Reinsurance market size to grow by USD 358.03 billion from 2022 to 2027| Increasing awareness of insurance products boosts market - Technavio

NEW YORK, July 25, 2023 /PRNewswire/ -- The reinsurance market size is forecast to increase by USD 358.03 billion from 2022 to 2027. The market will accelerate at a CAGR of 10.26%, according to a recent market study by Technavio. The growth of the market will be driven by the increasing awareness of insurance products in emerging markets, the increase in demand for various insurance plans., and the increasing geriatric population. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report

Technavio has extensively analyzed 15 major vendors, including Allianz SE, American International Group Inc., AXA Group, Barents Re Reinsurance Co. Inc., Berkshire Hathaway Inc., BMS Group Ltd., Everest Re Group Ltd., Fairfax Financial Holdings Ltd., Great West Lifeco Inc., Hannover Re, Korean Reinsurance Co., MS and AD Insurance Group Holdings Inc., Munich Reinsurance Co., PartnerRe Ltd., QBE Insurance Group Ltd., Reinsurance Group of America Inc., RenaissanceRe Holdings Ltd., SCOR SE, Swiss Re Ltd., and The Toa Reinsurance Co. Ltd.

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Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Expense Management Software Market - Segmentation Assessment

This reinsurance market report extensively covers market segmentation by product (non-life reinsurance and life reinsurance), type (facultative reinsurance and treaty reinsurance), and geography (Europe, APAC, North America, Middle East and Africa, and South America). 

• The non-life reinsurance segment will be significant for market growth during the forecast period. This segment of insurance covers property, body parts, skills, and assets in case of damage. The cumulative premium amount collected by the insurance companies will be sizable because of the high population in the region. This leads to an increase in investments in non-life reinsurance products. Hence, such factors boost the non-life reinsurance segment of the expense management software market during the forecast period.

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Expense Management Software Market - Market Dynamics

Key Drivers

The market is driven by the increasing awareness of insurance products. The insurance market in developing and emerging countries 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.

For instance, countries like Brazil, Argentina, India, and Nauru are developing at a very fast pace, and the people there are becoming aware of the importance of keeping their lives and properties insured. This is leading to the increased sale of insurance in such places. Mexico and the countries in the Middle East are witnessing rising sales of insurance, and Technavio forecasts even higher sales in the future.

Significant Trends

Fluctuating interest rates of reinsurance premium is anticipated to boost the growth of the reinsurance market. An increase in the number of substitute products and various macroeconomic factors such as international business conditions, tax reforms, policy decisions, and demographic shifts lead to a change in the interest rates of the insurance premium. These interest rates decide the demand and supply of reinsurance and vice-versa.

The reinsurance market has seen a lot of variation in interest rates in the last decade, and with the dynamic demographics and world economy, there are bound to be more changes. These changes are a result of the fluctuations in demand, dynamic market conditions, and buying behavior of end-users. This trend will have a positive impact on the growth of the market.

Major Challenges

Vulnerability to cybercrimes challenges the growth of the reinsurance market. This industry can be affected by the misappropriation of data on the device and any cybersecurity failure or misuse of data can expose an organization's information to hackers, which could also lead to high monetary loss.

Furthermore, silent cyber exposures could happen when other sorts of insurance or reinsurance products fail to eliminate cyber risks. Due to silent cyber exposure, an insurance and reinsurance business lost about USD 2.7 billion from the Petya/NotPetya cyber-attack. Hence, due to such factors, the reinsurance market's growth can be hindered during the forecast period.

What are the key data covered in this Reinsurance Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the reinsurance market between 2023 and 2027
• Precise estimation of the size of the reinsurance market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the reinsurance market across Europe, APAC, North America, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of reinsurance market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global reinsurance market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global reinsurance market 2017 - 2021 ($ billion)

• 4.2 Product Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ billion)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Non-life reinsurance - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Non-life reinsurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Non-life reinsurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Non-life reinsurance - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Non-life reinsurance - Year-over-year growth 2022-2027 (%)

• 6.4 Life reinsurance - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Life reinsurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Life reinsurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Life reinsurance - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Life reinsurance - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Product 
• Exhibit 42: Market opportunity by Product ($ billion)
• Exhibit 43: Data Table on Market opportunity by Product ($ billion)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 44: Chart on Type - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 46: Chart on Comparison by Type
• Exhibit 47: Data Table on Comparison by Type

• 7.3 Facultative reinsurance - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Facultative reinsurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Data Table on Facultative reinsurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 50: Chart on Facultative reinsurance - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Facultative reinsurance - Year-over-year growth 2022-2027 (%)

• 7.4 Treaty reinsurance - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Treaty reinsurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Treaty reinsurance - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Treaty reinsurance - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Treaty reinsurance - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 56: Market opportunity by Type ($ billion)
• Exhibit 57: Data Table on Market opportunity by Type ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 Europe - Market size and forecast 2022-2027 
• Exhibit 63: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 64: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 65: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027 
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 71: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 75: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027 
• Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 83: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027 
• Exhibit 91: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027 
• Exhibit 95: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 Japan - Market size and forecast 2022-2027 
• Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ billion)
• Exhibit 104: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 Allianz SE
• Exhibit 111: Allianz SE - Overview
• Exhibit 112: Allianz SE - Business segments
• Exhibit 113: Allianz SE - Key news
• Exhibit 114: Allianz SE - Key offerings
• Exhibit 115: Allianz SE - Segment focus

• 12.4 American International Group Inc. 
• Exhibit 116: American International Group Inc. - Overview
• Exhibit 117: American International Group Inc. - Business segments
• Exhibit 118: American International Group Inc. - Key news
• Exhibit 119: American International Group Inc. - Key offerings
• Exhibit 120: American International Group Inc. - Segment focus

• 12.5 Berkshire Hathaway Inc. 
• Exhibit 121: Berkshire Hathaway Inc. - Overview
• Exhibit 122: Berkshire Hathaway Inc. - Business segments
• Exhibit 123: Berkshire Hathaway Inc. - Key news
• Exhibit 124: Berkshire Hathaway Inc. - Key offerings
• Exhibit 125: Berkshire Hathaway Inc. - Segment focus

• 12.6 Everest Re Group Ltd. 
• Exhibit 126: Everest Re Group Ltd. - Overview
• Exhibit 127: Everest Re Group Ltd. - Business segments
• Exhibit 128: Everest Re Group Ltd. - Key offerings
• Exhibit 129: Everest Re Group Ltd. - Segment focus

• 12.7 Fairfax Financial Holdings Ltd. 
• Exhibit 130: Fairfax Financial Holdings Ltd. - Overview
• Exhibit 131: Fairfax Financial Holdings Ltd. - Business segments
• Exhibit 132: Fairfax Financial Holdings Ltd. - Key offerings
• Exhibit 133: Fairfax Financial Holdings Ltd. - Segment focus

• 12.8 Great West Lifeco Inc. 
• Exhibit 134: Great West Lifeco Inc. - Overview
• Exhibit 135: Great West Lifeco Inc. - Business segments
• Exhibit 136: Great West Lifeco Inc. - Key offerings
• Exhibit 137: Great West Lifeco Inc. - Segment focus

• 12.9 Korean Reinsurance Co. 
• Exhibit 138: Korean Reinsurance Co. - Overview
• Exhibit 139: Korean Reinsurance Co. - Product / Service
• Exhibit 140: Korean Reinsurance Co. - Key offerings

• 12.10 MS and AD Insurance Group Holdings Inc. 
• Exhibit 141: MS and AD Insurance Group Holdings Inc. - Overview
• Exhibit 142: MS and AD Insurance Group Holdings Inc. - Business segments
• Exhibit 143: MS and AD Insurance Group Holdings Inc. - Key offerings
• Exhibit 144: MS and AD Insurance Group Holdings Inc. - Segment focus

• 12.11 Munich Reinsurance Co. 
• Exhibit 145: Munich Reinsurance Co. - Overview
• Exhibit 146: Munich Reinsurance Co. - Business segments
• Exhibit 147: Munich Reinsurance Co. - Key offerings
• Exhibit 148: Munich Reinsurance Co. - Segment focus

• 12.12 PartnerRe Ltd.
• Exhibit 149: PartnerRe Ltd. - Overview
• Exhibit 150: PartnerRe Ltd. - Business segments
• Exhibit 151: PartnerRe Ltd. - Key offerings
• Exhibit 152: PartnerRe Ltd. - Segment focus

• 12.13 QBE Insurance Group Ltd. 
• Exhibit 153: QBE Insurance Group Ltd. - Overview
• Exhibit 154: QBE Insurance Group Ltd. - Business segments
• Exhibit 155: QBE Insurance Group Ltd. - Key news
• Exhibit 156: QBE Insurance Group Ltd. - Key offerings
• Exhibit 157: QBE Insurance Group Ltd. - Segment focus

• 12.14 RenaissanceRe Holdings Ltd. 
• Exhibit 158: RenaissanceRe Holdings Ltd. - Overview
• Exhibit 159: RenaissanceRe Holdings Ltd. - Business segments
• Exhibit 160: RenaissanceRe Holdings Ltd. - Key offerings
• Exhibit 161: RenaissanceRe Holdings Ltd. - Segment focus

• 12.15 SCOR SE
• Exhibit 162: SCOR SE - Overview
• Exhibit 163: SCOR SE - Product / Service
• Exhibit 164: SCOR SE - Key offerings

• 12.16 Swiss Re Ltd.
• Exhibit 165: Swiss Re Ltd. - Overview
• Exhibit 166: Swiss Re Ltd. - Business segments
• Exhibit 167: Swiss Re Ltd. - Key news
• Exhibit 168: Swiss Re Ltd. - Key offerings
• Exhibit 169: Swiss Re Ltd. - Segment focus

• 12.17 The Toa Reinsurance Co. Ltd. 
• Exhibit 170: The Toa Reinsurance Co. Ltd. - Overview
• Exhibit 171: The Toa Reinsurance Co. Ltd. - Business segments
• Exhibit 172: The Toa Reinsurance Co. Ltd. - Key offerings
• Exhibit 173: The Toa Reinsurance Co. Ltd. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 174: Inclusions checklist
• Exhibit 175: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 176: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 177: Research methodology
• Exhibit 178: Validation techniques employed for market sizing
• Exhibit 179: Information sources

• 13.5 List of abbreviations 
• Exhibit 180: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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