Reinsurance Market Expected to Reach $1344.3 Billion by 2031—Allied Market Research

Reinsurance Market

Report Code : A06288

quote With the rise in uncertainties and risks in the insurance sector and surge in technological advancement in the industry, the reinsurance industry is anticipated to attain significant growth in the future quote

Kanhaiya Kathoke - Research Analyst
BFSI at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Reinsurance Market," The reinsurance market was valued at $498.65 billion in 2021, and is estimated to reach $1344.3 billion by 2031, growing at a CAGR of 10.8% from 2022 to 2031.

Increase in demand for various insurance plans is anticipated to drive reinsurance market growth during the forecast period. Additionally, the COVID-19 pandemic increased awareness of the need for life insurance among the general public. One of the primary causes of rise in demand for life and health insurance plans during COVID-19 is the high cost of its treatment in private hospitals. Furthermore, increase in demand for artificial intelligence (AI) in reinsurance and conduit reinsurance is an emerging trend in the reinsurance market.

Furthermore, reinsurance companies in the global reinsurance market are improving their services and trying to provide better support and services to insurers by collaborating with various fintech. For instance, in November 2019, Swiss Re and WeBank collaborated to investigate the technologies needed to overcome the problems brought on by data silos. Swiss Re anticipated that the collaboration would lay the groundwork for a brand-new venture supported by federated learning and inspire the reinsurance sector to embrace fresh guidelines for advancing its technological prowess.

On the basis of distribution channel, the direct writing segment acquired a major share in the reinsurance market in 2021. This is attributed to the fact that increased awareness among insurers regarding reinsurance policies to cover business risks and losses has increased the sale of reinsurance. Additionally, technological trends and developments in the insurance industry present opportunities for reinsurance companies to expand their products and provide coverage for telematics.

Region-wise, North America dominated the reinsurance market trends in 2021. It is attributed to the fact that the increase in demand in artificial intelligence and technologies in reinsurance in emerging the overall reinsurance market. Moreover, rise in awareness about the insurance products in North America and rise of reinsurance broker in the region are affecting the reinsurance market.

The pandemic had a negative impact on reinsurance industry as most of the insurers turned toward reinsurance industry for assistance in claim settlements. In addition, the reinsurance market experienced a decline owing to reduced claims in some areas, which led to insurers purchasing less reinsurance. However, digitalization in insurance & reinsurance industries has helped them tackle the negative impact on the market. Moreover, the increased integration of big data analytics and automation for claim settlement process has helped the market grow during the pandemic.

Key Findings of the Study

  • By distribution channel, the direct writing segment led the highest reinsurance market share in terms of revenue in 2021.
  • On the basis of mode, the online segment is expected to exhibit the fastest growth rate during the forecast period.
  • Region-wise, North America generated the highest revenue in reinsurance market size in 2021.  

The key players operating in the reinsurance market analysis include AXA XL, Barents Re Reinsurance Company, Inc., Berkshire Hathaway Inc., BMS Group, China Reinsurance (Group) Corporation, Everest Re Group, Ltd., Hannover Re, Lloyd’s, MAPFRE, Markel Corporation, Munich RE, RGA Reinsurance Company, Swiss Re, The Canada Life Assurance Company, Tokio Marine HCC, SCOR, and Next Insurance, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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quote Reinsurance Market by Type (Facultative Reinsurance, Treaty Reinsurance), by Application (Property & Casualty Reinsurance, Life & Health Reinsurance), by Distribution Channel (Direct Writing, Broker), by Mode (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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