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The reinsurance market size is estimated to grow at a CAGR of 10.26% between 2022 and 2027. The market size is forecasted to increase by USD 358.03 billion. The growth of the market depends on several factors, including the increasing awareness of insurance products in emerging markets, the increase in demand for various insurance plans, and the increasing geriatric population.
This reinsurance market report extensively covers market segmentation by product (non-life reinsurance and life reinsurance), type (facultative reinsurance and treaty reinsurance), and geography (Europe, APAC, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Berkshire Hathaway Inc. - The company offers reinsurance that focuses on supplying significant capacity to the global reinsurance marketplace backed by creative solutions and award-winning customer service under the brand name of Berkshire Hathaway. Under the Insurance, Corporate and another segment, the company includes revenues generated from insurance services provided by the company.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The increasing awareness of insurance products in emerging markets is notably driving market growth, although factors such as vulnerability to cybercrimes may impede market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing awareness of insurance products in emerging markets is notably driving market growth. In developed countries, the reinsurance market has become saturated due to the high awareness of insurance. Moreover, these countries have strict government regulations. However, the insurance market in developing and emerging countries has been growing sluggishly due to the lack of awareness and less stringent regulations.
The awareness about the importance of insurance has increased in recent years. For instance, countries such as Brazil, Argentina, India, and Nauru are developing at a fast pace, and people there are becoming aware of the importance of keeping their lives and properties insured. This is increasing the sale of insurance in such places. Thus, the growing insurance market in these regions is driving the reinsurance market during the forecast period.
Fluctuating interest rates of reinsurance premiums are a key trend shaping the market. The number of substitute products and various macroeconomic factors, such as international business conditions, tax reforms, policy decisions, and demographic shifts, have led to a change in the interest rates of insurance premiums. These interest rates decide the demand and supply of reinsurance and vice versa.
The reinsurance market has witnessed variations in interest rates in the last decade. These variations are a result of the fluctuations in demand, dynamic market conditions, and buying behaviour of end-users. For instance, on April 13, 2023, Allianz, AXA, and Zurich noted that new business volumes in life insurance declined due to intense competition from banks and lower savings rates of private households. Investment income and IFRS shareholders' capital declined in response to fair value adjustments on insurers' bond portfolios. Thus, the fluctuating interest rates of reinsurance premiums are a growing trend in the global reinsurance market during the forecast period.
Vulnerability to cybercrimes may impede the market growth. Advances in technology have made data vulnerable to cybercrime. The reinsurance industry can be affected by the misappropriation of data on the device. Any cybersecurity failure or misuse of data can expose an organization's information to hackers. It could also lead to high monetary loss.
According to experts, state-backed attacks could lead to large losses that are difficult to quantify. For instance, because of silent cyber exposure, an insurance and reinsurance business lost about USD 2.7 billion from the Petya/NotPetya cyber-attack. Silent cyber exposures could happen when other sorts of insurance or reinsurance products fail to eliminate cyber risks, which possibly leads to an accumulation of cyber losses.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Reinsurance Market Customer Landscape
The market share growth by the non-life reinsurance segment will be significant during the forecast period. Non-life insurance covers property, body parts, skills, and assets in case of damage. It is not a one-time terminable contract and can be renewed and used frequently to successfully meet the terms and clauses.
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The non-life reinsurance segment was valued at USD 257.45 billion in 2017 and continued to grow until 2021. Revenues from emerging countries in APAC and Africa are expected to increase owing to the increasing number of millennials who may have recently acquired new assets. Due to the high population in the region, the cumulative premium amount collected by the insurance companies will be sizable. This, in turn, would increase investments in non-life reinsurance products. The aviation, marine, and energy sectors are actively seeking insurance so that they do not have to worry about any unexpected losses.
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APAC is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Europe is another key region that contributes significantly to the global market. The reinsurance market in Europe is expected to grow gradually during the forecast period. Several leading players have made profits over the last decade despite various challenges. The growth of the life reinsurance segment, increasing awareness of reinsurance in emerging economies, and changing socio-demographic trends across the region are driving the growth of the market in the region. Other factors contributing to the growth of the regional market include the presence of key Companies and the high revenues generated by these Companies.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The COVID-19 pandemic in 2020 had a negative impact on the reinsurance market in Europe. However, in 2021, due to vaccination drives carried out by regional governments, mortality rates in the region declined. As a result, market Companies reported higher revenues compared with the previous year. Thus, the regional market will continue to grow during the forecast period.
The reinsurance market report forecasts market growth by revenue at global, regional, & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Reinsurance Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.26% |
Market growth 2023-2027 |
USD 358.03 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.77 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Allianz SE, American International Group Inc., AXA Group, Barents Re Reinsurance Co. Inc., Berkshire Hathaway Inc., BMS Group Ltd., Everest Re Group Ltd., Fairfax Financial Holdings Ltd., Great West Lifeco Inc., Hannover Re, Korean Reinsurance Co., MS and AD Insurance Group Holdings Inc., Munich Reinsurance Co., PartnerRe Ltd., QBE Insurance Group Ltd., Reinsurance Group of America Inc., RenaissanceRe Holdings Ltd., SCOR SE, Swiss Re Ltd., and The Toa Reinsurance Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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