This report describes and explains the reinsurance providers market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.
The global reinsurance providers market reached a value of nearly $512.55 million in 2021, having grown at a compound annual growth rate (CAGR) of 5.6% since 2016. The market is expected to grow from $512.55 million in 2021 to $756.56 million in 2026 at a rate of 8.1%. The market is then expected to grow at a CAGR of 7.2% from 2026 and reach $1,068.74 million in 2031.
Growth in the historic period resulted from strong economic growth in emerging markets, insurance reforms led by the government, rising healthcare costs and an increase in natural disasters. Factors that negatively affected growth in the historic period were increasing popularity of self-insurance, low insurance penetration in undeveloped countries and lack of awareness.
Going forward, increased incidence of chronic illnesses and incapability, impact of COVID-19, growing middle-class population in emerging markets, and a rise in claims in the life insurance sector will drive market growth. Factors that could hinder the growth of the reinsurance providers market in the future include additional charges by insurance brokers.
The reinsurance providers market is segmented by type into property and casualty reinsurance providers and life and health reinsurance providers. The property and casualty reinsurance providers market was the largest segment of the reinsurance providers market segmented by type, accounting for 70.2% of the total in 2021. Going forward, the property and casualty reinsurance providers segment is expected to be the fastest growing segment in the reinsurance providers market segmented by type, at a CAGR of 9.1% during 2021-2026.
The reinsurance providers market is also segmented by distribution channel into direct writing and broker. The broker market was the largest segment of the reinsurance providers market segmented by distribution channel, accounting for 53.0% of the total in 2021. Going forward, the direct writing segment is expected to be the fastest growing segment in the reinsurance providers market segmented by distribution channel, at a CAGR of 8.3% during 2021-2026.
The reinsurance providers market is also segmented by mode into online and offline. The offline market was the largest segment of the reinsurance providers market segmented by mode, accounting for 94.6% of the total in 2021. Going forward, the online segment is expected to be the fastest growing segment in the reinsurance providers market segmented by mode, at a CAGR of 16.5% during 2021-2026.
The reinsurance providers market is also segmented by organization location into domestic and international. The international market was the largest segment of the reinsurance providers market segmented by organization location, accounting for 73.9% of the total in 2021. Going forward, the domestic segment is expected to be the fastest growing segment in the reinsurance providers market segmented by organization location, at a CAGR of 9.2% during 2021-2026.
Western Europe was the largest region in the reinsurance providers market, accounting for 42.3% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the reinsurance providers market will be Asia Pacific and Eastern Europe where growth will be at CAGRs of 9.6% and 9.5% respectively. These will be followed by Africa and North America where the markets are expected to grow at CAGRs of 9.1% and 8.3% respectively.
The reinsurance providers market is highly fragmented, with a large number of large players dominating the market. The top ten competitors in the market made up to 42.90% of the total market in 2021. The market concentration can be attributed to the high entry barriers and high costs associated with expansion. Going forward the market is expected to experience further consolidation with the rising number of mergers and collaboration among players in the market. Munich Reinsurance Company was the largest competitor with 9.53% share of the market, followed by Swiss Re Ltd. with 7.67%, Hannover Re with 6.40%, SCOR SE with 4.06%, Berkshire Hathaway Inc. with 3.94%, Landstar China Reinsurance Group Corp. with 3.35%, Lloyd's with 2.72%, Reinsurance Group of America Inc. with 1.95%, Everest Re Group Ltd. with 1.77%, and Korean Reinsurance Co. with 1.51%.
The top opportunities in the reinsurance providers market segmented by type will arise in the general property and casualty reinsurance providers and life and health reinsurance providers, which will gain $756.56 million of global annual sales by 2026. The top opportunities in the reinsurance providers market segmented by distribution channel will arise in the broker segment, which will gain $125.8 million of global annual sales by 2026. The top opportunities in the reinsurance providers market segmented by mode will arise in the offline segment, which will gain $212.3 million of global annual sales by 2026. The top opportunities in the reinsurance providers market segmented by organization location will arise in the international segment, which will gain $170.3 million of global annual sales by 2026. In 2026, the reinsurance providers market will gain the most in the USA at $52.8 million.
Market-trend-based strategies for the reinsurance providers market include focus on offering personalized and customized reinsurance products, adoption of automated reinsurance platforms, use of artificial intelligence (AI), adoption of blockchain technology and increased focus on providing cybersecurity reinsurance.
Player-adopted strategies in the reinsurance providers market include focus on strategic partnerships for expanding business operations, focus on launching integrated insurance-based offerings for the digital era through strategic partnerships, focus on bridging the gap between insurers and insurtechs, focus on embracing new technologies through strategic investments and focuses on expanding business through strategic acquisitions.
To take advantage of the opportunities, the publisher recommends the reinsurance providers companies to offer personalized products, adopt automated reinsurance platforms, use artificial intelligence (AI), focus on blockchain technology, prioritize cybersecurity reinsurance, expand in emerging markets, offer competitive pricing, adopt risk-based pricing, continue to participate in events and conferences, leverage social media, focus on offering products based on consumer preferences and increase focus on online reinsurance.
Table of Contents
1. Executive Summary2. Table of Contents3. List of Figures4. List of Tables5. Report Structure
Executive Summary
Reinsurance Providers Global Market Opportunities And Strategies To 2031 provides the strategists; marketers and senior management with the critical information they need to assess the global reinsurance providers market as it emerges from the COVID-19 shut down.
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Description:
Where is the largest and fastest growing market for reinsurance providers? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The reinsurance providers market global report answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider reinsurance providers market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about reinsurance providers market.
- Key Trends - Highlights the major trends shaping the global reinsurance providers market. This section also highlights likely future developments in the market.
- Global Market Size and Growth - Global historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis - Historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values and growth and market share comparison by region.
- Market Segmentation - Contains the market values (2016-2031) and analysis for segment by type, by distribution channel, by mode and by organization location in the market.
- Regional Market Size and Growth - Regional market size (2021), historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) By Type: Property And Casualty Reinsurance Providers; Life And Health Reinsurance Providers
2) By Distribution Channel: Direct Writing; Broker
3) By Mode: Online; Offline
4) By Organization Location: Domestic; International
Companies Mentioned: Munich Reinsurance Company; Swiss Re Ltd; Hannover Re; SCOR SE; Berkshire Hathaway Inc
Countries: China, Australia, Bangladesh, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Thailand, Vietnam, Canada, Mexico, USA, Argentina, Brazil, Chile, Colombia, Peru, Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK, Czech Republic, Poland, Romania, Russia, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; reinsurance providers indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- Munich Reinsurance Company
- Swiss Re Ltd.
- Hannover Re
- SCOR SE
- Berkshire Hathaway Inc.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 260 |
Published | July 2022 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 512.55 Billion |
Forecasted Market Value ( USD | $ 1068.74 Billion |
Compound Annual Growth Rate | 7.6% |
Regions Covered | Global |
No. of Companies Mentioned | 5 |