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Microinsurance in India: A Great Business Opportunity
According to Economic Times,
India, Indonesia and the Philippines offer the biggest opportunities for the fledging microinsurance industry, which has a potential market of 3 billion people, industry officials said on Tuesday.
Microinsurance offers coverage for people with low incomes, including products such as life insurance, and is branching into areas such as offering farmers polices against extreme weather.
Over 140 million people, mostly in Africa and Asia, are now covered by affordable insurance premiums, and studies showed the potential market is up to 3 billion, the Munich Re Foundation and International Labour Organisation said ahead of a three-day microinsurance conference in Manila.
Thus, Microinsurance is a great business opportunity in Asia. And I think India can be the largest business opportunity for the microinsurance products as it has over 1 Billion of population and most of the people live below poverty line.
The next decade is of Microinsurance products in India for low income group of people. And this is really a cool thing.
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