Global Reinsurance Market Report 2021 – Opportunities And Strategies, Market Forecast And Trends
The Global Reinsurance Market Report by The Business Research Company covers reinsurance market drivers and restraints, reinsurance market size, major players, and the impact of COVID-19 on the reinsurance market.
The reinsurance market consists of sales of reinsurance by entities (organizations, sole traders and partnerships) that assume all or part of the risk of existing insurance policies originally underwritten by other insurance providers (direct insurance carriers). Reinsurance providers invest premiums collected from insurance providers to build up a portfolio of financial assets to be used against future claims. The size of the market is based on the value of the premiums reinsured. The reinsurance providers market is segmented into property & casualty reinsurance, and life & health reinsurance.
Reinsurance providers are integrating their processes with blockchain technology to reduce costs, increase efficiency, transparency, security associated with client data and other financial transactions. Blockchain is a distributed decentralized ledger and is a shared database (can be saved, owned, updated at different levels), not managed by central authority, comprising secure transactions, authenticated and verifiable. It reduces processing time and transactions costs, improves compliance, avoid re-entries, claim leakages and frauds, minimize time to settle losses and ensures cryptographic security. For instance, blockchain technology could save costs of reinsurance companies by more than $5 billion globally.
The global reinsurance market is expected to grow from $402.35 billion in 2020 to $435.09 billion in 2021 at a compound annual growth rate (CAGR) of 8.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $555.99 billion in 2025 at a CAGR of 6%.
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Some reinsurance market trends include reinsurers across the globe offering bundled products and services to enhance their revenues. This change is a result of diverse choice, attractive prices and broader coverage offered by reinsurers to gain additional market share and cut down costs. This approach has helped global reinsurers to close business deals at a group level, thereby reducing the need for reinsurance at different levels.
Global reinsurance market segments include:
1) By Type: Property & Casualty Reinsurance, Life & Health Reinsurance.
2) By Distribution Channel: Direct Writing, Broker.
3) By Mode: Online, Offline.
4) By Organization Location: Domestic, International.
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Western Europe accounts for the largest global reinsurance market share.
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The Reinsurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides reinsurance market overviews, analyzes and forecasts market size, share, reinsurance market players, reinsurance market segments and geographies, market’s leading competitors’ revenues, profiles and market shares.
The reinsurance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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Read Reinsurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country, Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries.
Market Players Covered: AXA, Swiss Re, Munich Re, Hannover Re, SCOR SE.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
Other Information And Analyses: SWOT analysis, customer information, market product/service analysis – product examples, trends and opportunities, drivers and restraints, key mergers and acquisitions, suggested trend based strategies, impact of COVID-19 on the market, future outlook and potential analysis, key metrics covered: number of enterprises, number of employees, global market in 2021 – countries offering most new opportunities, conclusions and recommendations by expert analysts.
Sourcing And Referencing: Data and analysis throughout the report are sourced using end notes.
Strategies For Participants In The reinsurance Industry: The report explains a number of strategies for companies in the market, based on industry trends and company analysis.
Opportunities For Companies In The reinsurance Sector: The report reveals where the global industry will put on most $ sales up to 2023.
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