The reinsurance providers market comprises of sales of reinsurance by countless entities (organizations, sole traders and partnerships) that undertake all or part of the risk of existing insurance policies initially underwritten by other insurance providers (direct insurance carriers). Reinsurance providers participate premiums collected from insurance providers to build up a portfolio of financial assets to be utilized against future claims. The size of the market is reliant on the worth of the premiums reinsured.
According to the report analysis, ‘Reinsurance Providers Global Market Report 2020-30: Covid 19 Impact and Recovery’ states that AXA; Swiss Re; Munich Re; Hannover Re; SCOR SE and many more are the great companies which presently operating in reinsurance providers in the reinsurance provider global market more proficiently for leading the highest market growth and accounting the handsome value of market share around the globe while establishing the several research and development programs, increasing the qualities of services, analysing the strategies and policies of the government as well as similar competitors, improving the qualitative and quantitative measures, delivering the better consumer satisfaction, employing the young and active personnel, and spreading the awareness connected to the applications and benefits of such.
In addition, the Cyber reinsurance is increasing in requirement with increasing incidents of internet frauds and cyber perils. Cyber insurance is becoming prominent due to high cyber risk factor included in banking and information technology industries, which are vulnerable to data breaches and internet frauds. During 2015, cyber related fraud costs were projected to be around USD 500 billion and are anticipated to reach USD 2 trillion by 2019.
Not only has this, the significant augment in awareness about insurance amongst the people and outpouring in government regulation for buying insurance around the globe propels the growth of the market. In addition, the significant growth in demand for reinsurance in emerging regions fuels the growth of the market. Moreover, great premium amount of reinsurance limits the growth of the market. Furthermore, several reinsurance companies are implementing the advanced technology such as robotics process automation (RPA) and machine learning for better risk assessment and for developing claims handling procedure and augmenting the risk aversion amongst the insurance companies are projected to convey the lucrative opportunities for the growth of the market.
Companies and enterprises are implementing the advance technology for growing the operational efficiency and for decreasing the cost of operation. In addition, foremost players in the market have implemented advanced analytics and smart data extraction tools for developing their claims handling procedure and to generate new & efficient reinsurance marketplace. Furthermore, advance technologies such as robotics procedure automation and artificial intelligence (AI) have supported reinsurance companies to decrease the human errors and support companies to sustain in a fiercely competitive market. Moreover, several players in the market are implementing advance technology for streamlining their risk assessment procedure and developing their insurance business models. In addition, several large insurance companies and SMEs are contributing in AI and machine learning for developing the processing speed and accuracy, which is predicted to convey the lucrative opportunity for the reinsurance providers market.
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Ankur Gupta, Head Marketing & Communications