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2021 Health and Life Reinsurance Market Outlook by Trade Research Company

Segments Covered: By Type – Facultative Reinsurance, Treaty Reinsurance; By Distribution Channel – Direct Response, Agents & Brokers, Banks, Others; By product – life, health

LONDON, Aug. 12, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company Research Report In the life and health reinsurance market, the increase in insurance demand due to the COVID-19 situation is expected to have a positive impact on the life and health reinsurance market. Due to an increase in health problems and to further strengthen their protection against any serious illness such as COVID-19, policyholders are increasingly investing in life insurance. People are buying more and more health and life insurance policies in panic as they become aware of the death of the virus.

According to a Fitzgerald study, Google search traffic for “life insurance” in the United States jumped up 50% between March and May 2020, compared to the previous year. Northwestern Mutual, one of the biggest sellers of life insurance in the United States, saw a 15% increase in the number of life insurance policies sold between April and September compared to the previous year. This increase was also seen in emerging countries like India, where market participants confirmed that sales of term plans increased by around 30-40% in the first quarter of 2020 compared to the previous year. This growing demand for life and health insurance is expected to drive the life and health reinsurance market during the forecast period.

Market size And Growth

The size of the global life and health reinsurance market is expected to grow from $127.29 billion in 2020 at $135.16 billion in 2021 at a compound annual growth rate (CAGR) of 6.2%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market should reach $169.27 billion in 2025 at a CAGR of 5.8%.

Global Market overview

North America holds the largest life and health reinsurance market share, representing 46.9% of the total in 2020. It was followed by Western Europe, then the other regions. In the future, the fastest growing regions in the life and health reinsurance market will be South America and Africa where growth will be at CAGRs of 8.2% and 7.5% respectively. This is followed by the Middle East and North America, where the markets are expected to grow at CAGRs of 6.8% and 6.1% respectively.

The Business Research Companythe report entitled Global Life and Health Reinsurance Market Report 2021: COVID19 Impact and recovery until 2030 Covers Top Life and Health Reinsurance Companies, Life and Health Reinsurance Market Share by Company, Life and Health Reinsurance Manufacturers, Life and Health Reinsurance Market Size and Life and Health Reinsurance Market Forecast and health. The report also covers the global life and health reinsurance market and its segments.

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Competitive landscape

The global life and health reinsurance market is highly concentrated, with a small number of large players constituting the majority of the market. the top ten competitors in the market consisting of 68.29% of the total market in 2020. The consolidation of the market can be attributed to the partnerships and collaborations between industry players to reduce costs, improve their product offerings and expand geographically. The market is expected to be concentrated in the near future with the adoption of acquisition and merger strategies by players to enter and expand into new geographies.

Swiss Re SA was the main competitor with 11.84% of the market, followed by Munich Reinsurance Company with 11.79%, SCOR SE with 8.54%, China Reinsurance (Group) Corporation with 7.96%, Hannover Rück SE with 7.44%, Great- West Lifeco (Canada Life) with 6.44% of the market, Berkshire Hathaway Inc. with 5.14%, Reinsurance Group of America Inc. with 4.94%, Korean Reinsurance Company with 3.02% and PartnerRe Ltd. with 1.18%.

Strategies Adopted by Players in the Life and Health Reinsurance Market include providing digital solutions through partnerships, expanding business through strategic acquisitions of companies with similar businesses, strengthening the business portfolio through partnerships, and creating new initiatives through joint venture partnerships.

Global Life and Health Reinsurance Market Report 2021: COVID19 Impact and recovery until 2030 is part of a series of new reports from The Business Research Company which provide market overviews, analyze and forecast market size and growth for the overall market, segments and geographies, trends, drivers, restraints, revenue, profiles and market shares of key competitors in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.

here is A List of similar reports from the trade research company:

Global Reinsurance Market Report 2021: Impact of COVID-19 and Recovery to 2030

Global Health & Medical Insurance Market Report 2021: COVID19 Impact and recovery until 2030

Global Insurance Agencies Market Report 2021: COVID19 Impact and recovery until 2030

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