Reinsurance Providers Market Characteristics
The reinsurance providers 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.
Competitive Landscape of the Reinsurance Providers Market
Major players in the global reinsurance providers market include AXA, Swiss Re, Munich Re, Hannover Re, and SCOR SE.
Reinsurance Providers Market Size
The reinsurance providers market size is expected to reach above $400 billion by 2022, significantly growing at a CAGR of around 5.6% during the forecast period. The growth in the reinsurance providers market is due to rising reinsurance penetration in the regions such as Middle East & Africa along with Asia.
However, the market for reinsurance providers is expected to face certain restraints from several factors such as increasing digitization and use of traditional methods.
Reinsurance Providers Market Segmentation
The global reinsurance providers market is further segmented based on type and geography.
By Type - The reinsurance providers market is segmented into non-life re insurance, life re insurance, among these segments, the portfolio management market accounts for the largest share in the global reinsurance providers market.
By Geography - The global Reinsurance Providers is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific reinsurance providers market accounts the largest share in the global reinsurance providers market.
Trends in the Reinsurance Providers Market
Reinsurers are offering bundled products, wealth management companies investing in big data analytics, increasing cyber related frauds are driving the need for cyber reinsurance, are the major trends witnessed in the global reinsurance providers market.
Potential Opportunities in the Reinsurance Providers Market
With increase increasing government initiatives, increasing wealth in developing countries, emerging markets growth, the scope and potential for the global reinsurance providers market is expected to significantly rise in the forecast period.