Cookie Consent by

BENCHMARK REPORT LAUNCH 2022 Landscape of Microinsurance Study

BENCHMARK REPORT LAUNCH 2022 Landscape of Microinsurance Study

With an estimated potential value of USD 61.8 billion, the microinsurance market is one of opportunity, but also one of criticality to many at-risk families around the world. This unique industry-leading report includes data from 253 insurance providers reporting on 935 products in 34 countries across Africa, Asia, Latin America and the Caribbean.

Luxembourg, 17 April 2023 - EMBARGOED UNTIL 15:00 CEST ON THURSDAY 20 APRIL

Non-profit association, the Microinsurance Network (MiN), is delighted to announce the launch of its unique Landscape of Microinsurance Study for 2022

Publication of the details from this report is embargoed until 15:00 CEST on 20th April, following the virtual launch conference. 


In a world of increasing complexity and risk, families are on the frontline of hazard and shock, and insurance can and must play a critical role in their financial resilience. 

Published annually since 2010, the flagship Landscape of Microinsurance research and insights series provides a unique global benchmark - tracking the uptake of inclusive insurance products and services, along with insights into emerging trends connected with closing the people protection gap. Based on extensive primary research, the reports and data provide information that cannot be found anywhere else. 

The annual benchmark studies – which are available in English, Arabic, French and Spanish - have become an invaluable reference for all stakeholders in the inclusive insurance arena, providing state-of-the-art market intelligence to directly inform their strategic decisions to support inclusive insurance initiatives such as microinsurance programmes in developing countries.

The 2022 study is the most comprehensive to date with 253 insurance providers reporting on 935 products in 34 countries across Africa, Asia, Latin America and the Caribbean. With an estimated value of USD 61.8 billion, the microinsurance market in these countries is one of opportunity - covering health, life and accident, agriculture, aquaculture and livestock, property and income, the study paints a broad picture of the microinsurance landscape, detailing market size and evolution, premiums, product development, social performance, reinsurance and claims.

Katharine Pulvermacher, Executive Director of the Microinsurance Network, said:

“The Landscape of Microinsurance Series is considered a unique benchmark for tracking insurance uptake in emerging countries. To date, the studies have proved highly influential, highlighting barriers, regulations, trends and opportunities in emerging markets – vital information which helps drive the development of suitable microinsurance products. And it is by offering valuable and actionable market intelligence that makes these reports such a success.

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. 

The microinsurance market in the countries covered in the report is one of massive opportunity and the Landscape Series is targeted at encouraging progression in an effort to ensure the widespread delivery and uptake of microinsurance solutions to those who need it most by helping to create greater financial inclusion and security - and ultimately, to close the people protection gap.”

Jan Kellett, Team and Corporate Lead, Insurance and Risk Finance Facility, The United Nations Development Programme, commented: 

“We are delighted to be supporting the Microinsurance Network with this invaluable study which plays such a pivotal role in helping to shed light on how microinsurance can and must contribute to the financial resilience of at-risk families, but also in a larger picture in relation to the UN Sustainable Development Goals as well as meeting the global re/insurance sector’s Environmental, Social and Governance responsibilities. 

In many countries, there is often inadequate information and data on which to develop the most suitable insurance products and services that are more likely to be bought by customers because they meet their needs, are easily accessible and are crucially, affordable. By providing critical market knowledge and insights, the Landscape Study assists and encourages insurers and other key stakeholders to develop products and services which help to create greater financial security for people and communities around the world. 

The Landscape series is forging new ground by helping policy makers base financial inclusion decisions on accurate information about who in the world’s population is excluded and what can be done to address this urgent global issue.” 

His Excellency Olivier Maes, Ambassador and Permanent Representative of Luxembourg to the United Nations in New Yorksaid:

“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.

In recent years, The Microinsurance Network - through its diverse and fast- growing global membership - has been doing groundbreaking work to help address these gaps and drive progress in inclusion, responsibility and the development of a healthy, vibrant global insurance sector that serves the needs of the vulnerable. Luxembourg is proud to be supporting the tremendous efforts of the association including being a sponsor of this latest Landscape Study which over the last decade has become a key enabler for tracking the development of the inclusive insurance market.”  

The Microinsurance Network wishes to thank the sponsors of this study - namely the Luxembourg Directorate for Development Cooperation and Humanitarian Affairs of the Ministry of Foreign and European Affairs, the Luxembourg Ministry of Finance, the United Nations Development Programme (UNDP), AXA Emerging Customers, Barents Re Reinsurance Company, Swiss Re Foundation, AON Philippines and the Insurance Federation of Egypt - for their financial support and other contributions that have made this study possible as well as all the insurers and aggregators who have provided the data essential to this study.

The MiN is based in Luxembourg, a recognised centre of excellence for financial inclusion.  Supported by the Luxembourg Ministry of Foreign and European Affairs - Directorate of Development Cooperation and Humanitarian Affairs and Ministry of Finance, it celebrated its 20th anniversary in 2022 and is uniquely positioned within the inclusive insurance ecosystem through its diverse, global community of more than 500 experts and practitioners from over 70 countries. The Network’s strategic vision for 2026 contains several clear actions that will further deliver accessible insight, data, and country-level knowledge on implementing inclusive insurance programmes around the world.


- ENDS -




About the Microinsurance Network 

The Microinsurance Network is the global multi-stakeholder platform for professionals and organisations that are committed to making insurance inclusive. Membership-based, we bring together diverse stakeholders from across the value chain who share our vision of a world where people of all income levels are more resilient and less vulnerable to daily and catastrophic risks. We encourage peer-to-peer exchange and learning, facilitate the generation of knowledge and research, and act as advocates, promoting the role that effective risk management tools, including insurance, play in supporting the broader development agenda.

Media Contacts:

Helen Wright

Lysander PR

+44 7842 729 579


Steve Colton

Lysander PR

+44 7554 889 056