Industry Background:
The transfer of liability from a ceding insurer (the primary insurer who granted the insurance contract) to another insurer is known as reinsurance (the reinsurance company). A cession is the process of putting business with a reinsurer. The growth of reinsurance companies around the world has resulted in active and often fiercely competitive markets where local direct insurers can position their reinsurances in many cities. Traditionally, reinsurance contracts were conducted between two insurance companies: the primary insurer and the reinsurer, which sold the initial insurance policies. The majority of them are still there. Primary insurers and reinsurers can split premiums and damages, or reinsurers can take on a portion of the primary company's losses beyond a given dollar cap in exchange for a charge. New products are increasingly reflecting the rapid integration of reinsurance and investment banking (see also the Background section).
According to AMA Research, the market for Reinsurance is expected to register a CAGR of 1.8% during the forecast period to 2028. This growth is primarily driven by Rapid Adoption of Data-Driven Decision Making
.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Reinsurance sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Munich Re (Germany), Swiss Re (Switzerland), Hannover Re (Germany), SCOR SE (France), Lloyd’s (United Kingdom), Berkshire Hathaway (United States), Great-West Lifeco (Canada), Reinsurance Group of America (United States), China RE (China), Korean Re (South Korea), PartnerRe (United Kingdom), GIC Re (India), Mapfre (Spain), Alleghany Corporation (United States), Everest Re (Bermuda) and XL Catlin (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In December 2018, Renaissance Re, a provider of reinsurance, insurance and other related business announced to acquire Tokio Millennium Re for USD 1.5 Billion which was the latest series of deals that will reshape the reinsurance sector.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Regulatory Insights:
India, Insurance Regulatory and Development Authority, “IRDAI, General Insurance -Reinsurance” – The Regulation Governs the Reinsurance Arrangements Between Insurers and Reinsurers in India Along with Operating Restrictions for Insurance and Reinsurance Entities; Reinsurance Monitoring and Disclosure Requirements; Content Requirements for Policies and Implied Terms.
Influencing Trend:
Fluctuating Interest Rates of Reinsurance Premium
Market Growth Drivers:
Rapid Adoption of Data-Driven Decision Making, Emergence of new products in the market and Need For Limiting Adverse Effect on Profit and Loss
Challenges:
Lack Of Skilled Professionals and Increasing Market competition and Availability of Substitutes
Restraints:
Stringent Regulation Laws and Policies
Opportunities:
Growing Awareness of Reinsurance In Emerging Countries
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Reinsurance Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Reinsurance Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Reinsurance players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Reinsurance Study Sheds Light on
The Reinsurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Reinsurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Reinsurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.