Life reinsurance market set for double-digit growth
Life reinsurance market set for double-digit growth | Insurance Business Australia
Reinsurance
Life reinsurance market set for double-digit growth
Which segment will emerge as the leader?
Reinsurance
By
Kenneth Araullo
Global life reinsurance is primed for decent gains in the next few years, recording double-digit growth across its segments.
A study by Allied Market Research revealed that the global life reinsurance market, valued at $222.14 billion in 2021, is on a trajectory to reach $647.8 billion by 2031. This growth represents a compound annual growth rate (CAGR) of 11.6% from 2022 to 2031.
Treaty reinsurance emerged as the leading segment in 2021, capturing over half of the market’s revenue. It is expected to retain its leading position through 2031, also posting the highest CAGR of 13.0% during the forecast period.
When looking at product segmentation, the medical insurance category dominated the market share in 2021, a trend expected to continue into 2031. Meanwhile, the disease insurance segment is expected to experience the fastest growth rate, with a CAGR of 13.2% over the forecast period.
The direct writing method was the predominant distribution channel in 2021, generating more than half of the market’s revenue. However, the broker segment is forecast to expand at the highest CAGR of 14.4% during the projection period.
Geographically, North America led the global market in 2021, accounting for more than one-third of total revenue. Asia-Pacific is projected to witness the most rapid growth, with a CAGR of 14.8% from 2022 to 2031.
The report also goes over the major players in the global life reinsurance market, including AXA XL, Berkshire Hathaway Life Insurance Company, Everest Re Group, Ltd., The Canada Life Assurance Company, Swiss Re, Munich Re, Hannover Re, MAPFRE, RGA Reinsurance Company, and PartnerRe.
What are your thoughts on this story? Please feel free to share your comments below.
Keep up with the latest news and events
Join our mailing list, it’s free!
