Microinsurance Market Comprehensive Shares, Historical Trends And Forecast By 2032
Microinsurance Market Overview: Microinsurance is a type of insurance that is designed for low-income individuals and families. It offers protection against specific risks, such as death, illness, or loss of assets. Microinsurance premiums are typically low and affordable, and the coverage is often limited. The global microinsurance market Size is expected to grow from USD 91.2 billion in 2023 to USD 147.6 billion by 2032, at a CAGR of 6.20% during the forecast period. The major drivers of the microinsurance market are: Increasing access to financial services among low-income populations: The growing penetration of mobile phones and other financial technology (fintech) solutions is making it easier for low-income individuals and families to access financial services, including microinsurance. Growing awareness of the benefits of microinsurance: There is a growing awareness among low-income populations of the benefits of microinsurance, such as protection against finan...