Segments covered: By Type – Facultative Reinsurance, Treaty Reinsurance; By Distribution Channel – Direct Response, Agents & Brokers, Banks, Others; By Product – Life, Health

LONDON, Aug. 12, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the life and health reinsurance market, the rising demand for insurance due to the COVID-19 situation is expected to positively impact the life and health reinsurance market. Due to an increase in health concerns and to further boost their healthcare shield against any serious illness such as COVID-19, policyholders have been increasingly investing in life insurance. People are increasingly panic-buying health and life insurance policies as they become more aware of how deadly the virus can be.

According to a study by Fitzgerald, Google Search traffic for “life insurance” in the USA jumped 50% between March and May 2020, as compared to the previous year. Northwestern Mutual, one of the largest sellers of life insurance in the USA, saw a 15% increase in the number of life insurance policies it sold between April and September when compared to the previous year. This increase was also seen in emerging countries such as India, where market participants confirmed that sales of term plans had increased by around 30-40% in the first quarter of 2020 when compared to the previous year. This increasing demand for life and health insurance is to drive the life and health reinsurance market in the forecast period.

Market Size And Growth

The global life and health reinsurance market size is expected to grow from $127.29 billion in 2020 to $135.16 billion in 2021 at a compound annual growth rate (CAGR) of 6.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $169.27 billion in 2025 at a CAGR of 5.8%.

Global Market Overview

North America has the largest life and health reinsurance market share, accounting for 46.9% of the total in 2020. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the life and health reinsurance market will be South America and Africa where growth will be at CAGRs of 8.2% and 7.5% respectively. These will be followed by Middle East and North America, where the markets are expected to grow at CAGRs of 6.8% and 6.1% respectively.

The Business Research Company’s report titled Life And Health Reinsurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major life and health reinsurance companies, life and health reinsurance market share by company, life and health reinsurance manufacturers, life and health reinsurance market size, and life and health reinsurance market forecasts. The report also covers the global life and health reinsurance market and its segments.

Request For A Sample Of The Global Life And Health Reinsurance Market Report:

https://www.thebusinessresearchcompany.com/sample.aspx?id=3675&type=smp

Competitive Landscape

The global life and health reinsurance market is high concentrated, with small number of large players constituting majority of the market. The top ten competitors in the market made up to 68.29% of the total market in 2020. The market consolidation can be attributed to the partnerships and collaborations among the players in the industry to save costs, enhance their product offerings and expand geographically. The market is expected to be concentrated state in near future with the adoption of acquisition and merger strategies by the players to enter and expand into newer geographies.

Swiss Re Ltd. was the largest competitor with 11.84% of the market, followed by Munich Reinsurance Company with 11.79%, SCOR S.E. with 8.54%, China Reinsurance (Group) Corporation with 7.96%, Hannover Rück S.E. with 7.44%, Great-West Lifeco (Canada Life) with 6.44% of the market, Berkshire Hathaway Inc. with 5.14%, Reinsurance Group of America Inc. with 4.94%, Korean Reinsurance Company with 3.02%, and PartnerRe Ltd. with 1.18%.

Player-adopted strategies in the life and health reinsurance market include providing digital solutions through partnerships, expanding business by strategic acquisitions of companies with similar business, strengthening business portfolio through partnerships and building new initiatives through joint venture partnerships.

Life And Health Reinsurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Here Is A List Of Similar Reports By The Business Research Company:

Reinsurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030

Health And Medical Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030

Insurance Agencies Global Market Report 2021: COVID-19 Impact and Recovery to 2030

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