Reinsurance Market to Soar to $1.34 Trillion By 2031, Growing At 10.8% Cagr – Securing the Future Of Risk Management

Reinsurance Market to Soar to $1.34 Trillion by 2031, Growing at 10.8% CAGR – Securing the Future of Risk Management

NEW CASTLE, DE, UNITED STATES, October 22, 2024 /EINPresswire.com/ -- Allied Market Research recently published a report, titled, “Reinsurance Market by Type (Facultative Reinsurance, Treaty Reinsurance), by Application (Property & Casualty Reinsurance, Life & Health Reinsurance), by Distribution Channel (Direct Writing, Broker), by Mode (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2022–2031”. As per the report, the global reinsurance industry was pegged at $498.7 billion in 2021 and is expected to reach $1,344 billion by 2031, growing at a CAGR of 10.8% from 2022 to 2031.

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Major Determinants of the Reinsurance Market Growth
The rise in demand for various insurance plans and increased awareness due to the COVID-19 pandemic drive the growth of the global reinsurance market. Moreover, demand for artificial intelligence in reinsurance and conduit reinsurance would open new opportunities in the future.

The Treaty Reinsurance segment to Manifest the highest CAGR through 2031
By type, the treaty reinsurance segment is estimated to portray the highest CAGR of 11.9% during the forecast period. In addition, the segment held the largest share in 2021, accounting for more than two-thirds of the global reinsurance market, and is expected to continue its dominance throughout the forecast period. The lack of individual underwriting on the part of the assuming insurer is the main feature of a treaty arrangement. The report includes an analysis of the facultative reinsurance segment.

The Property & Casualty Reinsurance Segment Dominated the Market

By application, the property & casualty reinsurance segment held the largest share in 2021, contributing to nearly two-thirds of the global reinsurance market, and is expected to maintain a leading position during the forecast period. Commercial property & casualty reinsurance either pays to repair or rebuild property with materials of the same or pays the current value of the damaged property. Hence, this is a major factor driving the growth of the market. However, the life & health reinsurance segment is projected to manifest the highest CAGR of 12.8% during the forecast period, owing to an increase in demand for life and health insurance. The COVID-19 pandemic has increased awareness of the value of and demand for life insurance among consumers.

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The Broker Segment to Showcase the Highest CAGR Through 2031

By distribution channel, the broker segment is projected to manifest the highest CAGR of 13.0% during the forecast period. Brokers use their marketing skills and knowledge about reinsurance to sell policies to the end customers. These intermediaries search for potential buyers and explain the advantages, benefits, disadvantages, and other details of reinsurance coverage, which fuels the growth of the market. However, the direct writing segment held the largest share in 2021, accounting for nearly three-fourths of the global reinsurance market, and is expected to continue its dominance from 2022 to 2031. This is due to awareness among the insurers regarding reinsurance policies to cover business risks and losses.

North America held the Lion’s Share

By region, the global reinsurance market across North America held the largest share in 2021, accounting for more than two-fifths of the market. This is due to a surge in life & health insurance, property & casualty insurance, and other insurance policies and the advent of an increase in demand for artificial intelligence and technologies. However, the market across Asia-Pacific is expected to register the highest CAGR of 14.2% during the forecast period, owing to developing markets, underwriting procedures, and innovations across the region.

Major Market Players

AXA XL
Barents Re Reinsurance Company, Inc.
Berkshire Hathaway Inc.
BMS Group
China Reinsurance (Group) Corporation
Everest Re Group, Ltd.
Hannover Re
Lloyd’s
MAPFRE
Markel Corporation
Munich RE
RGA Reinsurance Company
Swiss Re
The Canada Life Assurance Company
Tokio Marine HCC
SCOR
Next Insurance, Inc.
The report analyzes these key players in the global satellite connectivity market. These players have adopted strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, product portfolio, and developments of every market player.

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Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the reinsurance market analysis from 2021 to 2031 to identify the prevailing reinsurance market opportunities.
Market research and information related to key drivers, restraints, and opportunities are offered.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
An in-depth analysis of the reinsurance market segmentation assists in determining the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes an analysis of regional and global reinsurance market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments
Type
Facultative Reinsurance
Treaty Reinsurance
Treaty Reinsurance
Proportional Reinsurance
Non-proportional Reinsurance

Application
Property & Casualty Reinsurance
Life & Health Reinsurance
Life & Health Reinsurance
Disease Insurance
Medical Insurance

Distribution Channel
Direct Writing
Broker

Mode
Online
Offline

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