Reinsurance Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

Growing Technological Advancements to boost the demand for Reinsurance Market

The reinsurance market worldwide is expected to grow with a CAGR of 4.0% during the forecast period from 2021 to 2029 starting from USD 274.3 Bn in 2020. Increasing awareness for insurance products is driving the growth of the reinsurance market. The practice of insurers to transfer portions of their risk portfolios to others by an agreement is known as reinsurance. Reinsurance is also known as insurance for insurers or stop-loss insurance. The reinsurance market is also backed by technological advancements. Therefore, we expect that the reinsurance market will show huge growth during the forecast period.

Non-Life Segment will led the Market

Global reinsurance market has two segments on the basis of product - life and non-life segment. The non-life segment has the largest share, with around 73% of the market revenue share in 2020. The demand for general insurance is on a rise. Awareness and strict policies towards accidental insurance, vehicle insurance, property insurance, to name a few, has led to growth in demand for non-life insurance or general insurance. The demand for reinsurance is directly dependent upon the demand for general insurance. Thus, we expect that the non-life segment will show significant growth during the forecast period 2021-2029.

North America will continue its Dominance

North America led the reinsurance market during the forecast period. It is estimated that more than 50% revnue of the reinsurance market shall be contributed by North America. North America has its dominance due to changes in equity markets and interests rate during 2020. Fluctuating interest rates have brought along noteworthy interest of insurers in the reinsurance market in the region. Backed by changes in political landscape and policies, the reinsurance market is set to grow. As a result, we expect that North America will grow significantly throughout the forecast period.

Some of the prominent players operating in the reinsurance market Barents Re Reinsurance, Inc., Berkshire Hathaway Inc.,BMS Group Ltd., China Reinsurance (Group) Corporation, Everest Re Group, Ltd., Hannover Re, IRB-Brasil Resseguros S.A., Lloyd's, Munich Re, Odyssey Reinsurance, PartnerRe, Reinsurance Group of America, Incorporated, SCOR SE, and Swiss REGroup among others.

Historical & Forecast Period

This research report presents the analysis of each segment from 2019 to 2029> considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.

Report Scope by Segments

The reinsurance market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global reinsurance market based on product, distribution channel and geography. Key segments covered in the report are as follows:

Product (2019-2029; US$ Bn)

• Life
• Non-Life

Distribution Channel (2019-2029; US$ Bn)

• Direct Working
• Broker

Geography Segment (2019-2029; US$ Bn)

• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China,Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)

Key questions answered in this report

• What was the market size of reinsurance in 2020 and forecast up to 2029?
• Which is the largest regional market for reinsurance?
• What are the major trends followed in overall reinsurance across different regions?
• Who are the key reinsurance companies leading the market?
• What are the key strategies adopted by the leading reinsurance companies in market?

Unique data points of this report

• Recent trends across different regions in terms of adoption of reinsurance across various applications
• Notable developments going on in reinsurance market
• Attractive investment proposition for segments as well as geography
• Comparative scenario for all the segments for years 2020 (actual) and 2029 (forecast)

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