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Dublin, June 21, 2022 (GLOBE NEWSWIRE) -- The "Reinsurance Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global reinsurance market is expected to grow from $503.73 billion in 2021 to $558.09 billion in 2022 at a compound annual growth rate (CAGR) of 10.8%. The market is expected to grow to $812.37 billion in 2026 at a compound annual growth rate (CAGR) of 9.8%.
Major companies in the reinsurance market include Munich Re, SWISS Re, Hannover Re, Talanx, SCOR SE, Berkshire Hathaway Inc., China Reinsurance (Group) Corp, Lloyd's of London, Axa Group, Reinsurance Group of America Inc.
The reinsurance 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. The reinsurance providers market is segmented into property & casualty reinsurance; and life & health reinsurance.
The main types of reinsurance are property and casualty reinsurance, life and health reinsurance. Life and health reinsurance refers to the reinsurance that provides health and life reinsurance. The services are offered through online and offline modes to domestic, and international organizations. The various distribution channels involved are direct writing and broker.
Western Europe was the largest region in the reinsurance market in 2021. The Asia Pacific was the second largest region in the reinsurance market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Reinsurance providers are integrating their processes with blockchain technology to reduce costs, increase efficiency, transparency, security associated with client data and other financial transactions. Blockchain is a distributed decentralized ledger and is a shared database (can be saved, owned, updated at different levels), not managed by a central authority, comprising secure transactions, authenticated and verifiable.
It reduces processing time and transactions costs, improves compliance, avoids re-entries, claims leakages, and frauds, minimizes time to settle losses, and ensures cryptographic security. For instance, blockchain technology could save costs of reinsurance companies by more than $5 billion globally.
Reinsurers across the globe are offering bundled products and services to enhance their revenues. This change is a result of diverse choices, attractive prices, and broader coverage offered by reinsurers to gain additional market share and cut down costs. This approach has helped global reinsurers to close business deals at a group level, thereby reducing the need for reinsurance at different levels.
For instance, reinsurance companies Generali and Allianz have adopted a bundled approach, enabling them to get better oversight of the global market and cut down the cost of offering reinsurance services.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Reinsurance Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Reinsurance Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Reinsurance Market Supply Chain
5.1. Supply Chain
5.3. End Customers
6. Reinsurance Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Reinsurance Market Trends And Strategies
8. Impact Of COVID-19 On Reinsurance
9. Reinsurance Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market
10. Reinsurance Market Regional Analysis
10.1. Global Reinsurance Market, 2021, By Region, Value ($ Billion)
10.2. Global Reinsurance Market, 2016-2021, 2021-2026F, 2031F, Historic And Forecast, By Region
10.3. Global Reinsurance Market, Growth And Market Share Comparison, By Region
11. Reinsurance Market Segmentation
11.1. Global Reinsurance Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Property & Casualty Reinsurance
Life & Health Reinsurance
11.2. Global Reinsurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
11.3. Global Reinsurance Market, Segmentation By Mode, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
11.4. Global Reinsurance Market, Segmentation By Organization Location, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
12. Reinsurance Market Metrics
12.1. Reinsurance Market Size, Percentage Of GDP, 2016-2026, Global
12.2. Per Capita Average Reinsurance Market Expenditure, 2016-2026, Global
Berkshire Hathaway Inc.
China Reinsurance (Group) Corp.
Lloyd's of London
Reinsurance Group of America Inc.
For more information about this report visit https://www.researchandmarkets.com/r/7aypfi
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