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Life and Health Reinsurance Global Market Report 2023: A $214.9 Billion Market in 2027 - Long-term Forecasts to 2032

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Global Life & Health Reinsurance Market

Global Life & Health Reinsurance Market
Global Life & Health Reinsurance Market

Dublin, March 03, 2023 (GLOBE NEWSWIRE) -- The "Life And Health Reinsurance Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

Major players in the market are Swiss Reinsurance Company Ltd, Munich Re Group, Reinsurance Group of America (RGA), SCOR SE, Hannover Re, China Reinsurance Corporation, Berkshire Hathaway Re, PartnerRe Ltd., Korean Reinsurance Company, Taiping Reinsurance Co., Great-West Lifeco, and General Insurance Corporation of India (GIC Re).

The global life & health reinsurance market will grow from $163.59 billion in 2022 to $173.74 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The life & health reinsurance market is expected to grow to $214.9 billion in 2027 at a CAGR of 5.5%.

The life & health reinsurance market consists of sales of life & health reinsurance products by entities that are engaged in assuming all or part of the risk with existing life and health insurance policies originally underwritten by other insurance providers (direct insurance carriers).

The size of the market is based on the value of the premiums reinsured. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Life reinsurance is an insurance practice in which one insurance company buys its own insurance contract to protect itself against a large loss to a large group of their current life insurance clients' policies. Reinsurance programs pay health insurers to help them offset the costs of enrollees who have large medical claims.

North America was the largest region in the life and health insurance market in 2022. Western Europe was the second largest market in the life and health insurance market. The regions covered in the life and health insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The main types of life and health reinsurance are facultative reinsurance and treaty reinsurance. Facultative reinsurance refers to the coverage that is purchased by the insurer primarily to cover a single risk. The various products are life and health. The distribution channels involved are direct response, agents & brokers, banks, and other distribution channels.

The rise in the demand for life and health insurance policies is expected to drive the market for life and health reinsurance during the forecast period. The COVID-19 outbreak has raised the importance and demand for life insurance in the minds of the people. The uncertainty of getting diagnosed with COVID-19 and its high treatment cost in private hospitals is the main reason behind the surge in demand for life and health insurance policies.

For instance, in the fiscal year 2021-2022, Life Insurance Corporation (LIC), India's largest life insurer, sold around 2.17 crore policies. Therefore, increased demand for life and health insurance policies is expected to impact the market for life and health reinsurance positively.

Low interest rates in life and health insurance policies make the insurance company's products less attractive, which results in lower sales and lower income in the form of premiums that the insurance company has available to invest in. Therefore, a low interest rate is expected to be a restraint on the life and health reinsurance markets during the period.

Munich Re, a German-based reinsurance company, indicated that interest rates, exacerbated by the coronavirus pandemic, are impacting the profitability of reinsurers. Due to this, insurance cover is likely to become more expensive, impacting the growth of the market, which in turn will hinder the life and health reinsurance market as well.

The increasing demand for artificial intelligence in life and health reinsurance is an emerging trend in the life and health reinsurance market. According to Reinsurance News, Swiss Re is partnering with Tencent's WeBank to research artificial intelligence use in reinsurance.

Swiss Re and WeBank will work collaboratively to explore the technology involved in addressing the challenges imposed by data silos. Swiss Re is expecting the partnership to build a foundation for a new business supported by federated learning and will also encourage the reinsurance industry to adopt a new framework to improve technological capabilities.

Key Metrics

Report Attribute

Details

No. of Pages

175

Forecast Period

2023 - 2027

Estimated Market Value (USD) in 2023

$173.74 billion

Forecasted Market Value (USD) by 2027

$214.9 billion

Compound Annual Growth Rate

5.5%

Regions Covered

Global

A selection of companies mentioned in this report includes

  • Swiss Reinsurance Company Ltd.

  • Munich Re Group

  • Reinsurance Group of America (RGA)

  • SCOR SE

  • Hannover Re

  • China Reinsurance Corporation

  • Berkshire Hathaway Re

  • PartnerRe Ltd.

  • Korean Reinsurance Company

  • Taiping Reinsurance Co.

  • Great West Lifeco

  • General Insurance Corporation of India (GIC Re)

  • Everest Re

  • Axis Capital Holdings Limited

  • Alleghany

  • XL Catlin

  • Maiden Re

  • Fairfax

  • Mitsui Sumitomo

  • XL Bermuda

  • Transatlantic Holdings

  • RenaissanceRe Holdings

  • MS&AD Insurance Group Holdings

  • R+V Versicherung

  • Arch Capital Group

  • The Toa Reinsurance Company

  • Assicurazioni Generali

Key Topics Covered:

1. Executive Summary

2. Life And Health Reinsurance Market Characteristics

3. Life And Health Reinsurance Market Trends And Strategies

4. Life And Health Reinsurance Market - Macro Economic Scenario
4.1 COVID-19 Impact On Life And Health Reinsurance Market
4.2 Ukraine-Russia War Impact On Life And Health Reinsurance Market
4.3 Impact Of High Inflation On Life And Health Reinsurance Market

5. Life And Health Reinsurance Market Size And Growth
5.1. Global Life And Health Reinsurance Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Life And Health Reinsurance Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Life And Health Reinsurance Market Segmentation
6.1. Global Life And Health Reinsurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Facultative Reinsurance

  • Treaty Reinsurance

6.2. Global Life And Health Reinsurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Direct Response

  • Agents & Brokers

  • Banks

  • Other Distribution Channels

6.3. Global Life And Health Reinsurance Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Life

  • Health

7. Life And Health Reinsurance Market Regional And Country Analysis
7.1. Global Life And Health Reinsurance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Life And Health Reinsurance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/o4n387

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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