Dublin, June 04, 2021 (GLOBE NEWSWIRE) — The “Life and Health Reinsurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030” report has been added to ResearchAndMarkets.com’s offering.
Major players in the life & health reinsurance 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; and Taiping Reinsurance Co.
The global life & health reinsurance market is expected to grow from $127.29 billion in 2020 to $135.16 billion in 2021 at a compound annual growth rate (CAGR) of 6.2%.
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 $169.27 billion in 2025 at a CAGR of 5.8%.
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 involvement 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.
The life & health reinsurance market covered in this report is segmented by type into facultative reinsurance; treaty reinsurance. It is also segmented by distribution channel into a direct response; agents & brokers; banks; others.
In March 2019, RenaissanceRe, a 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 enhances 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 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 is 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 makes 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. Therefore, low interest rate is expected to be a restraint in the life and health reinsurance market during the period.
According to 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.
Key Topics Covered:
1. Executive Summary
2. Life and Health Reinsurance Market Characteristics
3. Life and Health Reinsurance Market Trends and Strategies
4. Impact of COVID-19 on Life and Health Reinsurance
5. Life and Health Reinsurance Market Size and Growth
5.1. Global Life and Health Reinsurance Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Life and Health Reinsurance Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Life and Health Reinsurance Market Segmentation
6.1. Global Life and Health Reinsurance Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Facultative Reinsurance
- Treaty Reinsurance
6.2. Global Life and Health Reinsurance Market, Segmentation by Distribution Channel, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Direct Response
- Agents & Brokers
- Banks
- Others
6.3. Global Life and Health Reinsurance Market, Segmentation by Product, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Life
- Health
7. Life and Health Reinsurance Market Regional and Country Analysis
7.1. Global Life and Health Reinsurance Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Life and Health Reinsurance Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
- 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
- General Insurance Corporation of India (GIC Re)
- Everest Re
- Axis Capital Holdings Limited
- Alleghany
- XL Catlin
- Maiden Re
- Fairfax
- Mitsui Sumitomo
- XL Bermuda
- Transatlantic Holdings
- RenaissanceRe Holdings
- MS&AD Insurance Group Holdings
- R+V Versicherung
- Arch Capital Group
- The Toa Reinsurance Company
- Assicurazioni Generali
For more information about this report visit https://www.researchandmarkets.com/r/br6x6
