Global Reinsurance Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
3 Feb, 2021
The reinsurance market consists of sales of reinsurance by entities (organizations, sole traders and partnerships) that assume all or part of the risk of existing insurance policies originally underwritten by other insurance providers (direct insurance carriers). Reinsurance providers invest premiums collected from insurance providers to build up a portfolio of financial assets to be used against future claims. The size of the market is based on the value of the premiums reinsured.
Global Reinsurance Market Size And Drivers:
The global reinsurance market is expected to grow from $402.35 billion in 2020 to $435.09 billion in 2021 at a compound annual growth rate (CAGR) of 8.1%. The market is expected to reach $555.99 billion in 2025 at a CAGR of 6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
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Trends In The Global Reinsurance Market
Reinsurers across the globe are offering bundled products and services to enhance their revenues. This change is a result of diverse choice, attractive prices and broader coverage offered by reinsurers to gain additional market share and cut down costs. This approach has helped global reinsurers to close business deals at a group level, thereby reducing the need for reinsurance at different levels.
Global Reinsurance Market Segments:
The global reinsurance market is further segmented based on type, distribution channel, mode, organization location and geography.
By Type: Property & Casualty Reinsurance, Life & Health Reinsurance.
By Distribution Channel: Direct Writing, Broker.
By Mode: Online, Offline.
By Organization Location: Domestic, International.
By Geography: The global reinsurance market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Western Europe is the largest region in the global reinsurance market, accounting for 39% of the total market.
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Reinsurance Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides reinsurance market overviews, analyzes and forecasts market size and growth for the global reinsurance market, reinsurance market share, reinsurance market players, reinsurance market segments and geographies, reinsurance market’s leading competitors’ revenues, profiles and market shares. The reinsurance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.