Overview and Scope
Reinsurance is when several insurance firms pool their risk by buying insurance from other insurers to reduce their own overall loss in the event of a catastrophe.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Western Europe was the largest region in the reinsurance market in 2023. The Asia-Pacific was the second largest region in the reinsurance market. The regions covered in the reinsurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the reinsurance market report are Berkshire Hathaway Inc., Axa S.A., Lloyd’s of London, Liberty Mutual Group, Swiss Reinsurance Company Ltd., Taiping Reinsurance, Mapfre Re, SCOR SE, China Reinsurance (Group) Corp., Everest Group Ltd., PartnerRe, Odyssey Re Holdings Corp., General Insurance Corporation of India, Korean Reinsurance Company, AXIS Capital Holdings Limited, Transatlantic Reinsurance Company, Die R+V Versicherung AG, Munich Reinsurance Company, The Toa Reinsurance Company Limited, Qatar Reinsurance Company Limited, Pacific Life Insurance Company, Peak Reinsurance Company Limited, Hannover Re, Reinsurance Group of America Inc., Talanx, The Canada Life Assurance Company, Validus Reinsurance Ltd., Vakif Emeklilik ve Hayat, Arch Reinsurance Ltd., Sirius International Insurance Group
The reinsurance market report table of contents includes:
- Executive Summary
- Reinsurance Market Characteristics
- Reinsurance Product/Service Analysis -Product/Service Examples
- Reinsurance Market Trends And Strategies
- Reinsurance Market – Macro Economic Scenario
- Global Reinsurance Market Size and Growth
- Reinsurance Market Segmentation
…………
- Key Mergers And Acquisitions In The Reinsurance Market
- Reinsurance Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Reinsurance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Reinsurance Market, Segmentation By Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Reinsurance Market, Segmentation By Organization Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………..
Table 145: Berkshire Hathaway Inc. Financial Performance
Table 146: Axa S.A. Financial Performance
Table 147: Lloyd’s of London Financial Performance
Table 148: Liberty Mutual Group Financial Performance
Table 149: Swiss Reinsurance Company Ltd. Financial Performance
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