The Landscape of Microinsurance 2023

Authors: Alice Merry and Johan Sebastian Rozo Calderon for the Microinsurance Network

Date: April 2023

As climate change and the pandemic have bought the importance of microinsurance to the fore in recent years, the Landscape of Microinsurance has proved a vital barometer on the development of the sector. With 253 insurance providers reporting on 935 products in 34 countries across Africa, Asia, Latin America and the Caribbean, the 2023 study is the most comprehensive to date.

Based on the data provided by these insurers, the study concludes that up to 223 million people in the 34 participating countries are covered by a microinsurance product, with the most prevalent product lines being life, credit life and health. The study estimates the value of the microinsurance market at USD 61.8 billion. Currently, just 3% of that market value is currently captured, demonstrating the untapped potential that remains.

The latest study can be read on the Microinsurance Network website.