Reinsurance Market to Reach $1,344 Bn, Globally, by 2031
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Reinsurance Market to Reach
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Major Determinants of the Reinsurance Market Growth
Rise in demand for various insurance plans and increased awareness due to 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.
Covid-19 Scenario:
The pandemic had a negative effect on the market as socioeconomic disruptions accelerated the dynamics of broker, primary insurer, and reinsurer consolidation.
However, the digitization of reinsurance market limited the negative impact of Covid-19 on the market.
Scope of the Report:
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 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 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 increase in demand for life and health insurance during the forecast period. 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 for 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.
By region, the global reinsurance market across
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Major Market Players
Lloyd’s
MAPFRE
Tokio Marine HCC
SCOR
The report analyzes these key players of the global satellite connectivity market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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.
The market research is offered along with information related to key drivers, restraints, and opportunities.
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.
In-depth analysis of the reinsurance market segmentation assists to determine 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 the analysis of the regional as well as global reinsurance market trends, key players, market segments, application areas,
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