According to the latest report by IMARC Group, titled “India Microinsurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the India microinsurance market is currently witnessing moderate growth. Looking forward, the market is expected to witness moderate growth during 2021-2026.
Microinsurance represents a microfinance component that provides coverage to households with limited income access and low-valued assets. It formulates tailor-made plans for individuals who belong to the weaker section of the society with a low premium rate. Microinsurance offers compensation in case of illness, injury, disabilities, and death. It provides a safety net against unexpected losses and exorbitant interest rates charged by unorganized money lenders.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally-our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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The expanding finance industry stakeholders, such as non-governmental organizations, microfinance institutions, and donors, are driving the India microinsurance market. Furthermore, the rising advancements which aid microinsurance to be delivered through the partner-agent, full-service, community-based, etc., are also propelling the market growth. Besides this, the microinsurance policies are gaining traction due to their numerous benefits, are further bolstering the global market. Additionally, the growing addition of innovative features offers policies with limited risks involved and reduced overall costs, which is expected to cater to the growth of the microinsurance market in India.
Key Market Segmentation:
Breakup by Product Type:
- Property Insurance
- Health Insurance
- Life Insurance
- Index Insurance
- Accidental Death and Disability Insurance
Breakup by Provider:
- Microinsurance (Commercially Viable)
- Microinsurance Through Aid/Government Support
Breakup by Model Type:
- Partner Agent Model
- Full-Service Model
- Provider Driven Model
- Community-Based/Mutual Model
Breakup by Region:
- North India
- West and Central India
- South India
- East India
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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