Global Reinsurance Market Insights and Forecast to 2028

Reinsurance Market

The global Reinsurance market size is projected to reach US$ 315360 million by 2028, from US$ 279860 million in 2021, at a CAGR of 1.7% during 2022-2028. Key drivers of the reinsurance market include reduction in the risk-taking capacity of insurance companies and adoption of RPA(Robotic Process Automation), machine learning by reinsurance companies for enhancing claims handling processes. Moreover, the growing importance of insurance among the general public and the rise in reinsurance needs will drive the growth of the reinsurance market during the forecast period.

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Reinsurance Market Trends
Risk fearing attitude of insurance companies and adoption of advanced technologies

Insurance companies work on the principle of collective risk. They assume that only a certain amount of policyholders will lodge their claims in a fixed time period. However, in the case of higher-than-assessed payouts companies look for reinsurance in order to mitigate or reduce risks related to excess claim settlement or insolvency. In addition to it, reinsurers are adopting advanced technologies such as RPA(Robotic Process Automation) for capturing information efficiently and enhancing the claim settlement process. This frees up people's time for creating high-value services. The usage of ML, automation leads to faster processing and quicker risk profile checking. These factors will ultimately lead to extensive growth of the reinsurance market during the forecast period.

Growing awareness of insurance and increasing reinsurance demand

The awareness levels regarding insurance products have risen considerably due to globalization, liberalization, and supportive government regulations. People and corporates are buying insurance policies for protecting their assets in times of rising crime rates, natural disasters, healthcare, and retirement purposes. The developed countries are expected to drive the insurance market growth due to rapid economic development and the need for financial autonomy. This, in turn, will create lucrative opportunities for the growth of the reinsurance market in the coming years.

Reinsurance Market Share Analysis
Based on type, Property, and Casualty reinsurance segment is expected to dominate in the reinsurance market share with 70%.

Based on application, the broker segment will provide huge scope for growth in the reinsurance market share during the forecast period.

Based on region, North America will grow the largest in the reinsurance market share with 45% followed by Europe with 30%.

Reinsuance Market By Companies
Munich Re
Swiss Re
Hannover Re
SCOR SE
Lloyd's
Berkshire Hathaway
Great-West Lifeco
RGA
China RE
Korean Re
PartnerRe
GIC Re
Mapfre
Alleghany
Everest Re
XL Catlin
Maiden Re
Fairfax
AXIS
Mitsui Sumitomo
Sompo
Tokio Marine
Reinsuance Market By Types
P&C Reinsurance
Life Reinsurance
Reinsuance Market By Application
Direct Writing
Broker
Reinsuance Market By Regions
United States
Europe
China
Japan
Southeast Asia
India
Central & South America

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Reinsurance Market Objectives
To analyze global Reinsurance status, future forecast, growth opportunity, key market and key players.
To present the Reinsurance development in the United States, Europe and China.
To strategically profile the key players and comprehensively analyze their development plan and strategies.
To define, describe and forecast the market by product type, market and key regions.

SIMILAR REPORT

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https://reports.valuates.com/market-reports/QYRE-Auto-35M2175/global-insurtech

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