Global reinsurance market projected to grow from $585.22 billion in 2023 to $1306.18 billion by 2033

From GlobeNewswire: 2024-07-12 16:00:00

The Global Reinsurance Market is set to grow from USD 585.22 billion in 2023 to USD 1306.18 billion by 2033, with a CAGR of 8.36%. Reinsurance aims to protect insurance companies from risks like insolvency and unfavorable market conditions. The need for reinsurance has increased due to the rise in catastrophic events and alternative funding sources like insurance-linked securities.

Treaty reinsurance is expected to dominate the global reinsurance market, with the treaty segment holding the largest share. By assigning risks to reinsurers, primary insurers can reduce financial volatility and optimize capital allocation. The offline segment of distribution channels is projected to grow the fastest due to personalized advice and efficient claims processing.

North America is forecasted to lead the global reinsurance market, focusing on innovative risk management tactics for natural disasters. Asia-Pacific is expected to experience significant growth due to expanding economies and the use of reinsurers to control risk. Key players include Munich Re, Swiss Re, and Berkshire Hathaway Re.

In May 2024, Citizens Property Insurance Corporation introduced a US$ 5.5 billion reinsurance plan to manage Florida’s property risk. The market is segmented by type, mode, and distribution channel, with regional analysis covering North America, Europe, Asia Pacific, and more. The report offers insights on top organizations, recent developments, and market trends.



Read more at GlobeNewswire: Global Reinsurance Market Size To Worth USD 1306.18 Billion