LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global reinsurance market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio analysts, the global reinsurance market is expected to grow at a CAGR of over 4% during the forecast period. The increasing awareness of insurance products in emerging markets is a major factor driving the market’s growth. The insurance and reinsurance markets in developed countries have become soft and saturated as these regions have a high awareness of insurance and people there have been proactively buying insurance for some time. Furthermore, the government regulations are very strict when it comes to insurance, be it life and health, property and casualty, or a specialty such as marine and aviation.
In developing and emerging countries, the insurance market has been growing sluggishly in the past as neither the people were aware nor the government insisted on the importance of the product. However, now there is an increased awareness of the importance of insurance, and hence, the market for both insurance and reinsurance will grow in these countries. Countries such as Brazil, Argentina, India, and Nauru are developing at a rapid pace and the people are becoming aware of the importance of keeping their lives and properties insured. This trend is expected to further drive the market during the forecast period.
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In this report, Technavio highlights the changing talent requirements as one of the key emerging trends in the global reinsurance market:
Global reinsurance market: Changing talent requirements
The advances in technology are driving the whole market to accomplish the fourth industrial revolution, wherein the appropriate use of technology could result in the effective management of the various verticals of the business, which would ensure increased profits and customer appreciation. For example, the right use of blockchain technology may result in efficient and secure paperwork, which will assure customers of the safety of their credentials and classified data.
“The right talent is required to understand and use such high-tech innovations. If reinsurers fail to attract talent with the skill sets to match the advances in technology for catering to the rising customer expectations, they will risk falling behind their competitors,” says a senior analyst at Technavio.
Global reinsurance market segmentation
This market research report segments the global reinsurance market into the following products (life and non-life) and key regions (the Americas, APAC, and EMEA).
The non-life segment held the largest market share in 2017, accounting for nearly 73% of the market. The market share for this product is expected to increase nearly 3% by 2022. Life reinsurance caters to insurance for like and health. Life insurance is the protection provided for the loss of capital or income that would take place in case the earner/insurer dies. The earner/insurer buys the insurance to protect his/her family from the prospect of sudden monetary loss caused by his/her death.
The Americas was the leading region for the global reinsurance market in 2017, accounting for a market share of nearly 48%. By 2022, the Americas is expected to continue dominating the market and register the highest growth of nearly 2%.
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