LONDON, June 07, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the life and health reinsurance market, the rising demand for insurance due to the COVID-19 situation is expected to positively impact the life and health reinsurance market. Due to an increase in health concerns and to further boost their healthcare shields against any serious illness such as COVID-19, policyholders have been increasingly investing in life insurance. People are increasingly panic-buying health and life insurance policies as they become more aware of how deadly the virus can be. According to the CEO and co-founder of Policygenius, an online marketplace for life insurance, Google search traffic for “life insurance” in the USA jumped 50% between March and May 2020 when compared to the previous year. Northwestern Mutual, one of the largest sellers of life insurance in the USA, saw a 15% increase in the number of life insurance policies it sold between April and September when compared to the previous year. This increase was also seen in emerging countries such as India, where market participants confirmed that sales of term plans had increased by around 30–40% in the first quarter of 2020 when compared to the previous year. The demand for life and health insurance is expected to increase post COVID-19, and this will drive the market in the forecast period.
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The global life and health reinsurance market size is expected to grow from $362.92 billion in 2021 to $404.11 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The global life and health reinsurance market share is then expected to grow to $600.00 billion in 2026 at a CAGR of 10.4%.
The COVID-19 pandemic brought upon the loss of lives and a large-scale impact on health across the world, which substantially increased the amount and number of claims in the life-insurance sector. For instance, in 2021, it was estimated that COVID-19 pushed up claims for life insurance companies by 5-10 times in India. Also, the India-based public sector Life Insurance Corporation of India (LIC) announced that in Q3 20–21, the amount paid out against death claims had risen by nearly 81% compared to the same quarter last year. Overall, in Q3 20–21, death claims increased by 32% in the country compared to the same period last year. Reinsurance helps to mitigate the impact of such deaths to a certain extent for life insurance companies. The increase in claims in the life insurance sector is expected to drive the demand for life and health reinsurance in the forecast period.
Major players in the 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, and General Insurance Corporation of India (GIC Re).
The global life and health reinsurance market is segmented by type into facultative reinsurance, treaty reinsurance; by distribution channel into direct response, agents and brokers, banks, others; by product into life, health.
In 2021, North America was the largest region in the life and health reinsurance market. Western Europe was the second largest market in the global life & health reinsurance market. The regions covered in TBRC’s global life and health reinsurance market outlook are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Life And Health Reinsurance Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide life and health reinsurance market overviews, life and health reinsurance market analyze and forecast 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, life and health reinsurance market restraints, life and health reinsurance market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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