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Life Reinsurance Market by Type (Facultative Reinsurance and Treaty Reinsurance) and Distribution Channel (Direct Response, Agents & Brokers, Banks, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

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Oct 2020 | 290 Views
 
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Life Reinsurance Market Outlook - 2027

Globally, the life reinsurance market is experiencing moderate growth, and is expected to expand in the future. Generally, reinsurance is widely used by life and health insurers to monitor their performance, liability, and resources and to access benefits provided by reinsurers in the market. It helps insurance firms to stay solvent by collecting premiums paid to beneficiary and eliminates net liability for particular damages from severe casualties. With reinsurance, insurers can under-write policies that cover a larger amount or intensity of risk without increasing organizational costs to cover their solvency margins.

 

Market scope and structure analysis:

                    Market size available for years

                                     2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value ($)

  Segments covered

  Type, Distribution Channel, and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa

  Companies covered

Major players analyzed include Swiss Reinsurance Company Ltd, Munich Re Group, Reinsurance Group of America, SCOR SE, Hannover Re, China Reinsurance Corporation, Berkshire Hathaway Re, PartnerRe Ltd., Korean Reinsurance Company, Taiping Reinsurance Co., Ltd.

 

COVID-19 Scenario analysis:

  • COVID-19 impact has resulted in business disruption and significant losses to both insurers and re-insurers. 
  • Several insurance providers included all the pandemic-related losses in their existing re-insurance coverage plans. 
  • For instance, Willis Re stated that the rate of reinsurance increased with nearly 50% in the month of April, with the highest risk-adjusted rate hikes occurring in the loss-hit disaster re-insurance programs.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:

Rise in claims in the life-insurance sector, growth in focus on insurers to stabilize losses by limiting risks, and expansion of insuring capacity are some of key factors that drive the life reinsurance market growth. However, increase in competition from regional players and geographical locations restrict new entrants to enter the market.

However, rise in life-insurance coverage rate and untapped demand in emerging countries is expected to provide lucrative opportunities to the market.

The global life-reinsurance market trends are as follows:

Technological advancements to perform efficiently:

Automated technology is shaping the life-reinsurance industry’s ways of policy writing. Relationships between consumers and insurers can be improved with the adoption of direct to customer (D2C) frameworks which help insurers as well as re-insurers. With a version known as Magnum, a market major Swiss Re has developed a direct to customer automated underwriting system, which enables insurers to streamline their underwriting capabilities. Such system helps insurers to avail and utilize large volumes of customer data, resulting in reinsurers fine-tune the accuracy of risk profiling. More number of such advancements are expected to transform the life reinsurance industry.

Rise in re-insurance premium rates limit risk:

With an increased rate of claims in the life insurance category, re-insurers have suffered serious losses in the market. Hence, to tackle with these risks, life reinsurers have come up with a revision of solutions to overcome mounting losses. Many life reinsurers have reported increase in premium rates in recent years, owing to higher life-insurance claims. By keeping the price of premiums high, reinsurance firms can cope with risk and perform better. This move is likely to push insurance companies to raise insurance premiums as they find pressure from life reinsurers. Subsequently, the price burden is shifted to end-user insurance customers. 

Key segments covered:

                                  Segments

                               Sub-segments

 

  Type

 

 

  • Facultative Reinsurance
  • Treaty Reinsurance

 

  Distribution Channel

 

  • Direct Response
  • Agents & Brokers
  • Banks
  • Others

 

Key benefits of the report:

  • This study presents analytical depiction of the global life reinsurance market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global life reinsurance market share. 
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario. 
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed market analysis based on the present and future competitive intensity of the market.  

Questions answered in the life reinsurance market research report:

  • Who are the leading market players active in the global life reinsurance market?
  • What would be the detailed impact of COVID-19 on the global life reinsurance market?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the global life reinsurance market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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