Dublin, March 12, 2024 (GLOBE NEWSWIRE) -- The "Reinsurance Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The reinsurance market has grown rapidly in recent years. It will grow from $575.66 billion in 2023 to $637.4 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historical period can be linked to catastrophic events, advancements in risk modeling, pandemics, and health crises, as well as concerns related to climate change.
The reinsurance market is expected to see rapid growth in the next few years. It will grow to $952.84 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecasted period can be ascribed to changes in the regulatory landscape, the adoption of sustainable and ESG practices, the emergence of alternative capital sources, demographic shifts, and disruptions in the supply chain. Major trends expected in the forecast period include the incorporation of predictive analytics in underwriting, the integration of insurtech solutions, the development of specialty reinsurance lines, the establishment of long-term partnerships, and the introduction of parametric reinsurance products.
The reinsurance market is expected to experience growth due to the increasing frequency of natural and man-made catastrophic events. In 2021, the global number of catastrophic events related to natural hazards reached 432, as reported by the Emergency Event Database (EM-DAT) maintained by the research unit of the University of Louvain (UCLouvain). This figure is higher than the 357 catastrophic events recorded in 2020, indicating a growing need for reinsurance in response to these events.
The growth of the reinsurance market is also driven by the increasing number of road accidents. For example, data from the National Highway Traffic Safety Administration in August 2022 revealed a 7% increase in traffic accident-related fatalities during the first quarter of 2022, with 9,560 individuals losing their lives compared to 8,935 fatalities in the same period in 2021. Therefore, the rising number of road accidents is a significant factor propelling the growth of the reinsurance market.
Reinsurance providers are adopting blockchain technology to streamline processes, reduce costs, and enhance efficiency, transparency, and security related to client data and financial transactions. The adoption of blockchain technology has the potential to cut the costs of reinsurance companies by more than $5 billion globally.
Prominent firms in the reinsurance market are incorporating innovative technologies such as PolicyGPT to reinforce their position in the industry. PolicyGPT, an AI-powered tool developed by health insurance startup Plum, aims to enhance user experiences and policy awareness. In April 2023, Plum Benefits Private Limited, an India-based health insurance company, introduced the AI-driven tool PolicyGPT. Utilizing the OpenAI GPT-3 architecture, the chatbot PolicyGPT provides users with information about their health insurance policies purchased from Plum. With access to user policy details and a comprehensive understanding of health insurance, its primary objective is to inform users about their coverage.
Reinsurers globally are adopting a strategy of offering bundled products and services to boost their revenues. This shift is driven by the appeal of diverse options, competitive pricing, and broader coverage, allowing reinsurers to gain additional market share and reduce costs. This approach enables global reinsurers such as Generali and Allianz to finalize business deals at a group level, thereby streamlining the provision of reinsurance services and cutting down on associated costs.
Western Europe was the largest region in the reinsurance market in 2023. The Asia-Pacific was the second largest region in the reinsurance market. The regions covered in the reinsurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Report Scope
Markets Covered:
1) By Type: Property and Casualty Reinsurance, Life and Health Reinsurance
2) By Mode: Online, Offline
3) By Organization Location: Domestic, International
4) By Distribution Channel: Direct Writing, Broker
Key Companies Mentioned: Berkshire Hathaway Inc.; Axa S.A.; Lloyd's of London; Liberty Mutual Group; Swiss Reinsurance Company Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Berkshire Hathaway Inc.
- Axa S.A.
- Lloyd's of London
- Liberty Mutual Group
- Swiss Reinsurance Company Ltd.
- Taiping Reinsurance
- Mapfre Re
- SCOR SE
- China Reinsurance (Group) Corp.
- Everest Group Ltd.
- PartnerRe
- Odyssey Re Holdings Corp.
- General Insurance Corporation of India
- Korean Reinsurance Company
- AXIS Capital Holdings Limited
- Transatlantic Reinsurance Company
- Die R+V Versicherung AG
- Munich Reinsurance Company
- The Toa Reinsurance Company Limited
- Qatar Reinsurance Company Limited
- Pacific Life Insurance Company
- Peak Reinsurance Company Limited
- Hannover Re
- Reinsurance Group of America Inc.
- Talanx
- The Canada Life Assurance Company
- Validus Reinsurance Ltd.
- Vakif Emeklilik ve Hayat
- Arch Reinsurance Ltd.
- Sirius International Insurance Group
Key Attributes
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $637.4 Billion |
| Forecasted Market Value (USD) by 2028 | $952.84 Billion |
| Compound Annual Growth Rate | 10.6% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/bkaly7
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