Global Reinsurance Providers Market Report 2022: A $1.068 Billion Market by 2031 - Increasing Number of Mergers and Acquisitions & Cyber Reinsurance as Top Priority

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Aug 08, 2022, 13:15 ET

DUBLIN, Aug. 8, 2022 /PRNewswire/ -- The "Reinsurance Providers Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.

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.

Key Topics Covered:

1. Executive Summary

2. Table of Contents

3. List of Figures

4. List of Tables

5. Report Structure

6. Introduction And Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Reinsurance Providers Market Definition and Segmentations
6.4. Market Segmentation by Type
6.4.1. Property And Casualty Reinsurance Providers
6.4.2. Life And Health Reinsurance Providers
6.5. Market Segmentation by Distribution Channel
6.5.1. Direct Writing
6.5.2. Broker
6.6. Market Segmentation by Mode
6.6.1. Online
6.6.2. Offline
6.7. Market Segmentation by Organization Location
6.7.1. Domestic
6.7.2. International

7. Reinsurance Providers Market Product Analysis - Product Examples

8. Supply Chain Analysis

9. Customer Information
9.1. Global Reinsurance Rates Trouble Insurers
9.2. Global Insurers Plan to Maintain A Risk-On Investment Approach
9.3. Reinsurance Risks Will Experience Rate Increases at The January 2022 Renewals
9.4. The Boom in Reinsurance Industry
9.5. The Use of Insurance-Linked Securities (ILS), Or Alternative Reinsurance Capital Is Likely To Rise

10. Major Market Trends
10.1. New Models, Personalized Products
10.2. Technologies To Aid Automation of Reinsurance
10.3. Increasing Applications of Artificial Intelligence
10.4. Use of Blockchain Technology
10.5. InsurTech Partnerships
10.6. Cyber Reinsurance as Top Priority
10.7. Increasing Number of Mergers and Acquisitions

11. Global Market Size and Growth
11.1. Market Size
11.2. Historic Market Growth, 2016 - 2021, Value ($ Billion)
11.2.1. Drivers of The Market 2016 - 2021
11.2.2. Market Restraints 2016 - 2021
11.3. Forecast Market Growth, 2021 - 2026, 2031F Value ($ Billion)
11.3.1. Drivers of The Market 2021 - 2031
11.3.2. Market Restraints 2021 - 2026

12. Reinsurance Providers Market, Regional Analysis
12.1. Global Reinsurance Providers Market, by Region, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)
12.2. Global Reinsurance Providers Market, 2016 - 2026, Historic and Forecast, by Region
12.3. Global Reinsurance Providers Market, 2021 - 2026, Growth and Market Share Comparison, by Region

13. Global Reinsurance Providers Market Segmentation
13.1. Global Reinsurance Providers Market, Segmentation By Type, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)
13.2. Global Reinsurance Providers Market, Segmentation By Distribution Channel, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)
13.3. Global Reinsurance Providers Market, Segmentation By Mode, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)
13.4. Global Reinsurance Providers Market, Segmentation By Organization Location, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)

14. Global Reinsurance Providers Market Comparison with Macro Economic Factors
14.1. Reinsurance Providers Market Size, Percentage Of GDP, Global
14.2. Per Capita Average Reinsurance Providers Market Expenditure, Global

Companies Mentioned