DUBLIN--(BUSINESS WIRE)--The "Life and Health Reinsurance Global Market Opportunities and Strategies to 2030: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The life and health reinsurance market reached a value of nearly $143.9 billion in 2020, having increased at a compound annual growth rate (CAGR) of 4.3% since 2015. The market is expected to grow from $143.9 billion in 2020 to $191.4 billion in 2025 at a rate of 5.6%. The market is then expected to grow at a CAGR of 4.7% from 2025 and reach $240.8 billion in 2030.
Going forward, rise in claims in the life-insurance sector, increase in chronic diseases and disabilities, impact of COVID-19 and reinsurance adoption for healthcare will drive the growth. Factors that could hinder the growth of the life and health reinsurance market in the future include lack of trust on insurance companies and non-investment grade.
The life and health reinsurance market is segmented by type into facultative reinsurance and treaty reinsurance. The treaty reinsurance market was the largest segment of the life and health reinsurance market segmented by type, accounting for 83.4% of the total in 2020. Going forward, the and treaty reinsurance segment is expected to be the fastest growing segment in the life and health reinsurance market segmented by product, at a CAGR of 6.3% during 2020-2025.
The global life and health reinsurance market is high concentrated, with small number of large players constituting majority of the market.
The top ten competitors in the market made up to 68.29% of the total market in 2020. The market consolidation can be attributed to the partnerships and collaborations among the players in the industry to save costs, enhance their product offerings and expand geographically. The market is expected to be concentrated state in near future with the adoption of acquisition and merger strategies by the players to enter and expand into newer geographies. Swiss Re Ltd. was the largest competitor with 11.84% of the market, followed by Munich.
Reinsurance Company with 11.79%, SCOR S.E. with 8.54%, China Reinsurance (Group) Corporation with 7.96%, Hannover Ruck S.E. with 7.44%, Great West Lifeco (Canada Life) with 6.44% of the market, Berkshire Hathaway Inc. with 5.14%, Reinsurance Group of America Inc. with 4.94%, Korean Reinsurance Company with 3.02%, and PartnerRe Ltd. with 1.18%.
The top opportunities in the life and health reinsurance market segmented by type will arise in the treaty reinsurance s segment, which will gain $42.9 billion of global annual sales by 2025. The top opportunities in segment by distribution channel will arise in the direct response segment, which will gain $21.8 billion of global annual sales by 2025.
The top opportunities in segment by product will arise in the life segment, which will gain $32.0 billion of global annual sales by 2025. The life and health reinsurance market size will gain the most in the USA at $17.10 billion.
Market-trend-based strategies for the life and health reinsurance market include investing in the adoption of automated reinsurance platforms to streamline processes and reduce costs of sales, incorporate the use of alterative capital into their operations to remain competitive, invest in AI solutions to provide faster services and to be competitive in the market, consider implementing blockchain to ensure faster, more convenient, and more secured insurance and reinsurance transactions and focus on expanding product portfolio through acquisitions.
Player-adopted strategies in the life and health reinsurance market include providing digital solutions through partnerships, expanding business by strategic acquisitions of companies with similar business, strengthening business portfolio through partnerships and building new initiatives through joint venture partnerships.
To take advantage of the opportunities, the report recommends the life and health reinsurance companies to focus on parametric policies, health reinsurance policies, morbidity products, expand operations in emerging markets, set up automated reinsurance platforms, reinsurance price hikes, increase visibility through business websites, increase partnerships with banks and focus on younger population, increasing influx of alternative capital.
Key Topics Covered:
1. Life And Health Reinsurance Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction
6.1. Segmentation By Geography
6.2. Segmentation By Type
6.3. Segmentation By Distribution Channel
6.4. Segmentation By Product
7. Life And Health Reinsurance Market Characteristics
7.1. Market Definition
7.2. Market Segmentation By Type
7.2.1. Facultative Reinsurance
7.2.2. Treaty Reinsurance
7.3. Market Segmentation By Distribution Channel
7.3.1. Direct Response
7.3.2. Agents & Brokers
7.3.3. Banks
7.4. Market Segmentation By Product
7.4.1. Life
7.4.2. Health
8. Life And Health Reinsurance Market Trends And Strategies
8.1. Adoption Of Automated Reinsurance Platforms
8.2. Increasing Influx Of Alternative Capital
8.3. Increasing Application Of Artificial Intelligence
8.4. Use Of Block Chain Technology
8.5. Increasing Number Of Mergers And Acquisitions
9. Impact Of COVID-19 On The Life And Health Reinsurance Market
9.1. Industry
9.2. Growing Demand For Life Insurance
9.3. The Wave Of Digitalization
9.4. Increase In Premium Income
9.5. Financial Impact
9.6. Future Outlook
10. Global Life And Health Reinsurance Market Size And Growth
10.1. Market Size
10.2. Historic Market Growth, 2015 - 2020, Value ($ Billion)
10.2.1. Drivers Of The Market 2015 - 2020
10.2.2. Restraints On The Market 2015 - 2020
10.3. Forecast Market Growth, 2020 - 2025, 2030F, Value ($ Billion)
10.3.1. Drivers Of The Market 2020 - 2025
10.3.2. Restraints On The Market 2020 - 2025
11. Global Life And Health Reinsurance Market Segmentation
11.1. Global Life And Health Reinsurance Market, Segmentation By Type, Historic And Forecast, 2015 - 2020, 2025F, 2030F, Value ($ Billion)
11.2. Global Life And Health Reinsurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015 - 2020, 2025F, 2030F, Value ($ Billion)
11.3. Global Life And Health Reinsurance Market, Segmentation By Product, Historic And Forecast, 2015 - 2020, 2025F, 2030F, Value ($ Billion)
11.3.1. Life
11.3.2. Health
12. Life And Health Reinsurance Market, Regional And Country Analysis
12.1. Global Life And Health Reinsurance Market, By Region, Historic and Forecast, 2015 - 2020, 2025F, 2030F, Value ($ Billion)
12.2. Global Life And Health Reinsurance Market, By Country, Historic and Forecast, 2015 - 2020, 2025F, 2030F, Value ($ Billion)
Companies Mentioned
- Swiss Re Ltd.
- Munich Reinsurance Company
- SCOR S.E.
- China Reinsurance (Group) Corporation
- Hannover Ruck S.E.
For more information about this report visit https://www.researchandmarkets.com/r/4metdu
