According to a new market research report published by Credence Research “Reinsurance Market ((Product- Life, Non-Life), (Distribution Channel- Direct Working, Broker)) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall reinsurance market worldwide was valued at USD 60 Bn in 2018 and is set to grow with a CAGR of 4.0% during the forecast period.
The insurance market is in the emerging economies has reached a somewhat stable position. Owing to strict government regulations and high awareness towards insurance, people buy insurance products. This increase in sale of insurance product is driving the reinsurance market. Reinsurance is a method of paying large contribution from an insurance claim and involves two parties – reinsurer and ceding party. Further, changing talent requirements shall be a major factor contributing towards reinsurance market. As a result of aforementioned factors, we expect that the reinsurance market will show tremendous growth during the forecast period.
Based on product, the reinsurance market is led by non-life segment. The non-life segment has more than 3/4th of the revenue share in the same year. The segment has highest growth owing to tremendous awareness towards the general insurance products available in the insurance industry. Reinsurance protect the insurers from potential losses. This is an advantage for an insurer dealing in property insurance, since loss can be huge. Further, due to tremendous new product development in insurance industry we expect that the non-life segment will continue its dominance during the forecast period.
Based on the geography, North America dominates the reinsurance market. The region is expected to contribute more than half of the total revenue of the reinsurance market. Owing to advancement of technology and high tech innovations, the reinsurance market in the region shall grow significantly. It is anticipated that technological advancement shall led to industrial revolution which would involve the need of efficient management in various business verticals resulting in increased profits and customer satisfaction. Thus, technological advancement along with varying talent requirements would assist the growth of the market. Hence, we expect that North America will continue to have significant position in the reinsurance market during the forecast period 2019-2027.
Some of the major companies profiled in the report include Barents Re Reinsurance, Inc., Berkshire Hathaway Inc.,BMS Group Ltd., China Reinsurance (Group) Corporation, Everest Re Group, Ltd., Hannover Re, IRB-Brasil Resseguros S.A., Lloyd’s, Munich Re, Odyssey Reinsurance, PartnerRe, Reinsurance Group of America, Incorporated, SCOR SE, and Swiss REGroup among others.
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