Players In The Reinsurance Providers Market Are Implementing Blockchain Technology To Ensure Consistency And Accuracy In Transactions As Per The Business Research Company's Reinsurance Providers Global Market Report 2022
June 23, 2022
TBRC’s market research report covers reinsurance providers market size, reinsurance providers market forecasts, major reinsurance providers companies and their market share, key strategies to undertake, and more.
/EIN News/ -- LONDON, June 23, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the reinsurance providers market, blockchain technology is being increasingly adopted by reinsurance companies for faster, more efficient, and more accurate claim settlement and compliance checks such as sanctions. The advantage of blockchain technology is that it allows for safe data management across different interfaces and stakeholders while maintaining data integrity. The system reduces operational expenses across the board, from identity management and underwriting to claims processing, fraud management, and reliable data availability. Additional benefits of blockchain in policy management include Decentralized Autonomous Organizations (DAOs) and smart contracts. Blockchain may reduce administrative and operational costs through automated verification of policyholder identity and contract validity, auditable registration of claims and data from third parties (e.g., the encrypted transaction of patient data between doctor and injured party accessible by the insurer to verify payment), and claim payouts via a blockchain-based payments infrastructure or smart contracts. Ryskex, an insurtech business, uses its blockchain-based platform to make it easier for insurers to analyze and manage risks effectively. Following the trend, Swiss Re, along with other insurance players, has started the Blockchain Insurance Initiative Industry (B3i) consortium to develop a blockchain standard for the industry and encourage all members of the insurance and reinsurance industry to transact business using the same blockchain methodology to ensure consistency and accuracy.
The global reinsurance providers market size is expected to grow from $455.13 billion in 2021 to $506.69 billion in 2022 at a compound annual growth rate (CAGR) of 11.3%. The global reinsurance providers market share is then expected to grow to $697.09 billion in 2026 at a CAGR of 8.3%.
The growing middle-class population in emerging countries such as India and China are expected to drive the reinsurance providers market. The global middle-class population is growing rapidly and is forecast to reach 5.3 billion by 2030, with the majority of growth taking place in Asian countries such as India, China, Indonesia, and the Philippines. Emerging market premiums are expected to more than treble during this time, exceeding increases in advanced markets by four times. By the mid-2030s, China is expected to overtake the United States as the world's largest insurance market. The rise in the middle-income group will translate to higher disposable incomes, which will drive the reinsurance provider market.
Major players in the reinsurance providers market are AXA, Swiss Re, Munich Re, Hannover Re, and SCOR SE.
The global reinsurance providers market is segmented by type into property and casualty reinsurance providers, life and health reinsurance providers; by distribution channel into direct writing, broker; by mode into online, offline; by organization location into domestic, international.
As per the reinsurance providers market outlook, Western Europe was the largest region in the market in 2021. Asia Pacific comes second in global reinsurance providers market size. The regions covered in the global reinsurance providers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Reinsurance Providers Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide reinsurance providers market overviews, reinsurance providers market analyze and forecast market size and growth for the whole market, reinsurance providers market segments and geographies, reinsurance providers market trends, reinsurance providers market drivers, reinsurance providers market restraints, reinsurance providers market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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