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 of insurance products is driving the growth of the reinsurance market. Insurers transfer portions of their risk portfolios to others by an agreement known as reinsurance. Reinsurance is also known as insurance for insurers or stop-loss insurance. Technological advancements also back the reinsurance market. Therefore, we expect that the reinsurance market will show huge growth during the forecast period.
Market Synopsis
The non-Life Segment will lead the Market
The 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 the rise. Awareness and strict policies towards accidental insurance, vehicle insurance, and property insurance, to name a few, have led to growth in demand for non-life insurance or general insurance. The need for reinsurance is directly dependent upon the demand for general insurance. Thus, we expect the non-life Segment to show significant growth during 2019-2027.
North America will continue its Dominance
North America led the reinsurance market during the forecast period. It is estimated that more than 50% of the revenue 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 insurers' noteworthy interest in the region's reinsurance market. Backed by political and policy changes, the reinsurance market is set to grow. As a result, we expect that North America will grow significantly throughout the forecast period.
Some of the prominent players operating in the reinsurance market are 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. In addition, compounded Annual Growth Rate (CAGR) for each respective Segment was calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The reinsurance market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global reinsurance market based on product, distribution channel, and geography.
Frequently Asked Questions:
The market for Reinsurance is expected to reach US$ XX by 2027.
The Reinsurance market is expected to see significant CAGR growth over the coming years, at 4.0%.
The report is forecasted from 2019-2027.
The base year of this report is 2021.
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 are some of the major players in the global market.
