Microinsurance, which has the potential to be worth $61.8 billion, is a crucial lifeline for many at-risk families across the world, according to the Microinsurance Network (MiN).
The 2022 study shows 253 insurance providers reporting on 935 products in 34 countries across Africa, Asia, Latin America, and the Caribbean.
The findings of the Microinsurance Network’s Landscape of Microinsurance Study 2022, emphasised that the microinsurance market offers more than just a profitable opportunity, as it serves as a critical resource for families who rely on it for financial security.
The study conducted on the microinsurance market in these countries reveals that it covers a wide range of areas, including health, life, accident, agriculture, aquaculture, livestock, property, and income. The study provides a comprehensive overview of the microinsurance industry, outlining crucial aspects such as market size, evolution, premiums, product development, social performance, reinsurance, and claims.
“With insurance activities on the rise in developing countries and growing interest from a broader range of stakeholders, providing an overview of the industry and dynamics of any given region is crucial in helping drive growth and engagement. The reports not only help inform policy and business decisions, they help determine product design and provide market entry for the private sector as well,” said Katharine Pulvermacher, executive director of MiN.
Ambassador and Permanent Representative of Luxembourg to the United Nations in New York, Olivier Maes also commented: “Insurance has the potential to make a significant and enduring contribution to public policy goals and to closing the global people protection gap and by providing protection for households and businesses, it is a key tool to enhance resilience, prosperity and growth. However, the gap between current reality and the need for insurance is significant with around three-quarters of the world’s population left potentially unprotected against daily risk and natural disasters.”
The MiN, with its expanding global membership, has been making strides in bridging gaps and promoting inclusion, responsibility, and the growth of a robust insurance sector. This work has been crucial in serving the needs of vulnerable communities around the world, Maes added.
