This chapter provides an overview of microinsurance and reviews existing supply, demand, and impact research. Despite half of the world’s population lacking traditional insurance solutions, offering low-cost, low-coverage insurance products has not been effective. Our review shows that supply-side and demand-side limitations explain why take-up has been much lower than expected, and encouraging take-up is difficult. We review the processes, give an overview of the challenges, and provide impulses for further research and product development. The “contributive & collaborative” (C&C) microinsurance model offers a customer-centric and demand-driven alternative to empower individuals and communities.