Press release
Life and Health Reinsurance Market Trends 2024-2033 | Key Players Swiss Re Ltd., Munich Reinsurance Company, SCOR S.E., China Reinsurance (Group) Corporation.
Life and Health Reinsurance Market Share
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According to The Business Research Company's, The life & health reinsurance market size has grown strongly in recent years. It will grow from $173.74 billion in 2023 to $184.15 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to strong economic growth in emerging markets, government-led insurance reforms, rising healthcare costs and an increase in natural disasters.
The life & health reinsurance market size is expected to see strong growth in the next few years. It will grow to $225.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to an increase in chronic diseases and disabilities, impact of covid-19, growing middle-class population in emerging markets and a rise in claims in the life insurance sector. Major trends in the forecast period include adoption of automated reinsurance platforms, increasing applications of artificial intelligence, use of blockchain technology and increasing number of mergers and acquisitions.
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Market Drivers and Trends:
The rise in the demand for life and health insurance policies is expected to drive the life and health reinsurance industry 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 growth of life and health reinsurance market positively.
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.
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Major Key Players of the Market:
Volkswagen leasing GmbH, Enterprise Holdings Inc., Mc Donald's Corporation, Daimler, United Rentals Inc., 7 - Eleven, LeasePlan Corporation N.V., Ashtead Group, Deutsche Leasing AG, Tokyo Century, Quippo Infrastructure Limited, GMMCO, Hami Ximeng Trade Co Ltd, Toyota Rentacar, Orix Rentacar, Anji Leasing, China Auto Rental Holdings Inc, EHi Auto Services Co. Ltd, Shenzhen City Extreme Car Rental Co. Ltd, Shouqi Car Rental Co. Ltd, Europcar, Hertz, Avis Budget, Van Anda Aviation, BNP Paribas Leasing Solutions, Oak Leasing, Renault Eurodrive, Sixt, Business Lease Group, KAMAZ Leasing Company, Volvo Finance Service Vostok, VTB Leasing, ALD Automotive, Interleasing Ltd., VEB-leasing, Trust Capital, Wells Fargo Financial Equipment Leasing, Hitachi Capital America Corp, TCF Equipment Finance, Advantage Rent a Car, Aercap Holdings N.V., McDonald's Corporation, Ryder, National Leasing, Canadian Leasing Company, Localiza, Locamerica-Unidas, Best Fleet (Unidas), Ouro Verde, Movida, Safra Leasing S.A., BB Leasing, Leasing Bolívar S.A, HALA Equipment Trading LLC, Perfect Machinery & Equipment Trading & Hire LLC, Arabian Machinery and Heavy Equipment Company, Al Badie Group (ABG), Paramount Leasing & Car Rental LLC, Budget, Barloworld South Africa (PTY) Ltd, Bidvest Car Rental (PTY) Ltd, Car Hire Brokers (PTY) Ltd, CMH Car Hire (PTY) Ltd, Gage Car Rental (PTY) Ltd, Imperial Vehicles, Unitrans Automotive (Pty) Ltd, Sorbet, Mai Thai Wellness Spa, Lanzerac Spa, Niobe Salon and Spa, Marie Noelle's Spa & Salon, Jane'm salon & spa, Ubuntu Wellness Centre.
Life And Health Reinsurance Market 2024 Key Insights:
• The life & health reinsurance market size is expected to see strong growth in the next few years. It will grow to $225.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Surge In Demand For Life And Health Insurance Policies Fueling Growth In The Reinsurance Industry
• Artificial Intelligence Solutions In Life And Health Reinsurance
• North America was the largest region in the life and health reinsurance market in 2023
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