Dublin, March 11, 2024 (GLOBE NEWSWIRE) -- The "Life and Health Reinsurance Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The life & health reinsurance market size is expected to see strong growth in the next few years. It will grow to $225.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The anticipated growth in the forecast period can be attributed to several factors, including an increase in chronic diseases and disabilities, the impact of COVID-19, the expanding middle-class population in emerging markets, and a rise in claims in the life insurance sector. Significant trends expected in this period include the adoption of automated reinsurance platforms, the increasing applications of artificial intelligence, the use of blockchain technology, and a growing number of mergers and acquisitions in the industry.
The surge in the demand for life and health insurance policies is expected to be a driving force for the life and health reinsurance industry in the forecast period. The significance of life insurance has been heightened by the COVID-19 outbreak, leading to increased demand as people recognize the uncertainties associated with the virus and the substantial costs of treatment in private hospitals. For instance, in the fiscal year 2021-2022, Life Insurance Corporation (LIC), India's largest life insurer, recorded the sale of around 2.17 crore policies. This notable increase in demand for life and health insurance policies is anticipated to positively impact the growth of the life and health reinsurance market.
The growth of the life and health reinsurance market is expected to be propelled by the increasing demand for telehealth services. Telehealth involves the use of telecommunications and digital technologies to provide remote healthcare services, offering advantages such as preventive care, cost-effective healthcare solutions, improved data analysis, and expanded coverage. In April 2023, FAIR Health Inc., a US-based non-profit organization, reported a 7.3% increase in national telehealth use, reflecting the growing preference for remote healthcare services. The rising demand for telehealth is thus identified as a key driver for the growth of the life and health reinsurance market.
An emerging trend in the life and health reinsurance market is the increasing demand for artificial intelligence (AI). Swiss Re, in collaboration with Tencent's WeBank, is actively exploring the use of AI in reinsurance, particularly in addressing challenges related to data silos. This partnership aims to establish a foundation for a new business model supported by federated learning and encourages the reinsurance industry to adopt an improved technological framework. The incorporation of artificial intelligence is expected to enhance the technological capabilities of life and health reinsurance.
Report Scope
Markets Covered:
1) By Type: Facultative Reinsurance; Treaty Reinsurance
3) By Product: Life; Health
2) By Distribution Channel: Direct Response; Agents and Brokers; Banks
Key Companies Mentioned: Swiss Re Ltd.; Munich Reinsurance Company; SCOR S.E.; China Reinsurance (Group) Corporation; Hannover Ruck SE
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
For more information about this report visit https://www.researchandmarkets.com/r/ne3pwe
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