Reinsurance Market Expected to Rea $1,344 Bn, Globally, by 2031 at 10.8% CAGR: Allied Market Research

Posted byamarketplaceresearch Leave a comment on Reinsurance Market Expected to Rea $1,344 Bn, Globally, by 2031 at 10.8% CAGR: Allied Market Research

Allied Market Research recently published a report, titled, “Reinsurance Market by Type (Facultative Reinsurance, Treaty Reinsurance), by Application (Property & Casualty Reinsurance, Life & Health Reinsurance), by Distribution Channel (Direct Writing, Broker), by Mode (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2022-2031″. As per the report, the global reinsurance industry was pegged at $498.7 billion in 2021, and is expected to reach $1,344 billion by 2031, growing at a CAGR of 10.8% from 2022 to 2031.

Download Sample Report @ https://www.alliedmarketresearch.com/request-sample/6653

Major Determinants of the Reinsurance Market Growth

Rise in demand for various insurance plans and increased awareness due to Covid-19 pandemic drive the growth of the global reinsurance market. Moreover, demand for artificial intelligence in reinsurance and conduit reinsurance would open new opportunities in the future.

Covid-19 Scenario:

  • The pandemic had a negative effect on the market as socioeconomic disruptions accelerated the dynamics of broker, primary insurer, and reinsurer consolidation.
  • However, the digitization of reinsurance market limited the negative impact of Covid-19 on the market.

Scope of the Report:

Report AttributeDetails
Revenue forecast in 2031$1344.3 billion
Growth rateCAGR of 10.8% from 2022 to 2031
Forecast period2022 – 2031
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Regional scopeNorth America, Europe, Asia Pacific, Latin America, MEA
Country scopeU.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia
Key companies profiledAXA XL, Barents Re Reinsurance Company, Inc., Berkshire Hathaway Inc., BMS Group, China Reinsurance (Group) Corporation, Everest Re Group, Ltd., Hannover Re, Lloyd’s, MAPFRE, Markel Corporation, Munich RE, RGA Reinsurance Company, Swiss Re, The Canada Life Assurance Company, Tokio Marine HCC, SCOR, and Next Insurance, Inc. Access Table PDF

The Treaty Reinsurance segment to Manifest the highest CAGR through 2031

By type, the treaty reinsurance segment is estimated to portray the highest CAGR of 11.9% during the forecast period. In addition, the segment held the largest share in 2021, accounting for more than two-thirds of the global reinsurance market, and is expected to continue its dominance throughout the forecast period. The lack of individual underwriting on the part of the assuming insurer is the main feature of a treaty arrangement. The report includes analysis of the facultative reinsurance segment.

The Property & Casualty Reinsurance Segment Dominated the Market

By application, the property & casualty reinsurance segment held the largest share in 2021, contributing to nearly two-thirds of the global reinsurance market, and is expected to maintain leading position during the forecast period. Commercial property & casualty reinsurance either pays to repair or rebuild property with materials of the same or pays the current value of the damaged property. Hence, this is a major factor driving the growth of the market. However, the life & health reinsurance segment is projected to manifest the highest CAGR of 12.8% during the forecast period, owing to increase in demand for life and health insurance during the forecast period. The COVID-19 pandemic has increased awareness of the value of and demand for life insurance among consumers.

Interested to Procure the Data? Inquire Here @  https://www.alliedmarketresearch.com/purchase-enquiry/6653

The Broker Segment to Showcase the Highest CAGR through 2031

By distribution channel, the broker segment is projected to manifest the highest CAGR of 13.0% during the forecast period. Brokers use their marketing skills and knowledge about reinsurance to sell policies to the end customers. These intermediaries search for potential buyers and explain the advantages, benefits, disadvantages, and other details for reinsurance coverage, which fuels the growth of the market. However, the direct writing segment held the largest share in 2021, accounting for nearly three-fourths of the global reinsurance market, and is expected to continue its dominance from 2022 to 2031. This is due to awareness among the insurers regarding reinsurance policies to cover business risks and losses.

North America held the Lion’s Share

By region, the global reinsurance market across North America held the largest share in 2021, accounting for more than two-fifths of the market. This is due to surge in the life & health insurance, property & casualty insurance, and other insurance policies and advent of increase in demand for artificial intelligence and technologies. However, the market across Asia-Pacific is expected to register the highest CAGR of 14.2% during the forecast period, owing to developing market, underwriting procedures, and innovations across the region.

Major Market Players

  • AXA XL
  • Barents Re Reinsurance Company, Inc.
  • Berkshire Hathaway Inc.
  • BMS Group
  • China Reinsurance (Group) Corporation
  • Everest Re Group, Ltd.
  • Hannover Re
  • Lloyd’s
  • MAPFRE
  • Markel Corporation
  • Munich RE
  • RGA Reinsurance Company
  • Swiss Re
  • The Canada Life Assurance Company
  • Tokio Marine HCC
  • SCOR
  • Next Insurance, Inc.

The report analyzes these key players of the global satellite connectivity market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the reinsurance market analysis from 2021 to 2031 to identify the prevailing reinsurance market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the reinsurance market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global reinsurance market trends, key players, market segments, application areas, and market growth strategies.

Request Customization: https://www.alliedmarketresearch.com/request-for-customization/6653

Key Market Segments

Type

  • Facultative Reinsurance
  • Treaty Reinsurance
    • Treaty Reinsurance
      • Proportional Reinsurance
      • Non-proportional Reinsurance

Application

  • Property & Casualty Reinsurance
  • Life & Health Reinsurance
    • Life & Health Reinsurance
      • Disease Insurance
      • Medical Insurance

Distribution Channel

  • Direct Writing
  • Broker

Mode:

  • Online
  • Offline

Related Reports:

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube |

Leave a comment

Your email address will not be published. Required fields are marked *