Reinsurance Market

Reinsurance Market Expected to Reach US$ 364.59 Bn by 2026
According to a new market report published by Transparency Market
Research titled “Reinsurance Market – Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast, 2018 – 2026,” the global reinsurance market was valued at
US$ 241.14 Bn in 2017 and is expected to expand at a CAGR of 4.7% from 2018 to
2026, reaching a value of US$ 364.59 Bn by the end of the forecast period.
According to the report, North America was a significant contributor to the
reinsurance market in terms of revenue in 2017. The prominent market share of the
region is due to the favorable regulatory environment and growth in property
catastrophe protection in the reinsurance market across the region, especially in the
U.S. and Canada.
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Favorable regulatory environment and growth in property catastrophe protection
driving the global reinsurance market
The global reinsurance market is currently driven by a favorable regulatory
environment. Growing focus on sustainable growth has led to the relaxation in
government rules globally. For instance, in September 2018, Insurance Regulatory and
Development Authority (IRDA) approved revised reinsurance regulations in India. The
core purpose behind revamping the regulations is that the maximum reinsurance
business is held inside the nation and preference would be given to Indian domiciled
entities. In 2016, the new SSN (Superintendence of Insurance) authorities removed the
regulations which set minimum limits of insurers in projects involving small and
medium enterprise. The new regulation now defines only maximum limits.
Current regulatory variations are pushing the market to have fewer number of highly
capitalized insurance companies. There are a large number of local players that need
more capital to play in niche markets. Subsequently, demand for financial reinsurance
is expected to increase in the coming years. Furthermore, increasing activity of
foreign reinsurers in the global reinsurance market is contributing significantly to the
growth of the market. Thus, increasing regulatory oversight initiatives is expected to
enhance reinsurance penetration, as they are expected to promote self-assurance in
the insurance industry. Therefore, a favorable regulatory environment is expected to
have a long term impact on the reinsurance market. Growing number of such
favorable regulations by several government entities are expected to boost the
reinsurance market in the coming years.
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Demand for property catastrophe protection is expected to contribute significantly to
insurance renewals, provisioning any material reinsured loss. Furthermore, industries
such as aviation, marine, automotive, healthcare, and agriculture are expected to
show huge growth due to the high insurance penetration combined with the need to
guard high value assets. Moreover, occurrence of natural calamities is encouraging
individuals to avail reinsurance. Lack of disposable income is one of the major factors
limiting the market growth. However, rising economic activities across the globe is
expected to enhance investment in the insurance sector in the near future. The
impact of this restraint is expected to remain low in the coming years.

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