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Reinsurance Industry is projected to witness a CAGR of 3.9% during the period 2023-2032. This growth can be attributed to the growing natural and man-made catastrophic events.

Selbyville, Delaware, Aug. 21, 2023 (GLOBE NEWSWIRE) --

Reinsurance Market size is expected to be worth USD 464.1 billion by 2032. The escalating concerns surrounding cybersecurity and data privacy is the major factor contributing to the industry development. With the expanding digital interactions and data reliance, multiple businesses and individuals have turned increasingly vulnerable to cyber threats.

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The rising challenges faced by insurers in providing comprehensive coverage have highlighted the importance of reinsurers for offering specialized reinsurance products to help primary insurers manage and transfer cyber-related risks. This evolving landscape of cyber threats and data breaches has further compelled insurers to seek reinsurance partnerships for risk mitigation in the realm of cybersecurity and data privacy.

Life & Health reinsurance to witness high demand

The reinsurance market size from the life & health segment generated more than USD 131 billion in 2022. This is driven by rising advancements in medical technology and the growing concerns among consumers regarding health and wellness. Reinsurers provide a safety net for insurers, absorbing portions of the risk in exchange for premiums. The surging encouragement to insurers for underwriting policies confidently and mitigating large losses through reinsurance.

Facultative Reinsurance to gain significant momentum

The facultative reinsurance market is anticipated to register substantial expansion, reaching over USD 202 billion by 2032. The evolution of various industries and the higher complexity of risks has steered the rising preference for facultative reinsurance by insurers to ensure comprehensive coverage and manage their exposure effectively. This targeted approach enables insurers to navigate intricate risks confidently while accessing the expertise and capacity of reinsurers. Moreover, the robust ability to address unique and evolving risks across various sectors will drive the demand for facultative reinsurance.

Europe to emerge as a lucrative market destination

Europe reinsurance market share is poised to be worth more than USD 112 billion by 2032 driven by regulatory reforms, economic stability, and the rising need for specialized coverage. The emergence of insurtech startups has led to the growing number of collaborations with traditional reinsurers. Furthermore, several industry participants are extending their services throughout the area to provide clients with solutions to transfer risk and aid in understanding their hazard exposure. For instance, leading cyber insurance provider, Resilience extended its business in Europe for serving clients in Spain, Denmark, Ireland, Italy, and Sweden.