Reinsurance Market Scope
The transfer of liability from a ceding insurer (the primary insurer who granted the insurance contract) to another insurer is known as reinsurance (the reinsurance company). A cession is the process of putting business with a reinsurer. The growth of reinsurance companies around the world has resulted in active and often fiercely competitive markets where local direct insurers can position their reinsurances in many cities. Traditionally, reinsurance contracts were conducted between two insurance companies: the primary insurer and the reinsurer, which sold the initial insurance policies. The majority of them are still there. Primary insurers and reinsurers can split premiums and damages, or reinsurers can take on a portion of the primary company's losses beyond a given dollar cap in exchange for a charge. New products are increasingly reflecting the rapid integration of reinsurance and investment banking (see also the Background section).
According to AMA, the Global Reinsurance market is expected to see growth rate of 1.8%The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Reinsurance market throughout the predicted period.
Munich Re (Germany), Swiss Re (Switzerland), Hannover Re (Germany), SCOR SE (France), Lloyd’s (United Kingdom), Berkshire Hathaway (United States), Great-West Lifeco (Canada), Reinsurance Group of America (United States), China RE (China), Korean Re (South Korea), PartnerRe (United Kingdom), GIC Re (India), Mapfre (Spain), Alleghany Corporation (United States), Everest Re (Bermuda) and XL Catlin (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Maiden Re (Bermuda), Fairfax (Canada), AXIS Capital Holdings Limited (Bermuda), Mitsui Sumitomo (Japan), Sompo Holdings, Inc. (Japan) and Tokio Marine (Japan).
Segmentation Overview
The study have segmented the market of Global Reinsurance market by Type (P&C Reinsurance, Life Reinsurance and Financial Lines), by Application (Institutional User Clients and Individual Users Clients) and Region with country level break-up.
On the basis of geography, the market of Reinsurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Fluctuating Interest Rates of Reinsurance Premium
Market Growth Drivers:
Rapid Adoption of Data-Driven Decision Making, Emergence of new products in the market and Need For Limiting Adverse Effect on Profit and Loss
Challenges:
Lack Of Skilled Professionals and Increasing Market competition and Availability of Substitutes
Restraints:
Stringent Regulation Laws and Policies
Opportunities:
Growing Awareness of Reinsurance In Emerging Countries
Market Leaders and their Expansionary Development Strategies
In December 2018, Renaissance Re, a provider of reinsurance, insurance and other related business announced to acquire Tokio Millennium Re for USD 1.5 Billion which was the latest series of deals that will reshape the reinsurance sector.
India, Insurance Regulatory and Development Authority, “IRDAI, General Insurance -Reinsurance” – The Regulation Governs the Reinsurance Arrangements Between Insurers and Reinsurers in India Along with Operating Restrictions for Insurance and Reinsurance Entities; Reinsurance Monitoring and Disclosure Requirements; Content Requirements for Policies and Implied Terms.
Key Target Audience
Reinsurance Manufacturers, Reinsurance Distributors/Traders/Wholesalers, Reinsurance Subcomponent Manufacturers, Industry Association and Downstream Vendors
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.