The global reinsurance market revenue was US$ 552.5 billion in 2022. The global market is projected to reach US$ 1390.7 billion by 2031, growing at a compound annual growth rate (CAGR) of 10.8% during the forecast period from 2022 to 2031.
Reinsurance is a legal arrangement whereby the reinsurer or broker for the reinsurance firm agrees to defend the insurance company or ceding company against the risks specified in the contract. It attempts to improve the surplus position and financial stability of the céding company while reducing the net amount at risk from certain risks like insolvency and bad market circumstances. Reinsurance also enables the ceding company to expand the volume of business it may accept and the amount of risk it can assume for any given risk.
Market Driving Factors
The insurance company's aim to lower risk and avoid carrying the entire load alone is one of the key drivers driving the reinsurance industry. Spreading the risk with reinsurers allows insurance companies to reduce their exposure and ensure financial stability. Reinsurance serves as a safety net, allowing insurance companies to accept more clients and write more insurance policies. For instance, in April 2023, the insurance brokerage firm Alliant Insurance Services, Inc. introduced a new division that offered reinsurance brokerage services.
Other factors that affect the reinsurance industry include demographic changes like population expansion, urbanization, and shifting age demographics. Life, health, and property insurance are all becoming more and more necessary as the world's population grows and concentrates in cities. Reinsurers are essential in helping to address the shifting insurance needs of various demographic segments by offering capacity and risk management solutions.
ESG (environmental, social, and governance) factors have become more important in the insurance and reinsurance sector. Sustainable business practices and responsible underwriting are becoming important to insurers and reinsurers. Additionally, they are including ESG standards in their risk evaluations. In addition, the market's growth trajectory is significantly impacted by the increased focus on social responsibility, reducing the effects of climate change, and ethical corporate practices.
The cyber risks, climate change, and geopolitical unrest may hamper the market expansion.
Market Segmentation Insights
By Type
In 2022, the treaty reinsurance segment segment accounted for the highest revenue share. The growing size and complexity of insurance portfolios are two significant drivers of the demand for treaty reinsurance. Primary insurers frequently handle high volumes of risks across several business lines, necessitating the use of effective risk management techniques. By transferring a sizable amount of their risks to reinsurers through treaty reinsurance, insurers can maximize their capital allocation and lower the likelihood of financial results being volatile. During the anticipated timeframe, these variables will accelerate segment growth.
Geographical Outlook
In terms of reinsurance market share, Asia-Pacific is anticipated to experience the highest CAGR growth throughout the forecast period. Growth in the Asia Pacific reinsurance market is due to a number of reasons, including economic expansion, expanding insurance penetration, and growing risk management awareness. The expansion of the regional market is largely attributed to China, Japan, and India.
The region experiences particular risks, including natural disasters, and there is an increasing need for coverage for property, casualty, and emerging risks like liability and cyber. The development of local reinsurance capacity, legislative reforms, and advances in insurtech will all contribute to market expansion in the Asia Pacific region.
List of Prominent Players
Segmentation Outline
The global reinsurance market segmentation focuses on Type, Application, Distribution Channel, Mode, and Region.
By Type
By Application
By Distribution Channel
By Mode
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL REINSURANCE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: REINSURANCE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL REINSURANCE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL REINSURANCE MARKET, BY TYPE
5.1 OVERVIEW
5.2 FACULTATIVE REINSURANCE
5.3 TREATY REINSURANCE
5.3.1 PROPORTIONAL REINSURANCE
5.3.2 NON-PROPORTIONAL REINSURANCE
6 GLOBAL REINSURANCE MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 PROPERTY & CASUALTY REINSURANCE
6.3 LIFE & HEALTH REINSURANCE
6.4 LIFE & HEALTH REINSURANCE
6.5 DISEASE INSURANCE
6.6 MEDICAL INSURANCE
7 GLOBAL REINSURANCE MARKET, BY DISTRIBUTION CHANNEL
7.1 OVERVIEW
7.2 DIRECT WRITING
7.3 BROKER
8 GLOBAL REINSURANCE MARKET, BY MODE
8.1 OVERVIEW
8.2 ONLINE
8.3 OFFLINE
9 GLOBAL REINSURANCE MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL REINSURANCE MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 CHINA REINSURANCE (GROUP) CORPORATION
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 RGA REINSURANCE COMPANY
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 AXA XL
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 TOKIO MARINE HCC
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 MARKEL CORPORATION
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 SWISS RE
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 SCOR
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8. MUNICH RE
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 NEXT INSURANCE, INC.
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 EVEREST RE GROUP, LTD.
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 THE CANADA LIFE ASSURANCE COMPANY
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 BARENTS RE REINSURANCE COMPANY, INC.
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 BMS GROUP
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 BERKSHIRE HATHAWAY INC.
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 HANNOVER RE
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.16 LLOYD’S
11.16.1 OVERVIEW
11.16.2 FINANCIAL PERFORMANCE
11.16.3 PRODUCT OUTLOOK
11.16.4 KEY DEVELOPMENTS
11.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.17 MAPFRE
11.17.1 OVERVIEW
11.17.2 FINANCIAL PERFORMANCE
11.17.3 PRODUCT OUTLOOK
11.17.4 KEY DEVELOPMENTS
11.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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