Growing Technological Advancements to boost the demand for Reinsurance Market
The reinsurance market worldwide is expected to grow with a CAGR of 4.0% during the forecast period from 2019 to 2027 starting from USD 254 Bn in 2018. Increasing awareness for insurance products is driving the growth of reinsurance market. The practice of insurers to transfer portions of their risk portfolios to others by an agreement is known as reinsurance. Reinsurance is also known as insurance for insurers or stop-loss insurance. The reinsurance market is also backed by technological advancements. Therefore, we expect that the reinsurance market will show huge growth during the forecast period.
Market Synopsis
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Non-Life Segment will led the Market
Global reinsurance market has two segments on the basis of product – life and non-life segment. The non-life segment has the largest share, with around 73% of the market revenue share in 2018. The demand for general insurance is on a rise. Awareness and strict policies towards accidental insurance, vehicle insurance, property insurance, to name a few, has led to growth in demand for non-life insurance or general insurance. The demand for reinsurance is directly dependent upon the demand for general insurance. Thus, we expect that the non-life segment will show significant growth during the forecast period 2019-2027.
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North America will continue its Dominance
North America led the reinsurance market during the forecast period. It is estimated that more than 50% revnue of the reinsurance market shall be contributed by North America. North America has its dominance due to changes in equity markets and interests rate during 2018. Fluctuating interest rates have brought along noteworthy interest of insurers in the reinsurance market in the region. Backed by changes in political landscape and policies, the reinsurance market is set to grow. As a result, we expect that North America will grow significantly throughout the forecast period.
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Some of the prominent players operating in the reinsurance market Barents Re Reinsurance, Inc., Berkshire Hathaway Inc.,BMS Group Ltd., China Reinsurance (Group) Corporation, Everest Re Group, Ltd., Hannover Re, IRB-Brasil Resseguros S.A., Lloyd's, Munich Re, Odyssey Reinsurance, PartnerRe, Reinsurance Group of America, Incorporated, SCOR SE, and Swiss REGroup among others.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.
The reinsurance market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global reinsurance market based on product, distribution channel and geography. Key segments covered in the report are as follows:
ATTRIBUTE | DETAILS |
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Research Period | 2017-2027 |
Base Year | 2018 |
Forecast Period | 2019-2027 |
Historical Year | 2017 |
Unit | USD Billion |
Segmentation |
Product (2017–2027; US$ Bn) |
Distribution Channel (2017–2027; US$ Bn) |
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Geography Segment (2017–2027; US$ Bn) |