Life Reinsurance Market to Reach $731.2 billion, Globally, by 2032 at 12.5% CAGR: Allied Market Research

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Dec 01, 2023, 04:29 ET

Expansion of insuring capacity, growth in focus on insurers to stabilize losses by limiting risks, and rise in claims in the life insurance sector contribute towards the growth of the market.

WILMINGTON, Del., Dec. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Life Reinsurance Market by Type (Facultative Reinsurance, and Treaty Reinsurance) and Product Offering (Mortality Solutions, Morbidity Solutions, Longevity Solutions, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global life reinsurance industry generated $230.7 billion in 2022, and is anticipated to generate $731.2 billion by 2032, witnessing a CAGR of 12.5% from 2023 to 2032.

Prime determinants of growth

The life reinsurance market has grown owing to the increasing claims in the life insurance sector. In addition, growth in focus on insurers to stabilize losses by limiting risks and expansion of insuring capacity is fueling the growth of the market. However, the high cost of life reinsurance policy restrains the growth of the market. On the contrary, technological advancement to perform efficiently and increasing awareness about insurance products are expected to provide lucrative opportunities for the market to grow in upcoming years.

(We are providing report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and COVID-19 Impact Analysis)

100 - Tables
60 - Charts
321 - Pages

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Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$230.7 billion
Market Size in 2032	$731.2 billion
CAGR	12.5 %
No. of Pages in Report	321
Segments covered	Type Product Offering, and Region.
Drivers	Expansion of insuring capacity Growth in focus on insurers to stabilize losses by limiting risks Rise in claims in the life insurance sector
Opportunities	Increasing awareness about insurance products Increased collaboration of Insurtech players
Restraints	High cost of life reinsurance

Covid-19 Scenario

The pandemic led to a surge in health-related claims, impacting both life and health insurance segments. Reinsurers faced increased claim frequency and severity, especially in regions heavily affected by the virus. The high demand for life and health insurance coverage during the pandemic resulted in a higher volume of claims, requiring reinsurers to carefully manage their exposure.
However, the pandemic led to a surge in mortality claims, as the virus resulted in a substantial number of deaths worldwide. Insurers had to pay out claims for life insurance policies, particularly for those who give way to the virus. This led to higher demand for reinsurance capacity to help spread the risk among multiple reinsurers. Therefore, the COVID-19 pandemic had a moderate impact on the life reinsurance market.

The treaty reinsurance segment to maintain its leadership status throughout the forecast period

By type, the treaty reinsurance segment held the highest market share in 2022, accounting for more than two-third of the global life reinsurance market revenue, owing to the fact that treaty reinsurance helps insurers manage their overall risk exposure across a range of policies, promoting stability and ensuring a more predictable cash flow. However, the facultative reinsurance segment is projected to manifest the highest CAGR of 14.9% from 2023 to 2032, owing to the fact that advancements in data analytics and underwriting technologies have enhanced the ability to assess risks accurately, making facultative reinsurance more efficient and attractive.

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The mortality solutions segment to maintain its leadership status throughout the forecast period

By product offering, the mortality solutions segment held the highest market share in 2022, accounting for nearly half of the global life reinsurance market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that advances in medical technology and improved healthcare have resulted in increased life expectancies globally. This trend has necessitated innovative mortality solutions to address the changing landscape of risk. However, the longevity solutions segment is projected to manifest the highest CAGR of 16.6% from 2023 to 2032. This is because the use of advanced analytics and actuarial techniques has improved the accuracy of longevity risk assessment, enabling reinsurers to offer more sophisticated and tailored solutions in this segment.

North America to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifth of the global life reinsurance revenue, owing to the fact that insurers and reinsurers in North America are reassessing their risk management strategies, incorporating lessons learned from the pandemic into their contingency planning, and exploring innovative solutions to address future systemic risks. However, the Asia-Pacific region is expected to witness the fastest CAGR of 16.1% from 2023 to 2032 and is likely to dominate the market during the forecast period. This is because the Asia-Pacific region has witnessed significant growth in micro insurance to reach underserved populations. Life reinsurance plays a critical role in supporting insurers as they develop and underwrite these micro insurance products.

Leading Market Players: -

AXA XL
Berkshire Hathaway Life
Everest Group Ltd.
Hannover Re
Liberty Mutual Reinsurance
Munich Re
RGA Reinsurance Company
Sompo International Holdings Ltd.
Swiss Re
The Canada Life Assurance Company

The report provides a detailed analysis of these key players of the global life reinsurance market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key benefits for stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the life reinsurance market forecast from 2022 to 2032 to identify the prevailing market opportunities.
Market research is offered along with information related to key drivers, restraints, and opportunities of life reinsurance market outlook.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the life reinsurance market segmentation assists in determining the prevailing life reinsurance market opportunity.
Major countries in each region are mapped according to their revenue contribution to the global life reinsurance market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the life reinsurance market players.
The report includes an analysis of the regional as well as global life reinsurance market trends, key players, market segments, application areas, and life reinsurance market growth strategies.

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Life Reinsurance Market Report Highlights

Aspects Details Market

By Type

Facultative Reinsurance
Treaty Reinsurance

By Product Offering

Mortality Solutions
Morbidity Solutions
Longevity Solutions
Others

By Region

North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

Key Market Players: AXA XL, Swiss Re, Sompo International Holdings Ltd., Hannover Re, Munich Re, Liberty Mutual Reinsurance, Berkshire Hathaway Life, The Canada Life Assurance Company, Everest Group, Ltd., RGA Reinsurance Company

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