Micro insurance market to grow 6.5% annually until 2032

Asia-Pacific market accounted for 35% of global revenue in 2023.

The global microinsurance market, valued at $74.2b in 2023, is projected to grow at a compound annual growth rate (CAGR) of over 6.5% between 2024 and 2032, according to Global Market Insights.

This growth is attributable to government initiatives and increased accessibility for low-income individuals and small businesses. 

Regionally, the Asia-Pacific market accounted for 35% of global revenue in 2023, bolstered by increased funding in micro insurance startups. 

Investor support has enabled these startups to innovate and expand their services, reaching more underserved populations and driving growth in the region.

In the global life insurance segment, 1.07 million new micro insurance policies were issued in 2021, which generated $45.2 million in premiums. 

The general insurance segment issued 53,046 policies during the same period, according to data from the Press Information Bureau. 

Affordable accident and death coverage is a significant driver of market growth, catering to vulnerable communities without overburdening their limited budgets.