The Business Research Company’s Life And Health Reinsurance Global Market Report 2021: COVID 19 Impact and Recovery to 2030
LONDON, GREATER LONDON , UK, July 14, 2021 /EINPresswire.com/ — The increasing demand for artificial intelligence in life & health reinsurance is an emerging trend in the life & health reinsurance market. According to the 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 involvement 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.
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%.
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The major players covered in the global life and health reinsurance market are Swiss Reinsurance Company Ltd, Munich Re Group, Reinsurance Group of America (RGA), SCOR SE, Hannover Re, China Reinsurance Corporation, Berkshire Hathaway Re, PartnerRe Ltd., Korean Reinsurance Company, Taiping Reinsurance Co, Great West Lifeco, General Insurance Corporation of India (GIC Re), Everest Re, Axis Capital Holdings Limited, Alleghany, XL Catlin, Maiden Re, Fairfax, Mitsui Sumitomo, XL Bermuda, Transatlantic Holdings, RenaissanceRe Holdings, MS&AD Insurance Group Holdings, R+V Versicherung, Arch Capital Group, The Toa Reinsurance Company, Assicurazioni Generali.
In March 2019, RenaissanceRe, a Bermuda based reinsurance, insurance provider acquired Tokio Millennium Re AG and Tokio Millennium Re (UK) also known as TMR, a Bermuda based reinsurance company, for $1.5 billion. The acquisition is expected to accelerate strategy and enhances RenaissanceRe’s global reinsurance position, offerings, and access to attractive risk.
The life & health reinsurance market covered in this report is segmented by type into facultative reinsurance, treaty reinsurance. It is also segmented by distribution channel into direct responses, agents & brokers, banks, others, by product into life and health.
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 provides life and health reinsurance market overview, forecast life and health reinsurance market size and growth for the whole market, life and health reinsurance market segments, and geographies, life and health reinsurance market trends, life and health reinsurance market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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