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.
Get Industry Insights. Simply.
The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.
Kate Merrick
Global Marketing Manager at
Eurotherm by Schneider Electric
We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.
Category Manager at
Ikea
ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.
Executive Director at
PwC Advisory
The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!
Scott Griffith
Vice President Marketing at
Maurice Sporting Goods
The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research
Jessica P Huffman
Research Associate at
American Transportation Research Institute
Excellent customer service. Very responsive and fast.
Director, Corporate Strategy at
Ingredion
I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.
Mariana Mendoza
Global Platform Senior Manager at
Whirlpool Corporation
Thanks! I like what you've provided and will certainly come back if I need to do further research works.
Bee Hin Png
CEO at
LDR Pte Ltd
The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.
Kate Merrick
Global Marketing Manager at
Eurotherm by Schneider Electric
We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.
Reinsurance Providers Global Market Report 2022
Major players in the reinsurance providers market are AXA, Swiss Re, Munich Re, Hannover Re, and SCOR SE. The global reinsurance providers market is expected to grow from $455.13 billion in 2021 to $506.69 ...
Hospital Daily Cash Benefit Insurance Global Market Report 2022 $ 4000 May 2022
B2B2C Insurance Global Market Report 2022 $ 4000 May 2022
Insurance Brokers Global Market Report 2022 $ 4000 May 2022
Insurance Brokers & Agents Global Market Report 2022 $ 4000 May 2022
Drone Insurance Global Market Report 2022 $ 4000 May 2022
Insurance Global Market Report 2022 $ 6000 May 2022
Insurance Agencies Global Market Report 2022 $ 4000 May 2022
Domiciliary Insurance Global Market Report 2022 $ 4000 May 2022
ref:plp2022
Reportlinker.com © Copyright 2022. All rights reserved.