According to the latest report by IMARC Group, titled “Africa Microinsurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the Africa microinsurance market is currently witnessing moderate growth. Looking forward, IMARC Group expects the market to continue its 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.
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Africa Microinsurance Market Trends:
The expanding finance industry stakeholders, such as non-governmental organizations, microfinance institutions, and donors, are driving the Africa microinsurance market. Besides this, the microinsurance policies are gaining traction based on numerous associated benefits in reducing the risk of losses and providing adequate compensation, which are further bolstering the market growth. Furthermore, continuous advancements that help microinsurance policies to be delivered through the partner-agent, full-service, community-based, etc., are also propelling the market growth in the region. Additionally, the emergence of numerous innovative features that offer limited risks involved and reduced overall costs, which are expected to cater to the growth of the microinsurance market across African countries.
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Africa Microinsurance Market 2021-2026 Analysis and Segmentation:
Breakup by Product Type:
- Property Insurance
- Health Insurance
- Life Insurance
- Index Insurance
- Accidental Death and Disability Insurance
- Others
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
- Others
Breakup by Country:
- South Africa
- Morocco
- Nigeria
- Egypt
- Kenya
- Others
Competitive Landscape:
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.
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