Reinsurance Market Comprehensive Insights and Future Demand
Global reinsurance market is anticipated to witness an exponential growth in the forecast period.
Reinsurance implies insurance that is acquired by an insurance company. It
allows companies claim under happenings including major disasters like
hurricanes and wildfires. In addition, it is useful in risk management, tax
mitigation, and for many other reasons. The company that procures the
reinsurance policy is known as a ceding company, cedent, or cedant under most
arrangements.
The factors that propel
the growth of the market include developing and emerging economies, increased
awareness regarding the importance of insurance among developed and developing
economies, technological advancements, and growing demand for insurance
products.
On the other hand, there
are factors that may hamper the growth of the market including high
manufacturing and designing cost of technology and vulnerability to
cybercrimes. Reinsurance market is anticipated to expand at a significant CAGR
in the upcoming period as the scope, product types, and its applications are
increasing across the globe.
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The market could be explored by type,
application, and geography. Market by type could span Life Reinsurance and
P&C Reinsurance. Market by-products constitute non-life and life. The
“non-life” segment led the reinsurance market in 2017 and will continue to lead
in the forecast period. The key factor that could be attributed to the growth
of the market includes increasing consciousness regarding insurance products.
The key applications that could be explored in the market include Broker and
direct Writing.
North America accounted for the major
share of the reinsurance industry in 2017 and will continue to lead in the
forecast period. The factor that could be attributed to the growth include
increasing demand, presence of leading companies, stringent government
regulations with insurance, life and health, casualty and property, or a
specialty such as aviation and marine, individuals and organizations
proactively buy insurance in these counties. North America is followed by the
Asia-Pacific region.
Some of the key players that fuel the
growth of the reinsurance market comprise SCOR SE, Swiss Re, RGA, Munich Re,
Hannover Re, Berkshire Hathaway, Lloyd’s, Great-West Lifeco, Korean Re, China
RE, PartnerRe, Mapfre, GIC Re, Alleghany, XL Catlin, Everest Re, Maiden Re,
AXIS, Tokio Marine, Sompo, Fairfax, and Mitsui Sumitomo. The leading companies
are taking up partnerships, mergers and acquisitions, and joint ventures in
order to boost the inorganic growth of the industry.
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