BANGALORE, India, April 30, 2020 /PRNewswire/ -- The global reinsurance market size for 2018 was USD 254.90 Billion and is forecast to hit USD 318.90 Billion by the end of 2025, with a CAGR of 3.3 % in 2019-2025.
Reinsurance is bought by an insurance firm from another insurance company to protect itself from the possibility of a major claim case. In other words, reinsurance is the practice of insurers shifting parts of risk portfolios to certain parties through a type of arrangement to minimize the probability of making an insurance claim arising from significant liability. The faction that diversifies its portfolio of insurances is known as the ceding faction. The reinsurer is recognized as the party which assumes a portion of the future liability in return for a share of the insurance premium.
The Reinsurance Market report studies the size of the reinsurance market by participants, countries, product types and end industries, historical data for 2014-2018, and forecast data for 2019-2025. Furthermore, this report also analyzes the global competitive environment, market drivers and patterns, opportunities and challenges, risks, and barriers to entry, distribution channels, distributors, and Porter's Five Forces analysis.
TRENDS INFLUENCING THE REINSURANCE MARKET SIZE
- Emerging reinsurers market is driven by economic strengthening, increasing population, urbanization, and rising middle class. From a consumer perspective, reinsurers should consider local market conditions and consumer needs with regard to product growth. The increased sums of alternative capital in the sector and the existing soft market are also significant factors. This forced reinsurers to diversify their business mix further and to boost their performance in other market and product areas.
- Rapidly advancing technology such as cloud storage, external data mining, and analytics can revolutionize the speed and intensity with which the reinsurance industry recognizes and analyzes risk. This advancement in technology is expected to increase the reinsurance market size.
- New structuring strategies can make it easier to turn a wider variety of real estate catastrophes and other risks into investable assets. They would also help to resolve the 'trapped collateral' problem (where creditors are unable to recover their principal before losses have been quantified and those figures stopped 'moving'). This would allow a more diverse group of investors to invest in reinsurance, speeding up the entry of alternative capital and thereby increasing the market size.
- Vast pools of lower-cost capital and alternatives to the balance sheet capital of reinsurers will continue to flood the market in search of yield and returns uncorrelated to major asset classes. This will increase the capital stock available to back up the risk and improve the competitiveness for players benefiting from alternative capital.
- Large reinsurers and brokers incorporate value-added services into their core offerings. This allows them to retain customers and place pressure on smaller, less differentiated players. Infrastructure providers can bundle services into their networks to promote the establishment of a reinsurance company. This, in turn, is expected to increase the reinsurance market size.
REINSURANCE MARKET SHARE ANALYSIS
The US reinsurance sector remains somewhat concentrated with the presence of largest industry players. Among the major players, General Re (a Berkshire Hathaway division) is predicted to control the largest reinsurance market share.
REINSURANCE MARKET COMPETITOR ANALYSIS
Reinsurance firms pay careful attention to market conditions because their portfolio exposures are balanced to different risks. Premiums are usually influenced by changes in policy counts and prices, which fluctuate between soft and hard periods. The transition between these two periods is highly dependent on returns on investment, as unexpected rises in claims and decreased reserves and productivity in investment income curtail.
REINSURANCE MARKET SEGMENTATIONS
Reinsurance Market segment by Type, the product can be split into
- P&C Reinsurance
- Life Reinsurance.
Reinsurance Market segment by Application, split into
- Direct Writing
Reinsurance Market segment by Regions/Countries, this report covers
- United States
- Southeast Asia
- Central & South America
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Major Key players in the Reinsurance Market are:
- Munich Re
- Swiss Re
- Hannover Re
- SCOR SE
- Berkshire Hathaway
- Great-West Lifeco
- China RE
- Korean Re
- GIC Re
- Everest Re
- XL Catlin
- Maiden Re
- Mitsui Sumitomo
- Tokio Marine
The study objectives of this report are:
- To analyze global Reinsurance status, future forecast, growth opportunity, key market and key players.
- To present the Reinsurance development in the United States, Europe and China.
- To strategically profile the key players and comprehensively analyze their development plan and strategies.
- To define, describe and forecast the market by product type, market and key regions.
● Life Reinsurance Market Report
Life reinsurance is insurance for life insurance companies — transferring some or all insurance liability to another insurer. It allows life insurance companies to spread their risks, lower their costs, and increase assets.
The report offers a detailed overview and reliable player revenue estimates for the 2015-2020 period. It also provides detailed analysis backed up by players' reliable revenue statistics (global and regional level). The specifics are company overview, main sector, total company sales and revenue generated in the Life Reinsurance industry, date of entry into the Life Reinsurance market, the launch of the Life Reinsurance product, recent developments, etc.
● Crop Reinsurance Market Report
The Crop Reinsurance Market report studies the various methodologies and analyses for providing reliable and in-depth market information. Based on global sales, the study lists the major players in the regions and their market share, respectively. It also outlines their strategic moves in recent years, investments in product innovation and leadership changes to remain ahead in the market.
● Agriculture Reinsurance Market
Agriculture reinsurance applies to farmers production and financial risks and associated loss from interrelated stakeholders, such as suppliers of inputs and grain processors. Agricultural reinsurance is insurance paid out by insurers in clear terms.
North America, Europe, China, the rest of Asia Pacific, Central & South America, Middle East & Africa, etc. are the main regions covered in the study. It includes every region's revenue review for 2015 through the 2026 year.
● Global Property and Casualty Reinsurance Market Report
The study provides in-depth details on the competitive environment in the industry. The study estimates the bargaining power of both suppliers and buyers using Porter's Five Forces analysis. The study also offers insights into the challenge posed by new entrants and available alternates. Growth approaches implemented by leading players in the industry are also analysed.
● Marine Reinsurance Market
By recovering some or all of the sums paid to claims, reinsurance helps insurers to stay solvent. Reinsurance limits net exposure to individual risks and compensate against damage from significant or multiple damages. It also gives ceding firms the opportunity to improve their underwriting efficiency in terms of the number and scale of risks.
The global impacts of the 2019 coronavirus disease (COVID-19) are already beginning to be felt and will have a significant impact on the 2020 market for marine reinsurance. The study provides in-depth details on the Marine Reinsurance Market.
● Cyber Insurance Market Report
The Cyber Insurance Market size is projected to benefit USD 14 Billion by 2022, recording a 28 percent CAGR during the 2016-2022 forecast period.
The cyber insurance market is expected to expand as a result of an increase in incidences of data breaches over the past 2-3 years. These attacks are escalating in severity and duration, posing a threat to citizens, organizations, and countries. Cyber-attacks have adverse effects on companies such as diminishing consumer base, market interruption, regulatory fines, legal penalties & fees, loss of intellectual property, and reputational harm.
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