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Life And Health Reinsurance Global Market Report 2022

Life And Health Reinsurance Global Market Report 2022

  • May 2022
  • 175 pages
  • ID: 6277933
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the market are Swiss Reinsurance Company Ltd, Munich Re Group, Reinsurance Group of America (RGA), SCOR SE, Hannover Re, China Reinsurance Corporation, Berkshire Hathaway Re, PartnerRe Ltd., Korean Reinsurance Company, Taiping Reinsurance Co., Great-West Lifeco, and General Insurance Corporation of India (GIC Re).

The global life & health reinsurance market is expected to grow from $362.92 billion in 2021 to $404.11 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The market is expected to grow to $600.0 billion in 2026 at a compound annual growth rate (CAGR) of 10.4%.

The life & health reinsurance market consists of sales of reinsurance by entities (organizations, sole traders, and partnerships) that are engaged in assuming all or part of the risk with existing life and health insurance policies originally underwritten by other insurance providers (direct insurance carriers). Only goods and services traded between entities or sold to end consumers are included.

The main types of life and health reinsurance are facultative reinsurance and treaty reinsurance.Facultative reinsurance refers to the coverage that is purchased by the insurer primarily that covers a single risk.

The various products are life and health. The distribution channels involved are direct response, agents & brokers, banks, other distribution channels.

North America was the largest region in the life and health insurance market in 2021.Western Europe was the second largest market in life and health insurance market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The rise in the demand for life and health insurance policies is expected to drive the market for life and health reinsurance market during the forecast period.COVID-19 outbreak has raised the importance and demand for life insurance in the minds of the people.

The uncertainty of getting contracted with COVID-19 and its high treatment cost in private hospitals is the main reason behind the surge in the demand for life and health insurance policies. For instance, in the fiscal year 2019-2020, Life Insurance Corporation (LIC), India’s largest life insurer, sold around 21.9 million policies which are the highest in the last six years. Therefore, increased demand for life and health insurance policies is expected to impact the market for life and health reinsurance positively.

Low-interest rates in life and health insurance policies make the insurance company’s products less attractive which results in lower sales and lower income in the form of premiums that the insurance company has available to invest in.Therefore, a low-interest rate is expected to be a restraint in the life and health reinsurance market during the period.

Munich Re, a German-based reinsurance company, indicated that interest rates, exacerbated by the coronavirus pandemic, are impacting the profitability of reinsurers. Due to this insurance covers are likely to become more expensive impacting the growth of the market which in turn will hinder the life and health reinsurance market as well.

The increasing demand for artificial intelligence in life & health reinsurance is an emerging trend in the life & health reinsurance market.According to the 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.

In March 2019, RenaissanceRe, Bermuda-based reinsurance, insurance provider acquired Tokio Millennium Re AG and Tokio Millennium Re (UK) also known as TMR, a Bermuda-based reinsurance company, for $1.5 billion. The acquisition is expected to accelerate strategy and enhance RenaissanceRe’s global reinsurance position, offerings, and access to attractive risk. TMR was a subsidiary of Tokio Marine Holdings and has branches in Stamford, USA, Zurich, Switzerland, and Australia.

The countries covered in the life and health insurance market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

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