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

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