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.
Read
report: https://www.thebusinessresearchcompany.com/report/reinsurance-providers-global-market-report-2018
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
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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