The global reinsurance market was valued at $498.7 billion in 2021, and is projected to reach $1344.3 billion by 2031, growing at a CAGR of 10.8% from 2022 to 2031.
Reinsurers have implemented various measures to enhance the earnings stability of primary insurers, as they strive to offer value-added services to their clients. The emphasis has shifted significantly from solely addressing property disaster risks to encompassing a broader spectrum of hazards. This shift reflects a broader commitment to supporting primary insurers and providing them with comprehensive coverage for a wider range of risks.
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Key players operating in the global reinsurance market analysis include 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, and Next Insurance, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the reinsurance industry.
The global reinsurance market is experiencing growth driven by increased demand for various insurance plans and heightened awareness, primarily influenced by the Covid-19 pandemic. Additionally, the market is witnessing new opportunities with the growing demand for artificial intelligence in reinsurance and the emergence of conduit reinsurance. These developments pave the way for enhanced efficiency and innovation in the reinsurance sector, creating avenues for future growth and expansion.
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.
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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.
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.
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KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the reinsurance market forecast from 2021 to 2031 to identify prevailing reinsurance market opportunity.
- In addition to the market research, important drivers, restraints, and opportunities are covered as well.
- 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 in determining the prevailing market opportunities.
- According to their contribution to global market revenue, the major countries in each region are mapped.
- 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.
Key Market Segments
Type
- Facultative Reinsurance
- Treaty Reinsurance
- Treaty Reinsurance
- Proportional Reinsurance
- Non-proportional Reinsurance
- Treaty Reinsurance
Application
- Property & Casualty Reinsurance
- Life & Health Reinsurance
- Life & Health Reinsurance
- Disease Insurance
- Medical Insurance
- Life & Health Reinsurance
Distribution Channel
- Direct Writing
- Broker
Mode
- Online
- Offline
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