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Reinsurance Market - By Product (Life & Health, Non-life), By Type (Facultative Reinsurance, Treaty Reinsurance), By Distribution Channel (Broker, Direct) & Forecast, 2023 – 2032

  • Report ID: GMI6139
  • Published Date: Jul 2023
  • Report Format: PDF

Reinsurance Industry Analysis

Reinsurance Market size was valued at USD 310.1 billion in 2022 and is anticipated to grow at a CAGR of 3.9% between 2023 and 2032. The reinsurance industry has a global reach with reinsurers operating across borders to enter new markets and diversify risks. Globalization allows reinsurers to access a broad client base, expand their geographic reach, and leverage their expertise in different regions. Similarly, internationalization also facilitates cross-border collaborations, joint ventures, and partnerships, driving growth & innovation in the market.

Reinsurance Market

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Demographic shifts, such as population growth, urbanization, and changing age profiles, are other factors that impact the reinsurance market. As the global population expands and becomes more concentrated in urban areas, there is an increased need for insurance coverage including life, health, and property. Reinsurers play a critical role in providing capacity & risk management solutions to tackle the changing insurance needs of different demographic segments.

Environmental, Social, and Governance (ESG) considerations have gained prominence in the insurance & reinsurance industry. Insurers & reinsurers are increasingly focusing on sustainable practices and responsible underwriting. They are also incorporating ESG criteria into their risk assessments. Moreover, the growing emphasis on climate change mitigation, social responsibility, and ethical business practices has significant impacts on the market's growth trajectory.


The reinsurance industry faces various challenges such as cyber threats, climate change, and geopolitical instability. These risks often have complex & uncertain characteristics, making accurate risk assessment and pricing difficult. To effectively address emerging risks, reinsurers must stay ahead in terms of risk modeling, research, and product development. Technological advancements offer opportunities for efficiency and innovation; however, they pose risks such as cybersecurity & data breaches that can expose sensitive information and disrupt operations. Additionally, rapid technological changes may require significant investments in IT infrastructure and workforce training, posing financial and operational challenges for reinsurers.

COVID-19 Impact

Owing to the COVID-19 pandemic, the global reinsurance market witnessed increased claims across various insurance lines, disputes over business interruption coverage, investment challenges due to market volatility, disruptions in reinsurance renewals & pricing, considerations regarding capital & solvency, a need to reassess the risk landscape, accelerated digital transformation, and a focus on incorporating Environmental, Social, and Governance (ESG) factors. Reinsurers faced pressure on reserves, profitability, and underwriting practices as they navigated the uncertainties brought about by the pandemic. The crisis has emphasized the importance of robust risk management, financial resilience, agile operations, and the integration of ESG considerations. Reinsurers that effectively adapt to these challenges and embrace digital transformation are better positioned to succeed in the evolving market post-pandemic.

Reinsurance Market Trends

Reinsurers are increasingly forming strategic collaborations and partnerships with insurtech startups, technology companies, data providers, and other industry stakeholders. These collaborations enable reinsurers to access innovative technologies, expand their market reach, develop new products, and enhance their competitive advantage. Partnerships also facilitate knowledge exchange and enable reinsurers to stay ahead of industry trends.

Reinsurance Product Segmentation

Reinsurance Market Size, By Product, 2021 – 2032, (USD Billion)

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Based on product, the reinsurance market is segmented into life & health and non-life. The non-life segment held a market share of over 57% in 2022 and is anticipated to experience robust growth during the forecast period. The increasing frequency and severity of natural catastrophes globally are propelling the non-life reinsurance segment growth. Hurricanes, floods, wildfires, and earthquakes are some of the natural disasters that have become more frequent and severe, resulting in substantial losses for primary insurers. Non-life reinsurers have stepped in to provide financial protection and share the burden of these risks, driving the demand for reinsurance coverage.

Reinsurance Type Segmentation

Reinsurance Market Share, By Type, 2022

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Based on type, the reinsurance market is divided into facultative reinsurance and treaty reinsurance. The treaty reinsurance segment was valued at over USD 180 billion in 2022. The demand for treaty reinsurance is majorly driven by factors such as the increasing size and complexity of insurance portfolios. Primary insurers often support large volumes of risks across multiple lines of business, resulting in a need for efficient risk management strategies. Treaty reinsurance allows insurers to transfer a significant portion of their risks to reinsurers, enabling them to optimize their capital allocation and reduce potential volatility in their financial results. These factors will boost segment growth during the forecast period.

Reinsurance Regional Analysis

China Reinsurance Market Size, 2021 -2032, (USD Billion)

Asia Pacific reinsurance market held a dominant share of over 23% in 2022. Economic expansion, increasing insurance penetration, and rising awareness of risk management are some of the factors propelling growth in the Asia Pacific reinsurance industry. China, Japan, and India are key contributors to market growth in the region. The region faces unique risks including natural catastrophes and there is a growing demand for coverage related to property, casualty, and emerging risks such as cyber & liability. Insurtech advancements, regulatory reforms, and the development of local reinsurance capacity will further drive market growth in Asia Pacific.

Reinsurance Industry Leaders

Major companies operating in the reinsurance market include AXA XL, Berkshire Hathaway Inc., China Reinsurance (Group) Corporation, Everest Re Group, Ltd., Hannover Re, Lloyd’s, MAPFRE, Markel Corporation, Munich RE, Swiss Re, The Canada Life Assurance Company, and SCOR. These companies majorly focus on expanding their presence in unserved areas and increase their market share.

Reinsurance Industry News

  • In April 2023, Swiss Re Reinsurance and Des Moines-based insurtech Benekiva formed a strategic partnership to develop an Integrated Claims Management platform that combines Swiss Re's Claims Automated Rules Engine & deep expertise in risk management with Benekiva's cutting-edge claims administration system. The Integrated Claims Management Platform is a one-of-a-kind end-to-end digital claims management system that supports holistic workflow, digital claims intake, communication & document management, built-in payment & audit capabilities, and claims risk rating & triaging.

The reinsurance market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

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By Product

  • Life & health
  • Non-life

By Type

  • Facultative reinsurance
  • Treaty reinsurance

By Distribution Channel

  • Broker
  • Direct

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • South Africa
    • UAE


Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for reinsurance was valued over USD 310 billion in 2022 and will grow at a CAGR of 3.9% between 2023 and 2032 owing to the factors like population growth, urbanization, and changing age profiles.

The treaty reinsurance industry segment was valued at over USD 180 billion in 2022, driven by the increasing size and complexity of insurance portfolios.

Asia Pacific reinsurance market accounted for over 23% revenue share in 2022, fueled by the economic expansion, increasing insurance penetration, and rising awareness of risk management across nations in the region.

AXA XL, Berkshire Hathaway Inc., China Reinsurance (Group) Corporation, Everest Re Group, Ltd., Hannover Re, Lloyd’s, MAPFRE, Markel Corporation, Munich RE, Swiss Re, The Canada Life Assurance Company, and SCOR.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 248
  • Countries covered: 19
  • Pages: 300
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