Cyber reinsurance is growing in demand with increasing incidents of internet frauds and cyber risk. Cyber insurance is becoming popular due to high cyber risk factor involved in banking and information technology industries, which are susceptible to data breaches and internet frauds. In 2015, cyber-related fraud costs were estimated to be around $500 billion and are expected to reach $2 trillion by 2019.

THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL REINSURANCE PROVIDERS MARKET TO GROW TO $405 BILLION BY 2021

Asia Pacific was the largest region in the reinsurance providers market in 2017, accounting for more than one third of the market share. The fast growth rate of this region is due to rising penetration rates and increasing awareness of the reinsurance benefits in developing countries such as China and India.

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According to The Business Research Company’s Consultant, Nitin Gianchandani, traditional reinsurers are embracing mergers and acquisitions to remain competitive in the market. Declining reinsurance premiums and rising commissions paid to reinsurance brokers are eroding the profitability of the market. To combat this, reinsurers are focusing on restructuring through mergers and acquisitions to gain scale and reduce costs. Mergers and acquisitions are particularly prominent among smaller reinsurers who are consolidating to offer diversified products around the world. Additionally, large reinsurance companies are following this trend to remain profitable and increase their market share. Some of the examples include the acquisition of reinsurers PartnerRe, Chubb and Ironshore by EXOR, ACE and Fosun International Ltd, respectively, in 2015

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AXA was the largest player in the reinsurance providers market, with revenues of $104.5 billion in 2016. AXA’s growth strategy is to increase its investments in digital and big data technologies and increase its presence in emerging markets.

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. This report excludes the insurance providers and insurance brokers and agents market.

Reinsurance Providers Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.

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