Reinsurance Market - By Product (Life & Health, Non-life), By Type (Facultative Reinsurance, Treaty Reinsurance), By Distribution Channel (Broker, Direct) & Forecast, 2023

Description

List of Tables

Global Reinsurance Market will exhibit 3.9% CAGR over 2023-2032. Regulatory changes and evolving accounting standards have pushed insurance companies to optimize their risk management strategies, boosting the demand for reinsurance products.

In July 2023, the Securities and Exchange Commission (SEC) implemented rules mandating registrants to disclose significant cybersecurity incidents as they occur and provide annual disclosures pertaining to their cybersecurity risk management, strategy, and governance. Additionally, globalization has expanded the reach of insurance companies, necessitating diversified portfolios and increased risk mitigation through reinsurance partnerships. Advances in technology, including data analytics and modeling, have also played a crucial role in assessing risk more accurately and efficiently. Furthermore, the ongoing trend of consolidation within the insurance industry has led to larger, more complex risks that can only be managed effectively through reinsurance collaboration, making it an essential component of the global financial ecosystem.

The reinsurance market is classified based on product, type, distribution channel, and region.

Based on product, the non-life reinsurance market will depict over 3% CAGR through 2023. The demand for non-life reinsurance products is on the rise due to the growing complexity of risks in the increasingly interconnected world. As businesses expand globally and introduce new technologies, they face a wider array of risks, such as cyber threats and supply chain disruptions. Non-life insurers are increasingly seeking reinsurance as a strategic tool to transfer these multifaceted risks, ensuring their financial stability and resilience. This reflects the need for comprehensive risk mitigation solutions in an evolving business landscape, amplifying the demand for non-life reinsurance products.

With respect to type, the facultative reinsurance segment will register more than 4% CAGR between 2023 and 2032. Facultative reinsurance is gaining prominence because it offers tailored, case-by-case risk solutions. In an era of rapidly evolving and unique risks, insurers find it valuable to have the flexibility to negotiate terms and conditions for individual policies. This approach allows them to effectively manage complex or non-standard risks that may not fit neatly into traditional reinsurance treaties. Facultative reinsurance empowers insurers to optimize their risk portfolios and provide more customized coverage to their clients, reflecting the increasing demand for adaptability and precision in risk management strategies.

In terms of distribution channel, the broker segment is poised to witness over 3% CAGR over 2023-2032, due to the evolving role of intermediaries in the insurance landscape. Brokers offer valuable expertise in navigating complex reinsurance markets, helping insurers identify the most suitable coverage options. Additionally, brokers serve as a bridge between insurers and reinsurers, facilitating efficient negotiations and ensuring that insurers receive competitive terms. In an increasingly global and data-driven industry, the specialized knowledge and connections provided by brokers are becoming indispensable for insurance companies seeking to optimize their reinsurance strategies.

From a regional perspective, North America reinsurance market will record over 2% CAGR between 2023 and 2032. The expansion of renewable energy initiatives and the need to mitigate climate-related risks associated with extreme weather events are driving increased demand for reinsurance coverage. The growth of Insurtech and innovations in data analytics are also pushing North American insurers to partner with reinsurers to enhance underwriting precision and gain a competitive edge in a rapidly evolving market.

Product Code: 6139

Chapter 1 Methodology & Scope

1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation.
1.4 Data Sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources.
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Reinsurance market 360 degree synopsis, 2018 - 2032.
2.2 Business trends
- 2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Product trends
2.5 Type trends
2.6 Distribution channel trends

Chapter 3 Reinsurance Market Industry Insights

3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Type & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
- 3.10.1 Growth drivers
  - 3.10.1.1 Growing natural and man-made catastrophic events
  - 3.10.1.2 Growing integration of AI and ML across industries
  - 3.10.1.3 Increasing road accidents in North America
  - 3.10.1.4 Growing uncertainties in the global economy
  - 3.10.1.5 Implementation of long-term sustainability and ESG factors
- 3.10.2 Industry pitfalls & challenges
  - 3.10.2.1 Underpricing and inadequate risk assessment
  - 3.10.2.2 Emerging risks and uncertainties
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTEL analysis

Chapter 4 Competitive Landscape, 2022

4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
- 4.3.1 Munich Re
- 4.3.2 Swiss Re
- 4.3.3 Hannover Re
- 4.3.4 Berkshire Hathaway Inc.
- 4.3.5 The Canada Life Assurance Company
- 4.3.6 SCOR
- 4.3.7 China Reinsurance (Group) Corporation
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022

Chapter 5 Reinsurance Market Estimates & Forecast, By Product (Revenue)

5.1 Key trends, by product
5.2 Life & health
5.3 Non-life

Chapter 6 Reinsurance Market Estimates & Forecast, By Type (Revenue)

6.1 Key trends, by type
6.2 Facultative reinsurance
6.3 Treaty reinsurance

Chapter 7 Reinsurance Market Estimates & Forecast, By Distribution Channel (Revenue)

7.1 Key trends, by distribution channel
7.2 Broker
7.3 Direct

Chapter 8 Reinsurance Market, By Region

8.1 Key trends, by region
8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
8.3 Europe
- 8.3.1 UK
- 8.3.2 Germany
- 8.3.3 France
- 8.3.4 Italy
- 8.3.5 Spain
- 8.3.6 Netherlands
8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 India
- 8.4.3 Japan
- 8.4.4 South Korea
- 8.4.5 Australia & New Zealand
- 8.4.6 Singapore
8.5 Latin America
- 8.5.1 Brazil
- 8.5.2 Mexico
8.6 MEA
- 8.6.1 South Africa
- 8.6.2 Saudi Arabia
- 8.6.3 UAE

Chapter 9 Company Profiles

9.1 AXA XL
9.2 Berkshire Hathaway Inc.
9.3 China Reinsurance (Group) Corporation
9.4 Everest Re Group Ltd.
9.5 Hannover Re
9.6 Korean Reinsurance Co.
9.7 Lloyd's
9.8 MAPFRE
9.9 Markel Corporation
9.10 Munich RE
9.11 PartnerRe Ltd.
9.12 QBE Insurance Group Ltd.
9.13 Swiss Re
9.14 The Canada Life Assurance Company
9.15 SCOR