NEW YORK, Dec. 17, 2013 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
2020 Foresight Report: Reinsurance Hubs
Synopsis
The report provides market analysis, information and insights into reinsurance hubs:
• Provides a global snapshot of leading reinsurance hubs, their market size and future outlook
• Comprehensive analysis of the respective market size, future outlook and competitive landscape of the leading reinsurance hubs in the world
• Analysis of key benefits and challenges for reinsurance operations in leading reinsurance hubs
• Comprehensive analysis of the economic environment and regulatory and legal framework of leading reinsurance hubs
• Analysis of taxation and fee structures applicable on reinsurance companies operating in the leading reinsurance hubs
• Detailed analysis of market entry strategies and product and services strategies adopted by leading reinsurance companies operating in various reinsurance hubs
Summary
Growing uncertainties in the global economy and the increasing occurrence of natural disasters have increased the importance of reinsurance. Insurers are, as a result, actively seeking the benefits of reinsurance to maintain profitability and optimization of returns per unit of risk undertaken. To capitalize on this, reinsurers are expanding their product portfolios and reinsurance businesses globally. Reinsurers operating through hubs generate most of their revenues from offshore markets, with the domestic reinsurance markets in hubs such as Singapore, Bermuda, Switzerland and Hong Kong being very small. Singaporean reinsurers generate more than 90% of their revenues from overseas markets such as Japan, China and South Korea. Most reinsurers set up offices in reinsurance hubs due to favorable regulatory and tax structures, and also to gain access to neighboring markets. While reinsurers operating from Bermuda cater to demand from North and Latin America, reinsurers from Switzerland and Singapore serve European and Asia-Pacific markets. However, reinsurers based in the world's largest reinsurance market, the US, primarily focus on domestic business.
Scope
• This report provides a comprehensive analysis of the leading reinsurance hubs across the world
• It provides data on current market size and information on the future prospects of the reinsurance industry in leading reinsurance hubs
• It details the various benefits available to and challenges faced by reinsurance companies operating in the leading reinsurance hubs in the world
• It outlines the current regulatory framework, tax regime and fee structure applicable to reinsurance companies operating in the leading reinsurance hubs
• It details the market entry strategies and product and service strategies used by various reinsurers operating in the leading reinsurance hubs.
• It profiles the leading reinsurers operating in the key reinsurance hubs in the world
Reasons To Buy
• Understand the world wide operation of reinsurance companies through various reinsurance hubs
• Asses the dynamics of reinsurance operation through the hub model
• Make strategic business decisions using historic and forecast market data related to reinsurance business in leading reinsurance hubs and key target markets
• Gain insights into the marketing entry strategies and product and service strategies adopted for expansion of reinsurance business
• Gain insights into key regulations governing reinsurance companies in different reinsurance hubs
• Gain insight into various taxes and fees applicable on reinsurance companies in leading reinsurance hubs
Key Highlights
• Reinsurance hubs are becoming preferred locations for international reinsurers to operate in both domestic and offshore markets. Favorable regulatory frameworks, improved tax environments, well-developed infrastructure and the availability of skilled workforces are key factors which support the inflow of foreign reinsurers to these hubs. The US remained the world's largest reinsurance market. However, the reinsurance industry in Europe contributes a large proportion of the global gross written premium, with the UK, France and Germany being the key reinsurance markets in the region. Further, natural disasters proved to be a challenging factor for the Asia-Pacific insurance industry, shifting global attention on risk assessment and management to that region.
• Growth in the main direct insurance segments of life, non-life and personal accident and health insurance is expected to fuel the growth of reinsurance, as direct insurers cede proportions of their written premiums.
• The frequent occurrence of natural disasters across the world has impacted the profitability of reinsurers. Several major catastrophes resulted in substantial losses and an exceptionally high number of fatalities across all the key markets during the review period.
• The global financial crisis, sovereign debt crisis and economic uncertainties have resulted in the introduction of stringent regulatory regimes for the effective regulation and management of the financial services sector. New regulatory standards, including risk-based solvency and capital requirements, were introduced in many countries' insurance and reinsurance industries. The implementation of Solvency II is expected to lead to significant growth in the reinsurance industry as a result.
• Reinsurers generate most of their business through intermediaries such as agents or brokers. They also extend their underwriting businesses across the world through regional offices, subsidiaries, affiliated companies, branch offices, representative offices and liaison offices.
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Global Snapshot and Outlook
3.1 Reinsurance Hubs and Emerging Trends
3.1.1 Existing hubs and target markets
3.1.2 Emerging hubs and future potential
3.1.3 Key trends and drivers
3.2 Global Market Size and Outlook
3.2.1 Global market size and forecast
3.2.2 Benchmarking of the reinsurance hubs
3.3 Benchmarking of Strategies Adopted by Reinsurers in Key Hubs
3.3.1 Market entry strategies
3.3.2 Product and services strategies
3.3.3 Business models
4 The US
4.1 Reinsurance Industry Overview
4.1.1 Market size and outlook
4.1.2 Analysis of key performance indicators
4.1.3 Reinsurance segment structure and competitive landscape
4.2 Reinsurance in the US: Benefits, Regulatory Framework and Challenges
4.2.1 Key benefits of reinsurance operations
4.2.2 Economic environment
4.2.3 Regulatory and legal framework
4.2.4 Taxation and fee structure
4.2.5 Challenges
4.3 Company Profiles, Product and Services Strategies
4.3.1 Everest Re Group, Ltd
4.3.2 Odyssey Re Holdings Corp. (OdysseyRe)
4.4 Analysis of Current and Future Target Markets
4.5 Market Entry Strategies
5 Bermuda
5.1 Reinsurance Industry Overview
5.1.1 Market Size and outlook
5.1.2 Analysis of key performance indicators
5.1.3 Reinsurance market structure and competitive landscape
5.2 Reinsurance in Bermuda: Benefits, Regulatory Framework and Challenges
5.2.1 Key benefits of reinsurance operations
5.2.2 Economic environment
5.2.3 Regulatory and legal framework
5.2.4 Taxation and fee structure
5.2.5 Challenges
5.3 Company Profiles, Product and Services Strategies
5.3.1 PartnerRe Ltd
5.3.2 Arch Capital Group Ltd (Arch Capital)
5.4 Analysis of Current and Future Target Markets
5.5 Market Entry Strategies
6 Switzerland
6.1 Reinsurance Industry Overview
6.1.1 Market size and outlook
6.1.2 Analysis of key performance indicators
6.1.3 Reinsurance segment market structure and competitive landscape
6.2 Reinsurance in Switzerland: Benefits, Regulatory Framework and Challenges
6.2.1 Key benefits of reinsurance operations
6.2.2 Economic environment
6.2.3 Regulatory and legal framework
6.2.4 Taxation and fee structure
6.2.5 Challenges
6.3 Company Profiles, Product and Services Strategies
6.3.1 Amlin Re Europe
6.3.2 Schweizerische Rückversicherungs-Gesellschaft AG (Swiss Re)
6.4 Analysis of Current and Future Target Markets
6.5 Market Entry Strategies
7 The UK
7.1 Reinsurance Industry Overview
7.1.1 Market Size and outlook
7.1.2 Analysis of key performance indicators
7.1.3 Reinsurance segment market structure and competitive landscape
7.2 Reinsurance in the UK: Benefits, Regulatory Framework and Challenges
7.2.1 Key benefits of reinsurance operations
7.2.2 Economic environment
7.2.3 Regulatory and legal framework
7.2.4 Taxation and fee structure
7.2.5 Challenges
7.3 Company Profiles, Product and Services Strategies
7.3.1 Catlin Group Ltd
7.3.2 Great Lakes Reinsurance (UK) Plc
7.4 Analysis of Current and Future Target Markets
7.5 Market Entry Strategies
8 Germany
8.1 Reinsurance Industry Overview
8.1.1 Market size and outlook
8.1.2 Analysis of key performance indicators
8.1.3 Reinsurance segment market structure and competitive landscape
8.2 Reinsurance in Germany: Benefits, Regulatory Framework and Challenges
8.2.1 Key benefits of reinsurance operations
8.2.2 Economic environment
8.2.3 Regulatory and legal framework
8.2.4 Taxation and fee structure
8.2.5 Challenges
8.3 Company Profiles, Product and Services Strategies
8.3.1 Allianz SE Reinsurance
8.3.2 Hannover Re Group
8.4 Analysis of Current and Future Target Markets
8.5 Market Entry Strategies
9 Singapore
9.1 Reinsurance Industry Overview
9.1.1 Market size and outlook
9.1.2 Analysis of key performance indicators
9.1.3 Reinsurance structure and competitive landscape
9.2 Reinsurance in Singapore: Benefits, Regulatory Framework and Challenges
9.2.1 Key benefits of reinsurance operations
9.2.2 Economic environment
9.2.3 Regulatory and legal framework
9.2.4 Taxation and fee structure
9.2.5 Challenges
9.3 Company Profiles, Product and Services Strategies
9.3.1 Asia Capital Reinsurance Group Pte Ltd
9.3.2 Munich Reinsurance Company Singapore
9.4 Analysis of Current and Future Target Markets
9.5 Market Entry Strategies
10 Hong Kong
10.1 Reinsurance Industry Overview
10.1.1 Market size and outlook
10.1.2 Analysis of key performance indicators
10.1.3 Reinsurance segment market structure and competitive landscape
10.2 Reinsurance in Hong Kong: Benefits, Regulatory Framework and Challenges
10.2.1 Key benefits of reinsurance operations
10.2.2 Economic environment
10.2.3 Regulatory and legal framework
10.2.4 Taxation and fee structure
10.2.5 Challenges
10.3 Company Profiles, Product and Services Strategies
10.3.1 Taiping Reinsurance Company Ltd
10.4 Analysis of Current and Future Target Markets
10.5 Market Entry Strategies
11 Appendix
11.1 Methodology
11.2 Contact Us
11.3 About Timetric
11.4 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Global Reinsurance Hubs – Existing Hubs and Key Target Markets
Table 3: Major Natural Disasters Across The Globe – Estimated Losses
Table 4: Key Target Markets – Overall Insurance Industry Gross Written Premiums
Table 5: Global Reinsurance Hubs – Reinsurance Gross Written Premiums (US$ Billion), 2008–2017
Table 6: Global Reinsurance Hubs – Key Benefits and Challenges
Table 7: Market Entry Strategies Adopted by Leading Reinsurers in Key Reinsurance Hubs
Table 8: Natural Disasters in The US, 2008–2011
Table 9: US Insurance Comparison With Key Markets – Gross Written Premium (US$ Billion), 2012
Table 10: US Insurance Comparison with Key Markets – Gross Written Premiums Ceded to Reinsurers (%), 2012
Table 11: US Insurance Comparison with Key Markets – Loss Ratio (%), 2012
Table 12: Leading US Reinsurance Companies, 2011
Table 13: US Reinsurance – Strategic Double-Taxation Agreements in Force
Table 14: Corporation Tax Rates in the US for the Financial Year 2012–2013
Table 15: Everest Re – Key Financials (US$ Million), 2010–2011
Table 16: Everest Re – Products and Services
Table 17: OdysseyRe – Key Financials (US$ Million), 2010–2011
Table 18: OdysseyRe – Products and Services
Table 19: Leading US Reinsurance Companies, 2011
Table 20: US Reinsurance – Market Entry Strategies Adopted by Leading Reinsurers
Table 21: Bermudian Reinsurance – Losses Covered by Bermudian Reinsurers in Offshore Markets
Table 22: Bermudian Insurance Comparison with Key Markets – Gross Written Premium (US$ Billion), 2012
Table 23: Bermudian Insurance Comparison with Key Markets – Gross Written Premiums Ceded to Reinsurers (%), 2012
Table 24: Bermudian Insurance Comparison with Key Markets – Loss Ratio (%), 2012
Table 25: Bermudian Reinsurance – Leading Reinsurance Companies, 2011
Table 26: PartnerRe – Key Financials (US$ Million), 2011–2012
Table 27: Arch Capital – Key Financials (US$ Million), 2010–2011
Table 28: Bermudian Insurance and Reinsurance Companies, 2010 and 2011
Table 29: Bermudian Reinsurance – Market Entry Strategies Adopted by Leading Reinsurers
Table 30: Swiss Insurance Comparison with Key Markets – Gross Written Premium (US$ Billion), 2012
Table 31: Swiss Insurance Comparison with Key Markets – Gross Written Premiums Ceded to Reinsurers (%), 2012
Table 32: Swiss Insurance Comparison with Key Markets – Loss Ratio (%), 2012
Table 33: Switzerland – Strategic Double-Taxation Agreements with 89 Countries
Table 34: Corporation Tax Rates in Switzerland for the Financial Year 2013
Table 35: Amlin Re Europe – Key Financials (US$ Million), 2010–2011
Table 36: Swiss Re – Key Financials (US$ Million), 2010–2011
Table 37: Swiss Re – Product and Service
Table 38: Swiss Reinsurance – Market Entry Strategies adopted by Reinsurance Companies
Table 39: Swiss Reinsurance – Market Entry Strategies Adopted by Leading Reinsurers
Table 40: UK Insurance Comparison with Key Markets – Gross Written Premium (US$ Billion), 2012
Table 41: UK Insurance Comparison with Key Markets – Gross Written Premiums Ceded to Reinsurers (%), 2012
Table 42: UK Insurance Comparison with Key Markets – Loss Ratio (%), 2012
Table 43: UK Reinsurance – Leading Companies, 2010
Table 44: The UK – Strategic Double-Taxation Agreements in Force
Table 45: Catlin Group Ltd – Key Financials (US$ Million), 2010–2011
Table 46: Catlin Group Ltd – Products and Services
Table 47: Great Lakes – Key Financials (US$ Million), 2010–2011
Table 48: UK Reinsurance – Key Reinsurers and Mode of Entry into the UK
Table 49: UK Reinsurance – Market Entry Strategies Adopted by Leading Reinsurers
Table 50: Germany Insurance Comparison with Key Markets – Gross Written Premium (US$ Billion), 2012
Table 51: German Insurance Comparison with Key Markets – Gross Written Premiums Ceded to Reinsurers (%), 2012
Table 52: German Insurance Comparison with Key Markets – Loss Ratio (%), 2012
Table 53: German Reinsurance – Leading Companies, 2012
Table 54: German Reinsurance – Comprehensive Double-Taxation Agreements
Table 55: Corporation Tax Rates in Singapore for the Financial Year 2012–2013
Table 56: Corporation Tax Rates in Germany for the Financial Year 2013
Table 57: Allianz Re – Key Financials (US$ Million), 2010–2011
Table 58: Allianz Re – Products and Services
Table 59: Hannover Re – Key Financials (US$ Million), 2011–2012
Table 60: Hannover Re – Products and Services
Table 61: German Reinsurance – Key Reinsurers and Mode of Entry to Germany
Table 62: German Reinsurance – Market Entry Strategies Adopted by Leading Reinsurers
Table 63: Singaporean Reinsurance – Natural Disasters in Offshore Markets
Table 64: Singaporean Insurance Comparison with Key Markets – Gross Written Premiums (US$ Billion), 2012
Table 65: Singaporean Insurance Comparison with Key Markets – Gross Written Premiums Ceded to Reinsurers (%), 2012
Table 66: Singaporean Insurance Comparison with Key Markets – Loss Ratio (%), 2012
Table 67: Singaporean Reinsurance – Market Share (%), 2008–2011
Table 68: Singaporean Reinsurance – Comprehensive Double-Taxation Agreements with 60 Countries
Table 69: Corporation Tax Rates in Singapore for the Financial Year 2012–2013
Table 70: Natural Disasters and Estimated Losses in Asia
Table 71: Asia Capital Reinsurance Group Pte Ltd – Key Financials (US$ Million), 2011–2012
Table 72: Asia Capital Reinsurance Group Pte Ltd – Products and Services Strategies
Table 73: Munich Re – Key Financials (US$ Million), 2011–2012
Table 74: Munich Reinsurance Company Singapore – Unique Products and Services
Table 75: Singaporean Reinsurance – Types of Reinsurer, 2013
Table 76: Singaporean Reinsurance – Market Entry Strategies Adopted by Leading Reinsurers
Table 77: Hong Kong Insurance Comparison with Key Markets – Gross Written Premium (US$ Billion), 2012
Table 78: Hong Kong Insurance Comparison with Key Markets – Gross Written Premiums Ceded to Reinsurers (%), 2012
Table 79: Hong Kong Insurance Comparison with Key Markets – Loss Ratio (%), 2012
Table 80: Hong Kong Reinsurance – Segment Shares (%), 2008–2011
Table 81: Hong Kong Reinsurance – MoUs Signed by the Insurance Authority
Table 82: Hong Kong Reinsurance – Concluded Comprehensive Double-Taxation Agreements
Table 83: Hong Kong Reinsurance – Comprehensive Double-Taxation Agreements Under Negotiation
Table 84: Corporation Tax Rates in Hong Kong for the Financial Year 2013
Table 85: Taiping Reinsurance Company Ltd – Key Financials (US$ Million), 2010–2011
Table 86: Hong Kong Reinsurance – Types of Authorized Insurer, January 2013
Table 87: Hong Kong Reinsurance – Market Entry Strategies Adopted by Leading Reinsurers
List of Figures
Figure 1: Global Reinsurance Hubs – Snapshot and Future Outlook
Figure 2: Key Target Markets – Reinsurance Gross Written Premiums(US$ Billion), 2008–2017
Figure 3: Global Reinsurance Hubs – Reinsurance Gross Written Premiums (US$ Billion), 2012
Figure 4: US Reinsurance – Gross Written Premiums (US$ Billion), 2008–2017
Figure 5: US Insurance Industry, Gross Written Premiums (US$ Billion), 2008, 2012 and 2017
Figure 6: US Insurance Comparison with Key Markets – Gross Written Premium (US$ Billion), 2012
Figure 7: US Insurance Comparison with Key Markets – Gross Written Premiums Ceded to Reinsurers (%), 2012
Figure 8: US Insurance Comparison with Key Markets – Loss Ratio (%), 2012
Figure 9: Economic Snapshot of the US, 2008–2012
Figure 10: US Reinsurance – Key Target Reinsurance Markets, Gross Written Premiums (US$ Billion), 2008–2017
Figure 11: Bermudian Reinsurance – Gross Written Premiums (US$ Billion), 2008–2017
Figure 12: Bermudian Insurance Comparison with Key Markets – Gross Written Premium (US$ Billion), 2012
Figure 13: Bermudian Insurance Comparison with Key Markets – Gross Written Premium Ceded to Reinsurers (%), 2012
Figure 14: Bermudian Insurance Comparison with Key Markets – Loss Ratio (%), 2012
Figure 15: Bermudian Reinsurance – Leading Reinsurers' Total Capital (US$ Billion), 2011
Figure 16: Economic Snapshot of Bermuda, 2008–2012
Figure 17: PartnerRe – Net Written Premiums by Business Line (%), 2011
Figure 18: Bermudian Reinsurance – Key Target Reinsurance Markets, Gross Written Premiums (US$ Billion), 2008–2017
Figure 19: Swiss Reinsurance – Gross Written Premiums, 2008–2017
Figure 20: Swiss Insurance Industry, Gross Written Premiums (US$ Billion), 2008, 2012 and 2017
Figure 21: Swiss Reinsurance – Earned Premiums (%), 2011
Figure 22: Swiss Insurance Comparison with Key Markets – Gross Written Premium (US$ Billion), 2012
Figure 23: Swiss Insurance Comparison with Key Markets – Gross Written Premium Ceded to Reinsurers (%), 2012
Figure 24: Swiss Insurance Comparison with Key Markets – Loss Ratio (%), 2012
Figure 25: Economic Snapshot of Switzerland, 2008–2012
Figure 26: Amlin Re Europe – Product Contribution (%), 2011
Figure 27: Swiss Reinsurance – Key Target Reinsurance Markets, Gross Written Premiums (US$ Billion), 2008–2017
Figure 28: UK Reinsurance – Gross Written Premiums, 2008–2017
Figure 29: UK Insurance Comparison with Key Markets – Gross Written Premium (US$ Billion), 2012
Figure 30: UK Insurance Comparison with Key Markets – Gross Written Premium Ceded to Reinsurers (%), 2012
Figure 31: UK Insurance Comparison with Key Markets – Loss Ratio (%), 2012
Figure 32: Economic Snapshot of the UK, 2008–2012
Figure 33: UK Reinsurance – Key Target Reinsurance Markets, Gross Written Premiums (US$ Billion), 2008–2017
Figure 34: German Reinsurance – Gross Written Premiums, 2008–2017
Figure 35: German Insurance Industry, Gross Written Premiums (US$ Billion), 2008, 2012 and 2017
Figure 36: German Insurance Comparison with Key Markets – Gross Written Premium (US$ Billion), 2012
Figure 37: German Insurance Comparison with Key Markets – Gross Written Premium Ceded to Reinsurers (%), 2012
Figure 38: German Insurance Comparison with Key Markets – Loss Ratio (%), 2012
Figure 39: Economic Snapshot of Germany, 2008–2012
Figure 40: German Reinsurance – Key Target Reinsurance Markets, Gross Written Premiums (US$ Billion), 2008–2017
Figure 41: Singaporean Reinsurance – Gross Written Premiums, 2008–2017
Figure 42: Singaporean Insurance Comparison with Key Markets – Gross Written Premiums (US$ Billion), 2012
Figure 43: Singapore Insurance Comparison with Key Markets – Gross Written Premiums Ceded to Reinsurers (%), 2012
Figure 44: Singaporean Insurance Comparison with Key Markets – Loss Ratio (%), 2012
Figure 45: Economic Snapshot of Singapore, 2008–2012
Figure 46: Asia Capital Reinsurance Group Pte Ltd – Product Contribution (%), 2012
Figure 47: Singaporean Reinsurance – Key Target Reinsurance Markets, Gross Written Premiums (US$ Billion), 2008–2017
Figure 48: Hong Kong Reinsurance – Gross Written Premiums, 2008–2017
Figure 49: Hong Kong Insurance Comparison with Key Markets – Gross Written Premium (US$ Billion), 2012
Figure 50: Hong Kong Insurance Comparison with Key Markets – Gross Written Premium Ceded to Reinsurers (%), 2012
Figure 51: Hong Kong Insurance Comparison with Key Markets – Loss Ratio (%), 2012
Figure 52: Economic Snapshot of Hong Kong, 2008–2012
Figure 53: Taiping Reinsurance Company Ltd – Gross Written Premiums by Region (%), 2011
Figure 54: Taiping Reinsurance Company Ltd – Product Contribution (%), 2011
Figure 55: Hong Kong Reinsurance – Key Target Reinsurance Markets, Gross Written Premiums (US$ Billion), 2008–2017
Companies Mentioned
Swiss Re
OdysseyRe
PartnerRe
Validus Holdings Ltd
Lloyd's
Amlin Plc
Munich Re
Hannover Re
Scor SE
Taiping Reinsurance Company Ltd
Everest Re
To order this report: 2020 Foresight Report: Reinsurance Hubs
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