Global Reinsurance Carriers - Market Research Report (2013-2028)
New York, United States
Last Updated: September 2023
J5613-GLRevenue
$335.4bn
Past 5-Year Growth
Profit
$XX.Xbn
Employees
123k
Businesses
7,608
Wages
$XX.Xbn
Global Reinsurance Carriers industry analysis
Global reinsurance carriers focus on assuming all or part of the risk associated with existing insurance policies originally underwritten by direct insurance carriers. The essential function of these carriers is to insure insurance companies. The industry performed well during the current period because rising healthcare expenditure increased premiums for health insurance companies. These insurers increased their demand for global reinsurance carriers to hedge against risk. The industry also performed well in the years before COVID-19, as soaring equity markets increased demand from insurance companies and boosted investment income for the industry. The pandemic reduced global consumer spending and per capita disposable income, discouraging spending on primary insurance products. This reduced demand from primary insurers, hindering revenue growth. Higher interest rates worldwide have decreased expenditure on cars, homes and other big items, reducing demand for property and casualty (P&C) insurance. Since P&C insurers are a major buyer of global reinsurance, their poor performance has caused revenue to decline recently. Overall, revenue for global reinsurance carriers is expected to grow at a CAGR of 3.4% during the current period, reaching $335.4 billion in 2023. Revenue is expected to creep upward 0.3% in that year.The industry is expected to face more significant challenges during the outlook period. Steady economic growth is anticipated to raise incomes in developing countries, enabling more households to take out insurance policies, boosting demand for the industry. As the global population ages, demand for health and life insurance policies will increase, encouraging these insurers to invest more in the industry's services. Economic uncertainty will reduce stock prices in many countries, inhibiting revenue growth. Greater financial engineering will increase the viability of substitutes such as risk pooling, catastrophe bonds and self-insurance, potentially siphoning revenue away from the industry. Overall, revenue for global reinsurance carriers is projected to creep upward at a CAGR of 0.9% during the outlook period, reaching $351.0 billion in 2028. Profit is expected to comprise 11.4% of revenue in that year.
Trends and Insights
- Global reinsurance carriers have performed well during the current period because of growth in the stock market and rising healthcare expenditure. Elevated borrowing costs have reduced revenue recently.
- High-interest rates have discouraged consumers from making large purchases, so property and casualty (P&C) insurance's revenue share has declined recently. Strong equity markets have boosted investment income for global reinsurance carriers.
- Reinsurance carriers in Europe make up more than half of revenue. Major players, such as the Munich Reinsurance Company and the Swiss Reinsurance Company, are located on the continent.
- There is intense internal competition within this industry as there are many global reinsurance carriers worldwide. Companies compete on price, quality of services and reputation.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has grown at a CAGR of 3.4 % over the past five years, to reach an estimated $335.4bn in 2023.
Trends and Insights
The strong pre-pandemic global economy caused equity markets to soar
- Since most economies worldwide were recovering from the 2008 financial crisis, global GDP growth was high in the late 2010s.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Steady economic conditions worldwide will benefit the industry
- Despite global challenges related to the pandemic, high inflation, rising interest rates and recessionary fears, world GDP will increase steadily during the outlook period.
Biggest companies in the Global Reinsurance Carriers
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft | 42,527.2 | 8,229.1 | 19.4 | |
Swiss Reinsurance Company Ltd. | 38,757.8 | -1,887.5 | -4.9 | |
Berkshire Hathaway Inc. | 32,420.2 | 1,066.0 | 3.3 |
To view the market share and analysis for all 3 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including P&C reinsurance, Life, health and annuity reinsurance and Investment activities. P&C reinsurance is the largest segment of the Global Reinsurance Carriers.
Trends and Insights
Reinsurance premiums are essential for the industry
- Since global reinsurance carriers are responsible for assuming the risk of existing insurance policies, reinsurance premiums comprise more than nine-tenths of the industry's revenue.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Global Life & Health Insurance Carriers
- Global Direct General Insurance Carriers
Complementors
- Global Pension Funds
- Global Insurance Brokers & Agencies
International industries
- Reinsurance Carriers in the US
- Life Insurance in Australia
- General Insurance in Australia
- Life Insurance in New Zealand
- General Insurance in New Zealand
Table of Contents
About this industry
Industry definition
Global reinsurance carriers focus on assuming all or part of the risk associated with existing insurance policies originally underwritten by direct insurance carriers. In other words, the primary activity of this industry is insuring insurance companies.
What's included in this industry?
Property and casualty reinsuranceAnnuities, life and disability income reinsuranceHealth and medical reinsuranceInvestment activitiesCompanies
Munchener Ruckversicherungs-Gesellschaft AktiengesellschaftSwiss Reinsurance Company Ltd.Berkshire Hathaway Inc.Purchase this report to view all 3 major companies in this industry.
Related Terms
COMBINED RATIOCEDENTUNDERWRITING PERFORMANCECAPACITYCEDECESSIONRETROCESSIONPerformance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Global reinsurance carriers have performed well during the current period because of growth in the stock market and rising healthcare expenditure. Elevated borrowing costs ha...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
High-interest rates have discouraged consumers from making large purchases, so property and casualty (P&C) insurance's revenue share has declined recently. Strong equity mark...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2023
- Product innovation level
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Reinsurance carriers in Europe make up more than half of revenue. Major players, such as the Munich Reinsurance Company and the Swiss Reinsurance Company, are located on the ...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each region in 2023
- Number and share of revenue each region accounts for in 2023
- Number and share of wages each region accounts for in 2023
- Number and share of employees in each region in 2023
Detailed analysis
- Business Locations Charts
- Share of global output by region in 2023
- Share of population compared to output in each region in 2023
- Data tables
- Share of global output by region in 2023
- Detailed analysis
- Geographic spread of the industry across Global, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
There is intense internal competition within this industry as there are many global reinsurance carriers worldwide. Companies compete on price, quality of services and reputa...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The three largest players comprise a relatively small share of revenue. Market share concentration is low because of high internal competition and specialization among reinsu...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Swiss Reinsurance Company Ltd.'s performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Berkshire Hathaway Inc.'s performance by revenue, market share and profit margin from 2017 through 2023
Detailed analysis
- Description and key data for Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft, and factors influencing its performance in the industry
- Description and key data for Swiss Reinsurance Company Ltd., and factors influencing its performance in the industry
- Description and key data for Berkshire Hathaway Inc., and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The International Association of Insurance Supervisors (IAIS) sets standards for reinsurance supervision for countries worldwide. The United States, Bermuda, the European Uni...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Profit for reinsurers is dependent on underwriting gains and investment income. Rising interest rates worldwide have increased investment income for the industry, boosting pr...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources globally include:
- United Nations Comtrade
- Organization for Economic Cooperation & Development
- World Bank
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Global Reinsurance Carriers industry in Global in 2024?
The market size of the Global Reinsurance Carriers industry in Global is $335.4bn in 2024.
How many businesses are there in the Global Reinsurance Carriers industry in 2023?
There are 7,608 businesses in the Global Reinsurance Carriers industry in Global, which has grown at a CAGR of 2.8 % between 2018 and 2023.
Has the Global Reinsurance Carriers industry in Global grown or declined over the past 5 years?
The market size of the Global Reinsurance Carriers industry in Global has been growing at a CAGR of 3.4 % between 2018 and 2023.
What is the forecast growth of the Global Reinsurance Carriers industry in Global over the next 5 years?
Over the next five years, the Global Reinsurance Carriers industry in Global is expected to grow.
What are the biggest companies in the Global Reinsurance Carriers market in Global?
The biggest companies operating in the Global Reinsurance Carriers market in Global are Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft, Swiss Reinsurance Company Ltd. and Berkshire Hathaway Inc.
What does the Global Reinsurance Carriers in Global include?
Property and casualty reinsurance and Annuities, life and disability income reinsurance are part of the Global Reinsurance Carriers industry.
Which companies have the highest market share in the Global Reinsurance Carriers in Global?
The company holding the most market share in Global is Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft.
How competitive is the Global Reinsurance Carriers industry in Global?
The level of competition is high and increasing in the Global Reinsurance Carriers industry in Global.
