Major companies in the reinsurance market include AXA; Swiss Re; Munich Re; Hannover Re and SCOR SE. 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.
New York, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Reinsurance Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009792/?utm_source=GNW
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%.
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.
Western Europe was the largest region in the global reinsurance market, accounting for 39% of the market in 2020. Asia Pacific was the second largest region accounting for 28% of the global reinsurance market. South America was the smallest region in the global reinsurance market.
Reinsurers across the globe are 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. For instance, reinsurance companies Generali and Allianz have adopted a bundled approach, enabling them to get better oversight of the global market and cut down the cost of offering reinsurance services.
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.
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