The Reinsurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Reinsurance Global Market Report 2024, The reinsurance market size has grown rapidly in recent years. It will grow from $575.66 billion in 2023 to $637.4 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to catastrophic events, risk modeling advancements, pandemics and health crises, climate change concerns.
The reinsurance market size is expected to see rapid growth in the next few years. It will grow to $952.84 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to evolving regulatory landscape, sustainable and esg practices, alternative capital sources, demographic changes, supply chain disruptions. Major trends in the forecast period include predictive analytics in underwriting, integration of insurtech solutions, specialty reinsurance lines, long-term partnerships, parametric reinsurance products.
The growing number of natural and man-made catastrophic events is expected to propel the reinsurance market going forward. Natural and man-made catastrophic events refer to events pertaining to major disasters, either originating from nature or human actions, that lead to considerable damage to assets or result in significant physical devastation. Reinsurance protects insurance companies from significant financial risks associated with large-scale catastrophes by allowing them to offload a portion of their risk to a third party in return for sharing the premiums they collect. For instance, in 2021, according to the Emergency Event Database (EM-DAT) maintained by the research unit of the University of Louvain (UCLouvain), a Belgium-based French university, the global number of catastrophic events related to natural hazards reached 432 in 2021, which is higher compared to the 357 catastrophic events recorded by 2020. Therefore, the growing number of natural and man-made catastrophic events is driving the reinsurance market.
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The reinsurance market covered in this report is segmented –
1) By Type: Property And Casualty Reinsurance, Life And Health Reinsurance
2) By Mode: Online, Offline
3) By Organization Location: Domestic, International
4) By Distribution Channel: Direct Writing, Broker
Major companies operating in the reinsurance market are adopting new technologies, such as PolicyGPT, to retain a stronghold on the market. PolicyGPT is an AI-powered tool developed by Plum, a health insurance start-up, to improve the user experience and awareness of insurance policies. For instance, in April 2023, Plum Benefits Private Limited, an India-based health insurance company, launched the AI-powered tool PolicyGPT. A chatbot named PolicyGPT was developed utilizing the Open AI GPT-3 architecture to give people details about the health insurance policy they bought from Plum. It has access to information on user policies and a general understanding of health insurance, with the main objective of informing users about their coverage.
The reinsurance market report table of contents includes:
1. Executive Summary
2. Reinsurance Market Characteristics
3. Reinsurance Product/Service Analysis -Product/Service Examples
4. Reinsurance Market Trends And Strategies
5. Reinsurance Market – Macro Economic Scenario
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26. Germany Reinsurance Market
27. France Reinsurance Market
28. Italy Reinsurance Market
29. Spain Reinsurance Market
30. Austria Reinsurance Market
Top Major Players:
- Berkshire Hathaway Inc
- Axa S.A
- Lloyd’s of London
- Liberty Mutual Group
- Swiss Reinsurance Company Ltd
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