DUBLIN, June 27, 2022 /PRNewswire/ -- The "Life And Health Reinsurance Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global life & health reinsurance market is expected to grow from $362.92 billion in 2021 to $404.11 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The market is expected to grow to $600.0 billion in 2026 at a compound annual growth rate (CAGR) of 10.4%.
Major players in the 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, Taiping Reinsurance Co., Great-West Lifeco, and General Insurance Corporation of India (GIC Re).
The life & health reinsurance market consists of sales of reinsurance by entities (organizations, sole traders, and partnerships) that are engaged in assuming all or part of the risk with existing life and health insurance policies originally underwritten by other insurance providers (direct insurance carriers). Only goods and services traded between entities or sold to end consumers are included.
The main types of life and health reinsurance are facultative reinsurance and treaty reinsurance. Facultative reinsurance refers to the coverage that is purchased by the insurer primarily that covers a single risk. The various products are life and health. The distribution channels involved are direct response, agents & brokers, banks, other distribution channels.
North America was the largest region in the life and health insurance market in 2021. Western Europe was the second largest market in life and health insurance market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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 are 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 make 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 in. Therefore, a low-interest rate is expected to be a restraint in the life and health reinsurance market during the period.
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.
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 involved 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.
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, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Life And Health Reinsurance Forecast Market, 2021-2026F, 2031F, $ 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, 2016-2021, 2021-2026F, 2031F, $ Billion
6.2. Global Life And Health Reinsurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.3. Global Life And Health Reinsurance Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7. Life And Health Reinsurance Market Regional And Country Analysis
7.1. Global Life And Health Reinsurance Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Life And Health Reinsurance Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/c22der
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets
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