Global reinsurance market is anticipated to witness an exponential growth in the forecast period. Reinsurance implies insurance that is acquired by an insurance company. It allows companies claim under happenings including major disasters like hurricanes and wildfires. In addition, it is useful in risk management, tax mitigation, and for many other reasons. The company that procures the reinsurance policy is known as a ceding company, cedent, or cedant under most arrangements.
The factors that propel the growth of the market include developing and emerging economies, increased awareness regarding the importance of insurance among developed and developing economies, technological advancements, and growing demand for insurance products.
On the other hand, there are factors that may hamper the growth of the market including high manufacturing and designing cost of technology and vulnerability to cybercrimes. Reinsurance market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The market could be explored by type, application, and geography. Market by type could span Life Reinsurance and P&C Reinsurance. Market by-products constitute non-life and life. The “non-life” segment led the reinsurance market in 2017 and will continue to lead in the forecast period. The key factor that could be attributed to the growth of the market includes increasing consciousness regarding insurance products. The key applications that could be explored in the market include Broker and direct Writing.
North America accounted for the major share of the reinsurance industry in 2017 and will continue to lead in the forecast period. The factor that could be attributed to the growth include increasing demand, presence of leading companies, stringent government regulations with insurance, life and health, casualty and property, or a specialty such as aviation and marine, individuals and organizations proactively buy insurance in these counties. North America is followed by the Asia-Pacific region.
Some of the key players that fuel the growth of the reinsurance market comprise SCOR SE, Swiss Re, RGA, Munich Re, Hannover Re, Berkshire Hathaway, Lloyd’s, Great-West Lifeco, Korean Re, China RE, PartnerRe, Mapfre, GIC Re, Alleghany, XL Catlin, Everest Re, Maiden Re, AXIS, Tokio Marine, Sompo, Fairfax, and Mitsui Sumitomo. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
The major players in global market include
• Munich Re
• Swiss Re
• Hannover Re
• SCOR SE
• Berkshire Hathaway
• Great-West Lifeco
• China RE
• Korean Re
• GIC Re
• Everest Re
• XL Catlin
• Maiden Re
• Mitsui Sumitomo
• Tokio Marine
Geographically, this report split global into several key Regions, with, Premiums, market share and growth rate of Reinsurance for these regions, from 2013 to 2025 (forecast)
• North America
• Latin America
• Middle East & Africa
On the basis of reinsurance Type, the Reinsurance market is primarily split into
• P&C Reinsurance
• Life Reinsurance
On the basis of Distribution Channel, the Reinsurance market is primarily split into
• Direct Writing
Research Support Specialist, USA