Reinsurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Reinsurance Market Report is Segmented by Type (Facultative Reinsurance and Treaty Reinsurance), by Application (Property & Casualty Insurance and Life and Health Insurance), by Distribution Channel (Direct Writing and Broker), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World). The Report Offers Market Sizes and Forecasts for the Global Reinsurance Market in Premiums (USD) for all the Above Segments.

Reinsurance Market Size

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Reinsurance Market Summary
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Study Period 2020 - 2029
Market Size (2024) USD 444.36 Billion
Market Size (2029) USD 592.87 Billion
CAGR (2024 - 2029) 5.90 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Reinsurance Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Reinsurance Market Analysis

The Reinsurance Market size in terms of gross written premiums value is expected to grow from USD 444.40 billion in 2024 to USD 591.90 billion by 2029, at a CAGR of greater than 5.90% during the forecast period (2024-2029).

  • The market's growth is due to the growing awareness of insurance products. In the past, the insurance market in developing and emerging countries grew slowly because the people were unaware of the product, and neither was the government insisting on its importance. However, with the growing awareness of insurance, these countries' insurance and reinsurance markets are growing.
  • The reinsurance market is expected to grow due to the growth of property catastrophe protection. However, fragile economies with low insurance penetration due to low disposable income and competition from overseas are expected to impede market growth. On the other hand, digitalization within reinsurance companies will help the market grow in the future.
  • Furthermore, the growing preference for property and casualty reinsurance and conduit reinsurance among leading industries is expected to provide lucrative opportunities for growth in the coming years.
  • Alternative sources of capital for the reinsurance market have increased, including pension funds and capital markets investors. Insurance-linked securities (ILS), such as catastrophe bonds, facilitate the transfer of risk to capital markets, increasing the reinsurance industry’s capacity and liquidity.
  • In the current year, the reinsurance industry had growth in premiums and underwriting profitability. However, return on equity (ROE) and capital levels decreased due to a decline in bond prices (driven by rising interest rates and tightening credit spreads) and equity markets. Despite this, the overall financial health of the reinsurance industry remains strong, with underlying profitability continuing to improve.

Reinsurance Market Trends

Innovation Is Driving The Reinsurance Market

  • The reinsurance industry is experiencing a boom driven by entrepreneurs who have used their knowledge to build technology-driven businesses that solve long-standing problems within the industry. A growing awareness of the benefits of technology and the growing availability of funding for reinsurance tech startups is driving this boom.
  • The reinsurance market is expected to undergo a major transformation in the next 5 to 10 years as technology advances and niche software solutions are adopted. These innovations will result in greater efficiency and profitability.
  • A number of innovations in the insurance industry are driving the reinsurance market. For instance, life reinsurance providers have introduced products that include diabetes, HIV, and mental health issues, as well as new concepts that broaden the scope of occupational disability coverage.
  • The use of catastrophic risk modeling is one of the most sought-after areas of advanced analytics. Catastrophic risk modeling plays an important role in reinsurance because it has a significant impact on the majority of reinsurance functions, from risk selection and risk mitigation to portfolio analysis and pricing decisions.
Reinsurance Market : Alternate/Third-Party Reinsurance Capital, in USD Billion, 2018-2022

North America Is Dominating The Market

  • Reinsurance is a form of insurance that other insurance companies take out to reduce the risk. Reinsurance aims to reduce the amount of money an insurance company could lose and, in turn, protect its customers from losses. The global reinsurance market is essential for companies worldwide, especially in the United States.
  • There are a variety of domestic and foreign reinsurers active in the United States personal injury and reinsurance (P&C) reinsurance market. The market is characterized by its dynamic nature, driven by changes in legislation, catastrophic events, and market conditions.
  • While the US reinsurance industry continues to provide domestic insurance companies with reinsurance capacity, state regulatory authorities have long recognized the need for domestic and foreign reinsurance capacity to serve the needs of a competitive US marketplace. The United States has created a reinsurance framework that has led to an open but safe reinsurance market, with most reinsurance premium revenue reinsured outside the country.
  • While the reinsurance industry in the United States remains an important source of reinsurance capacity for domestic insurance companies, state regulators have long understood the need for both domestic and non-domestic reinsurance capacity to meet the needs of the United States marketplace. As a result, the United States has established a reinsurance regulatory regime that has resulted in an open but secure reinsurance market where the majority of reinsurance premium income is reinsured outside the United States.
Reinsurance Market : Share By Region, In %, 2022

Reinsurance Industry Overview

The reinsurance market is highly fragmented. At present, only a few of the big players have a significant market share. However, due to advances in technology and product development, many firms are expanding their presence in the market by signing new contracts and entering new markets. The market is dominated by the following: Munich Re, Swiss Re, Hannover Re Group, Canada Life Re, and Berkshire Hathaway Inc.

Reinsurance Market Leaders

  1. Munich Re

  2. Swiss RE

  3. Hannover Re Group

  4. Canada Life RE

  5. Berkshire Hathaway Inc

*Disclaimer: Major Players sorted in no particular order

Reinsurance Market Concentration
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Reinsurance Market News

  • December 2023: Swiss Re completed the acquisition of Fathom, a global leader in water risk intelligence (WRI) and flood models based in Bristol, United Kingdom. This transaction integrates Fathom's expertise and robust suite of products into Swiss Re's Reinsurance Solutions (RSP) division, enhancing the company's existing data and risk capabilities in the realm of flood threats—an essential factor contributing to the escalating losses from natural disasters worldwide.
  • August 2023: Wysa Assure, an artificial intelligence (AI)-driven mental health support app, was developed in collaboration with Swiss Re. The app combines Swiss Re's risk expertise and in-house scoring system with Wysa's AI-enabled mental health solutions, providing support to insurers and their clients. Similar partnerships may be explored in other markets.
  • April 2023: Munich Re Specialty Insurance announced the expansion of its E&S Lawyers Professional Liability solution. The expansion now includes primary and excess coverage for firms with 11 or more attorneys, as well as those with an Intellectual Property (IP) practice.

Reinsurance Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study


    1. 2.1 Research Framework

    2. 2.2 Secondary Research

    3. 2.3 Primary Research

    4. 2.4 Data Triangulation and Insight Generation



    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Insurance Penetration

      2. 4.2.2 Climate Change and Raising Catastrophes Drive the Need of Reinsurance

    3. 4.3 Market Restraints

      1. 4.3.1 Complex Macro-Economic and Geopolitical Scenario

      2. 4.3.2 Regulatory Barrier in Reinsurance Performance

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Insights on Technological Innovations in the Market

    6. 4.6 Insights on Regulatory and Industry Policies in the Market

    7. 4.7 Insights on the Impact of Covid-19

    8. 4.8 Key Market Risks and Impact Analysis


    1. 5.1 By Type

      1. 5.1.1 Facultative Reinsurance

      2. 5.1.2 Treaty Reinsurance

    2. 5.2 By Application

      1. 5.2.1 Property & Casualty Insurance

      2. 5.2.2 Life and Health Insurance

    3. 5.3 By Distribution Channel

      1. 5.3.1 Direct Writing

      2. 5.3.2 Broker

    4. 5.4 By Region

      1. 5.4.1 North America

      2. 5.4.2 Europe

      3. 5.4.3 Asia-Pacific

      4. 5.4.4 Rest of the World


    1. 6.1 Market Concentration (Overview and Market Share)

    2. 6.2 Company Profiles

      1. 6.2.1 Munich RE

      2. 6.2.2 Swiss RE

      3. 6.2.3 Hannover Re Group

      4. 6.2.4 Canada Life RE

      5. 6.2.5 Berkshire Hathaway Inc.

      6. 6.2.6 SCOR SE

      7. 6.2.7 China Reinsurance Corp

      8. 6.2.8 Lloyd's

      9. 6.2.9 Reinsurance Group of America

      10. 6.2.10 Everest Re Group

      11. 6.2.11 Partner RE

      12. 6.2.12 Renaissancere

      13. 6.2.13 Sompo Holdings*

    3. *List Not Exhaustive


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Reinsurance Industry Segmentation

Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself from the risk of the event of a major claim.

The reinsurance market is segmented by type, application, distribution channel, and region. By type, the market is segmented into facultative reinsurance and treaty reinsurance. By application, the market is segmented into property and casualty insurance and life and health insurance. By distribution channel, the market is segmented into direct writing and broker. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the World.

The report offers market sizes and forecasts for the reinsurance market in premiums (USD) for all the above segments.

By Type
Facultative Reinsurance
Treaty Reinsurance
By Application
Property & Casualty Insurance
Life and Health Insurance
By Distribution Channel
Direct Writing
By Region
North America
Rest of the World
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Reinsurance Market Research FAQs

The Reinsurance Market size is expected to reach USD 444.36 billion in 2024 and grow at a CAGR of 5.90% to reach USD 592.87 billion by 2029.

In 2024, the Reinsurance Market size is expected to reach USD 444.36 billion.

Munich Re, Swiss RE, Hannover Re Group, Canada Life RE and Berkshire Hathaway Inc are the major companies operating in the Reinsurance Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Reinsurance Market.

In 2023, the Reinsurance Market size was estimated at USD 418.14 billion. The report covers the Reinsurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Reinsurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Reinsurance Industry Report

Statistics for the 2024 Reinsurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Reinsurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Reinsurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)