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Life And Health Reinsurance Global Market Report 2023

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New York, Feb. 24, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Life And Health Reinsurance Global Market Report 2023” – https://www.reportlinker.com/p06277933/?utm_source=GNW
, Korean Reinsurance Company, Taiping Reinsurance Co., Great-West Lifeco, and General Insurance Corporation of India (GIC Re).

The global life & health reinsurance market will grow from $163.59 billion in 2022 to $173.74 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The life & health reinsurance market is expected to grow to $214.9 billion in 2027 at a CAGR of 5.5%.

The life & health reinsurance market consists of sales of life & health reinsurance products by entities that are engaged in assuming all or part of the risk with existing life and health insurance policies originally underwritten by other insurance providers (direct insurance carriers).The size of the market is based on the value of the premiums reinsured.

The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Life reinsurance is an insurance practice in which one insurance company buys its own insurance contract to protect itself against a large loss to a large group of their current life insurance clients’ policies. Reinsurance programs pay health insurers to help them offset the costs of enrollees who have large medical claims.

North America was the largest region in the life and health insurance market in 2022.Western Europe was the second largest market in the life and health insurance market.

The regions covered in the life and health insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The main types of life and health reinsurance are facultative reinsurance and treaty reinsurance.Facultative reinsurance refers to the coverage that is purchased by the insurer primarily to cover a single risk.

The various products are life and health. The distribution channels involved are direct response, agents & brokers, banks, and other distribution channels.

The rise in the demand for life and health insurance policies is expected to drive the market for life and health reinsurance during the forecast period.The COVID-19 outbreak has raised the importance and demand for life insurance in the minds of the people.

The uncertainty of getting diagnosed with COVID-19 and its high treatment cost in private hospitals is the main reason behind the surge in demand for life and health insurance policies. For instance, in the fiscal year2021-2022, Life Insurance Corporation (LIC), India’s largest life insurer, sold around 2.17 crore policies. Therefore, increased demand for life and health insurance policies is expected to impact the market for life and health reinsurance positively.

Low interest rates in life and health insurance policies make the insurance company’s products less attractive, which results in lower sales and lower income in the form of premiums that the insurance company has available to invest in.Therefore, a low interest rate is expected to be a restraint on the life and health reinsurance markets during the period.

Munich Re, a German-based reinsurance company, indicated that interest rates, exacerbated by the coronavirus pandemic, are impacting the profitability of reinsurers. Due to this, insurance cover is likely to become more expensive, impacting the growth of the market, which in turn will hinder the life and health reinsurance market as well.

The increasing demand for artificial intelligence in life and health reinsurance is an emerging trend in the life and health reinsurance market.According to Reinsurance News, Swiss Re is partnering with Tencent’s WeBank to research artificial intelligence use in reinsurance.

Swiss Re and WeBank will work collaboratively to explore the technology involved in addressing the challenges imposed by data silos. Swiss Re is expecting the partnership to build a foundation for a new business supported by federated learning and will also encourage the reinsurance industry to adopt a new framework to improve technological capabilities.

In January 2020, HDFC Ergo, a Mumbai-based general insurance company acquired 50.08% stake in Apollo Munich Health Insurance for $183m (1,494 Cr Rs). The acquisition would combine expertise of both the companies to provide better value to their customers. Apollo Munich Health Insurance is a India-based insurance company.

The countries covered in the life and health insurance market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The life and health reinsurance research report is one of a series of new reports that provides life and health reinsurance statistics, including global market size, regional shares, competitors with life and health reinsurance shares, detailed life and health reinsurance segments, market trends and opportunities, and any further data you may need to thrive in the life and health reinsurance industry. This life and health reinsurance research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06277933/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

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GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

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Computime announces the launch of one of the first true Matter thermostats

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HONG KONG, May 27, 2024 /PRNewswire/ — Computime Group, a leading innovator in manufacturing, branded products and technology solutions, is proud to announce the upcoming launch of one of the first true Matter thermostats. This milestone highlights our commitment to pioneering smart home technology and providing our OEM and ODM customers with state-of-the-art solutions. 

Matter is set to revolutionize the Internet of Things (IoT) landscape as the next-generation standard for connected devices. Developed by the Connectivity Standards Alliance, Matter offers an open, universal protocol that is not bound to any single ecosystem, providing consumers with unparalleled freedom and flexibility. It ensures privacy-sensitive, secure, and reliable local controls without the need for cloud dependency, addressing the growing demand for enhanced privacy and security in smart home devices. 
The key principles driving Matter’s development include simplicity, reliability, interoperability, and security. By ensuring that all Matter-certified devices work seamlessly together, Matter eliminates the complexities often associated with smart home technology. This leads to greater compatibility, easier setup, and more robust user experiences across various device types, including thermostats.
Computime’s Matter thermostat represents a significant advancement in smart home technology, providing our customers with cutting-edge solutions and a short lead time to market, to meet the growing demand for interconnected and efficient home environments. We invite our customers to explore the capabilities of our new thermostat solutions. Computime’s extensive expertise in developing and manufacturing smart home devices ensures that our customers receive high-quality, reliable products with a short lead-time that stand out in the competitive market.
CONTACT: Computime Group, [email protected]

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GVG featured on the 2024 Africa RegTech Horizon-100 list

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MADRID, May 27, 2024 /PRNewswire/ — Global Voice Group (GVG) now features as one of the top 100 Africa-focused innovative RegTech organizations that are set to power Africa to a $1 billion market size by 2025. 

This acknowledgment bears witness to GVG’s compliance monitoring capabilities within the Mobile Money (MM) ecosystem. GVG developed the Mobile Money Monitoring (M3) solution, an intelligent data platform that supports East African regulatory authorities in monitoring the fast-expanding MM market. Through M3, the authorities can ensure the security and integrity of the related financial transactions, as well as transparency and compliance, for enhanced revenue assurance. M3 currently monitors approximately 25% of the financial flows passing through MM platforms in East Africa, verifying over 90 billion USD worth of transactions annually.
Moreover, the platform is also in use in Central and West Africa, in the Republic of Congo and in Ghana. In Congo, M3 has brought the local telecommunications regulator, the ARPCE, 100% visibility and control over all utility payments made via Mobile Money to the government. In Ghana, it has contributed to an average annual growth of 20% in revenue since its deployment. Overall, M3 has captured, verified and analyzed 1 trillion USD in MM transaction value since 2014.
After demonstrating the relevance, effectiveness, and innovation of the M3 solution to the jury, composed of recognized leaders of the Regtech industry, GVG was shortlisted and, following the voting phase, earned a place on the prestigious list. The M3 platform uses machine learning to ensure effective oversight of the MM market, ensure regulatory compliance and detect suspicious transactions. Since its first implementation in 2013, GVG’s M3 solution has provided the relevant regulatory authorities with reliable MM ecosystem metrics to support data-driven decision-making, promote compliance within the market, and reduce fraud and revenue leakage.
Responding to the announcement, James Claude, GVG’s CEO, declared: “It is with a great sense of achievement that I see GVG featuring among the 100 top RegTech providers in Africa. On behalf of the whole company, I sincerely thank Africa RegTech Horizon, as well as our voters, for supporting us in what we do best: providing governments and regulatory authorities with the market insights they need to address the challenges related to the fast-expanding financial ecosystem.”
The Africa RegTech Horizon-100 list is a directory of African RegTech companies and solution providers compiled to showcase the products and services of the latter, as well as assist financial institutions, regulators, and governments in identifying high-performing and trustworthy RegTech providers.
About GVG
Founded in 1998 and present in 11 countries, Global Voice Group is a global provider of ICT and RegTech solutions for governments and regulatory bodies. GVG assists governments and authorities, through Big Data analytics, in their digital transformation and the effective promotion of compliant and truly inclusive digital ecosystems. The company monitors, collects and analyses data from crucial economic sectors and turns it into actionable information. We promote data-driven decision-making.
Discover GVG’s website: www.globalvoicegroup.com
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Unlock an Exclusive Olympic Experience: Celebrating Live4Well’s Sold-Out Genesis NFT

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HONG KONG, May 25, 2024 /PRNewswire/ — The buzz surrounding Live4Well’s successful Genesis NFT membership launch on May 23 has captivated both traditional and web3 communities. Combining the power of AI technology and decentralized physical infrastructure (DePin) concept, Live4Well has infused new life into the NFT market. The overwhelming response to their first NFT sales, showcases the project’s immense potential. Renowned web3 community leaders from Azuki, Bored Ape, Pudgy Penguins, WELL3, etc have joined forces with Live4Well, propelling the Genesis NFT membership collection to its resounding success.

Live4Well aims to transform the wellness industry by creating a reward-based infrastructure that connects global fitness data, enhances their AI database, and drives the development of sports and wellness. Backed by a multi-billion family office, which recently invested $20 million in Live4Well, the project has gained support in both web3 and traditional spaces. The team believes that every drop of sweat and effort toward better health should be rewarded, fostering motivation and integrating exercise into daily lives for enhanced well-being.
Live4Well’s announcement of an Olympic-themed raffle for Genesis NFT holders reflects their commitment to connecting wellness between Web2 and Web3 platforms. This testament to Live4Well’s demand and innovative vision solidifies their position as a promising leader in the industry. Their integration of the Olympic signifies their determination to inspire a global audience, leveraging blockchain technology to create an immersive ecosystem that revolutionizes how individuals engage with fitness on a daily basis for better health. Live4Well’s dedication to bridging the gap between traditional practices and the digital landscape sets them apart as pioneers in promoting well-being on a global scale.
What is Genesis NFT membership?
The Genesis NFT unlocks a multitude of benefits for holders, including the opportunity to cash out their sportive income and access a range of exclusive physical products and services. In addition to future airdrops and angel round whitelist privileges, Genesis holders will receive VIP tailor-made product packs from an innovative German sportswear company, elevating their exercise performance to new heights. With over 400 million sweat points farmed by their users, they are eager to redeem through the Genesis NFT membership. These enticing incentives explain why there was a widespread eagerness to participate in this thrilling event.
Unlike typical projects that raise funds before launching products or services, Live4Well has already released its AI-powered app, amassing over 250,000 users as a community base actively engaging in daily exercise. This early success has fostered a promising community within the wellness industry, as users trust Live4Well’s roadmap and collaborative ventures. The growing traction from both ordinary individuals and web3 enthusiasts has intensified the demand for redeeming and cashing out sweat points, the project’s exercise-based rewards. Obtaining the Genesis NFT membership is now seen as an essential step for accessing the highest tier of benefits and cashing out sportive income.
What’s next for Live4Well?
Following the Genesis sales, Live4Well’s team will shift their focus to the upcoming token generation event (TGE) and a series of farming events. They also have exciting plans for partnerships and other collaborations in the global wellness and fitness industries. If you missed the initial launch, be sure to stay updated on Live4Well’s journey and join this extraordinary revolution.
Photo – https://mma.prnewswire.com/media/2421983/image.jpg
Photo – https://mma.prnewswire.com/media/2421640/Live4Well.jpg
Logo – https://mma.prnewswire.com/media/2421641/4725441/Live4Well.jpg
 
 

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