Radiant Insights, IncRadiant Insights has announced the addition of “Global Reinsurance Market Size, Status and Forecast 2025" Market Research report to their database.
The global reinsurance market is likely to showcase growth at a significant CAGR by 2025. Reinsurance, also called as stop-loss insurance or insurance for insurers. It allows insurance provides to remain solvent after major claims. Strong growth of the global economy, rapid urbanization across the world, and government funding can propel the market during the forecast period (2013 to 2025). In addition, growth in alternative capital sector and high-risk awareness can positively influence the market.
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Growing demand for property insurance is likely to boost market for reinsurance in the forthcoming years. Natural catastrophe events like hurricanes, wildfires and flooding have caused high amount losses across the world. For instance, in 2017, the three Atlantic hurricanes—Irma, Harvey, and Maria along with the wildfires in California caused serious loss to property as well as lives. Rising occurrence of natural disasters across the world are registered to have massive insured losses to the private sector as well as government-sponsored schemes. All these factors are anticipated to drive the global market for reinsurance in near future.
In recent years, investors have responded positively by showing strong desire for buying assets, even though most of retrocession contracts have been trapped or lost. Therefore, the sector is considered as one of the promising sources of reinsurance. In addition, despite of traditional life insurance business, reinsurers have started to expand their business in several other sectors and making lots of investments in innovation and digital completeness. This is expected to propel the demand for reinsurance over the forecast period.
The worldwide reinsurance market can be segmented on the basis of type, distribution channel, and regions. As per type, the market can be classified into property and casualty (P&C) reinsurance and life reinsurance. Based on distribution channel, the market can be segmented into broker and direct writing.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and Oceania. North America is considered as one of the largest markets, despite many challenges a life reinsurer has produced consistent earnings in the market.
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Europe is expected to register rapid growth over the forecast period. This growth can be driven by various factors like increasing aging population, progress in direct pension business, demand for longevity deals, and adoption of other nontraditional products like critical illness or disability insurance. Additionally, approval of Solvency II rules can provide a greater focus on legacy business for European reinsurers. Reinsurance is considered as one of the few choices available to insurers demanding rapid recovery of their capital positions.
Asia Pacific, on the other hand, is likely to showcase significant growth over the forecast period due to improved economic conditions, stable middle-class population, rapid urbanization, changing socio-demographics, and increasing awareness in the region.
Latin American market for reinsurance is comparatively undeveloped but is expected to show rapid growth through 2025. Regardless of economic recession over the past few years, insurers have successfully maintained profitability owing to high interest rates, insurance adoption rates, and disposable income in the region. Additionally, changing regulatory policies in several countries in response to international laws and risk-based rules can impel the regional market over the forecast period.
Prominent companies operating in the reinsurance market include Swiss Re, Mitsui Sumitomo, Berkshire Hathaway, Maiden Re, and Korean Re. The market is extremely competitive. Hence, major players are following strategies such as collaborations and mergers and acquisitions (M&A) to expand their presence on global scale.
For instance, Recently, UK-based reinsurer Lloyd’s announced to open its reinsurance branch in India. The company is anticipated to work in association with local insurance providers for developing solutions adhering to various requirements of the regional economy and regulatory framework
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