The Global Reinsurance Providers Market Is Expected To Grow To $405 Billion By 2021 According To TBR
Added: (Thu May 10 2018)
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The reinsurance providers market includes establishments engaged in assuming all or part of the risk with existing insurance policies originally underwritten by other insurance providers (direct insurance carriers). Reinsurance providers invest premiums collected from insurance providers to build up a portfolio of financial assets to be used against future claims.
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The reason for substantial growth of the market from $325 billion in 2017 to $405 billion in 2021 is that the reinsurers across the globe are offering bundled products and services to enhance their revenues. This change is a result of diverse choice, attractive prices and broader coverage offered by reinsurers to gain additional market share and cut down costs.
The market in the report is segmented into: life reinsurance providers and non-life reinsurance providers.
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The USA was the largest country in the reinsurance providers market in 2017, accounting for one-fifth of the market share followed by China and Japan.
The top five competitors in the market made up 62.1% of the total market share in 2017. AXA was the largest competitor, followed by Swiss Re, Munich Re, Hannover Re and SCOR SE. AXA was the largest competitor in the reinsurance providers industry with a 32.17% share of the market in 2016. It is a French company incorporated in 1957 with headquarters in Paris. The company provides services in around 64 countries and employs around 10,000 people. AXA specializes in insurance, banking and asset management.
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