Life Reinsurance Market to Show Exponential Growth by 2031 | Worldwide Value $647.8 Billion

Increase in demand for various insurance plans is anticipated to drive the life reinsurance market growth during the forecast period. Additionally, the COVID-19 pandemic increased awareness of the need for life insurance among the general public. One of the primary causes of rise in demand for life and health insurance plans during COVID-19 is the high cost of its treatment in private hospitals. Furthermore, increase in demand for artificial intelligence (AI) in life reinsurance and conduit life reinsurance is an emerging trend in the life reinsurance market. However, re-insurers have experienced significant market losses as a result of the rise in life insurance claims. Life reinsurers have so revised their methods to deal with rising losses in order to deal with these risks. Due to a rise in life insurance claims, many life reinsurers have reported increased premium rates recently. Reinsurance companies can manage risk and perform better by keeping premium prices high. As a result of this action, life reinsurers will probably put pressure on insurance firms to increase insurance prices. The cost burden is then transferred to end-user insurance clients.

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The life reinsurance market was valued at $222.14 billion in 2021, and is estimated to reach $647.8 billion by 2031, growing at a CAGR of 11.6% from 2022 to 2031.

life reinsurance companies in the global life reinsurance market are improving their services and trying to provide better support and services to insurers by collaborating with various fintech organizations. For instance, in November 2019, Swiss Re and WeBank collaborated to investigate the technologies needed to overcome the problems brought on by data silos. Swiss Re anticipated that the collaboration would lay the groundwork for a brand-new venture supported by federated learning and inspire the life reinsurance sector to embrace fresh guidelines for advancing its technological prowess.

Furthermore, Resolution Life and Blackstone announced a strategic partnership to support the continued growth of Resolution Life, a leading global life and annuity insurance consolidation business. With a stronger financial foundation, Resolution Life will be able to continue fulfilling its purpose of serving as a worldwide custodian for life insurance and annuity policyholders while scaling up its development trajectory in a highly competitive acquisition market. The Bermuda Monetary Authority continues to regulate the Resolution Life Group, which has a sound group capital position, good solvency ratios, and investment-grade ratings.

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Moreover, the life reinsurance sector is changing how policies are written as a result of automated technologies. Adopting direct to customer (D2C) frameworks, which benefit insurers and re-insurers, can strengthen relationships between customers and insurers. Major market player Swiss Re has created a direct to customer automated underwriting system called as Magnum that helps insurers to expedite their underwriting processes. Such a technology enables insurers to access and make use of vast amounts of consumer data, enabling reinsurers to improve the precision of risk profile. The life reinsurance sector is predicted to undergo further changes as a result of these developments.

On the basis of distribution channel, the direct writing segment acquired a major share in the life reinsurance market in 2021. This is attributed to the fact that increased awareness among insurers regarding life reinsurance policies to cover business risks and losses has increased the sale of life reinsurance. Additionally, technological trends and developments in the insurance industry present opportunities for life reinsurance companies to expand their products and provide coverage for telematics. Furthermore, Life reinsurance companies are involved in direct selling of reinsurance policies as well as sell online through their websites, which is anticipated to become a major trend in the reinsurance market.

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Region-wise, North America dominated the life reinsurance market trends in 2021. It is attributed to the fact that the increase in demand in artificial intelligence and technologies in life reinsurance is emerging the overall life reinsurance market. Moreover, rise in awareness about the insurance products in North America and increase in life reinsurance brokers in the region are propelling the growth of the life reinsurance market.

The pandemic had a negative impact on life reinsurance industry as most of the insurers turned toward life reinsurance industry for assistance in claim settlements. In addition, the life reinsurance market experienced a decline owing to reduced claims in some areas, which led to insurers purchasing less life reinsurance. However, digitalization in insurance & life reinsurance industries has helped them tackle the negative impact on the market. Moreover, the increased integration of big data analytics and automation for claim settlement process has helped the market grow during the pandemic.

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KEY FINDINGS OF THE STUDY

By distribution channel, the direct writing segment led the highest life reinsurance market share in terms of revenue in 2021.
On the basis of product, the medical insurance segment is expected to exhibit the fastest growth rate during the forecast period.
Region-wise, North America generated the highest revenue in life reinsurance market size in 2021.

The key players operating in the life reinsurance market analysis include AXA XL, Berkshire Hathaway Life Insurance Company, Everest Re Group, Ltd., The Canada Life Assurance Company, Swiss Re, Munich Re, Hannover Re, MAPFRE, RGA Reinsurance Company, and PartnerRe. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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