Global reinsurance market set to report revenue increases of 3.1% during 2013 to 2018
Global Reinsurance Market 2014-2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-11 09:31:01
The Global Reinsurance market is forecast to grow at a CAGR of 3.13 percent over the period 2013-2018. One of the key factors contributing to this market growth is the robust growth of the global economy. The Global Reinsurance market has also been witnessing the growth in urbanization across the globe. However, the delayed implementation of Solvency II regulations is delaying growth opportunities which could pose a challenge to the growth of this market.
Key vendors dominating this space are Munchener Ruckversicherungs-Gesellschaft AG, Swiss Reinsurance Company Ltd, Hannover RÃ¼ck SE, and Berkshire Hathaway Inc.
Other vendors mentioned in the report are SCOR SE, Lloyd´s, Reinsurance Group of America, and PartnerRe.
The following companies represent the key players in Global Reinsurance Market: Munchener Ruckversicherungs-Gesellschaft AG, Swiss Reinsurance Company Ltd, Hannover RÃ¼ck SE, and Berkshire Hathaway Inc.
Natural catastrophe losses have increased in the past three decades, primarily due to rising economic values. Increasing urbanization in the coastal regions and the increasing frequency of natural calamities has played a significant role in the uptake of the Reinsurance market. Thailand floods (2011), and the earthquake in Chile (2012) are some of the catastrophe losses that took place in the emerging countries and resulted in adverse economic conditions. Emerging countries stand to benefit the most from the reinsurance companies, in the event of catastrophe losses. Insurance as well as reinsurance are used as indirect risk mitigation strategies because premiums are a small fraction of the coverage benefits, which is a cost paid to take precaution against a probable risk. In the event of a catastrophe, losses are limited because the insurance benefits directly support reconstruction. As a result, the density of insurance and reinsurance companies is bound to increase, with the increasing demand of reinsurance. This will also reduce the burden of higher government debt per capita, which is incurred in the event of natural calamities.
One of the major drivers in this market is the robust economic growth. China, the US, Japan, and the UK are some of the leading countries that have exhibited good economic growth, coupled with low inflation rates. This makes them a potential segment for reinsurance. These countries are also prone to natural catastrophe.
Further, one of the main challenges in this market is the slower growth in premium income. The global interest rate is currently low, which has lowered the investment yields. Consequently, insurance companies are left with adequate capital to mitigate their risk mitigation strategies, which reduces the demand for reinsurance.
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