth of the global microinsurance market. In addition, the growing employment rate and raising awareness about the benefits of microinsurance policies will surge the growth of the market.

The growing geriatric population and the growing number of accidents will escalate the growth of the global microinsurance market. Furthermore, increasing demand for efficient surgical procedures and growing GDP will benefit the microinsurance market throughout the forecast period.

COVID-19 Impact Analysis

The global microinsurance market witnessed significant obstacles due to the COVID-19 pandemic. The pandemic created a myriad of unexpected problems, such as limitations on the movement, which declined the demand for health insurance. However, the growing digitization and increasing awareness related to beneficial insurance policies will increase the demand for microinsurance policies. Moreover, the pandemic increased the awareness among the citizens to purchase insurance for future needs. Thus, the microinsurance industry may witness lucrative growth opportunities in the coming years.

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Regional Analysis

Based on the regions, the Asia-Pacific microinsurance market is forecast to hold the highest market share during the forecast period. It is due to the presence of emerging economies and the rising low-income population in the region. In addition, favorable regulations in the region will contribute to the growth of the market. The increasing prevalence of diseases, growing number of accidents, and rising geriatric population will also benefit the Asia-Pacific microinsurance market during the study period.

Competitors in the Market

HDFC Ergo General Insurance Company Limited
MicroEnsure Holdings Limited
NSIA Insurance
Standard Chartered Bank
Wells Fargo
SAC Banco do Nordeste
Bandhan Financial Services Limited
Tata AIA Life
Other Prominent Players
Market Segmentation

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The global microinsurance market segmentation focuses on Type, Product, Provider, Distribution Channel, Model, and Region.

By Type

Lifetime Coverage
Term Insurance

By Product

Property Insurance
Health Insurance
Life Insurance
Index Insurance
Accidental Death and Disability Insurance
By Provider

Microinsurance (Commercially Viable)
Microinsurance Through Aid/Government Support

By Distribution Channel
Direct Sales
Financial Institutions

By Model

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

By Region

North America
The U.S.
Western Europe
The UK
Rest of Western Europe
Eastern Europe
Rest of Eastern Europe
Asia Pacific
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Saudi Arabia
South Africa
Rest of MEA
South America
Rest of South America

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Final Report will add the analysis of the impact of COVID-19 on this industry.”

In the highly import dependent Microinsurance Market, a large number of indigenous manufacturers of syringes and needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.

The report provides a snapshot of the Microinsurance Market. It begins with the introduction section which mentions the features and uses of syringes and needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes and needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.

An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes and needles and problems associated with usage. Government legislation in the market has been discussed in the next section.

The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section. A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability

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