The international microinsurance market is predicted to grow at a compound annual growth rate (CAGR) of 8.2% during 2016 to 2020, suggesting that more of the world’s poorest, and most vulnerable will have access to invaluable insurance protection, according to new research.
Microinsurance solutions target low-income households and farmers, among other poorer and vulnerable demographics, to provide affordable and effective insurance protection mostly, for those in developing or emerging economies of the world.
Microinsurance solutions are far more commonplace in emerging parts of the world, as lower incomes and lower asset values drive a need for lower premiums and more tailored solutions, an area that microinsurance providers have become proficient in.
Owing to the strong presence of microinsurance in developing parts of the world the potential for growth is vast, and according to the producers of the report, researchmoz.us, which explores key vendors, market drivers and market challenges, the global microinsurance market is expected to grow at a CAGR of 8.2% from 2016 to 2020.
The report states that to calculate the market size, “we consider the total amount of microinsurance from the Americas, APAC, and EMEA.”
