Property & Casualty Reinsurance Global Market Report 2024

The property & casualty reinsurance market size has grown rapidly in recent years. It will grow from $406.48 in 2023 to $457.22 in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth observed in the historical period can be attributed to factors such as natural catastrophes and climate events, regulatory changes impacting the insurance industry, global economic conditions, dynamics within the insurance market, and industry consolidation within the insurance sector.

The property & casualty reinsurance market size is expected to see rapid growth in the next few years. It will grow to $728.71 in 2028 at a compound annual growth rate (CAGR) of 12.4%. The anticipated growth in the forecast period can be attributed to factors such as the increased frequency and severity of natural disasters, stricter regulatory requirements, the globalization of risks, shifts in consumer behavior, and emerging technological risks. Major trends expected in the forecast period include the globalization of risks and markets, a heightened focus on resilience and business continuity, challenges related to regulatory changes and compliance, pandemic risk management strategies, the exploration of alternative capital sources, and an increased emphasis on collaboration and partnerships within the property and casualty reinsurance industry.

The anticipated increase in the number of natural calamities is set to drive the growth of the property and casualty reinsurance market in the upcoming years. Natural calamities, arising from hazards such as earthquakes, floods, cyclones, hurricanes, volcanic eruptions, or landslides, have adverse effects on the environment, causing property damage, loss of life, and other negative impacts. Reinsurance plays a crucial role in helping property and casualty insurers manage risks associated with concentrated natural disasters. Therefore, the surge in natural calamities is expected to bolster the property and casualty reinsurance market. For instance, Forbes reported in 2022 that the U.S. witnessed 18 climate disasters causing over $1 billion in damage, totaling $175.2 billion and resulting in 474 fatalities. Consequently, the increase in the number of natural calamities is a driving force behind the property and casualty reinsurance market.

The growth in home ownership is poised to propel the property and casualty reinsurance market. Home ownership, denoting the legal possession and control of a residential property, sees increased demand in the property and casualty reinsurance market. Insurers seek to bolster their capacity and financial resilience in response to rising trends in home ownership. This underscores the vital role of reinsurance in supporting the expanding housing market, providing insurers with financial backing to navigate and mitigate risks tied to increased home ownership. In 2021, data from The Mortgage Bankers Association revealed a 33% surge in mortgage applications for new home purchases compared to 2020. Consequently, the rise in home ownership is expected to drive the growth of the property and casualty reinsurance market.

Product innovation emerges as a prominent trend in the property and casualty reinsurance market. Major companies in the market focus on developing innovative products to fortify their positions. For instance, Ascot Group, a UK-based specialty insurance and reinsurance company, launched Ascot Reinsurance's platform for global reinsurance underwriting and ceded risk solutions in September 2021. This platform serves as a central entry point for all reinsurance offerings, streamlining client services, claims, treaty, facultative solutions, and claims management.

Strategic partnerships take center stage among major companies in the property and casualty reinsurance market, aiming to expand capabilities and sustain positions in the market. This collaborative approach involves mutually beneficial agreements between entities to achieve common goals, share resources, and leverage strengths. In September 2023, AXIS Capital Holdings Limited and Stone Point Credit Advisers LLC partnered to create Monarch Point Re, a new collateralized reinsurer based in Bermuda. With over $400 million in capital, this strategic partnership focuses on underwriting casualty business, combining AXIS's $75 million contribution with Stone Point Credit's additional $75 million investment. The collaboration aims to establish Monarch Point Re as a significant player in the reinsurance market, emphasizing a commitment to the dynamic landscape of the insurance and reinsurance industries.

In February 2022, Swiss Reinsurance Company Ltd. acquired Champlain Reinsurance Company for an undisclosed amount, showcasing Swiss Re's expertise in addressing legacy challenges for business partners. Champlain Reinsurance Company, a Switzerland-based run-off reinsurance captive of Alcan Holdings Switzerland AG, became part of Swiss Re's strategic portfolio.

Major companies operating in the property & casualty reinsurance market report are Barents Re Reinsurance Company Inc., Berkshire Hathaway Inc., BMS Group Limited, China Reinsurance Corporation, Everest Re Group Ltd., Hannover Re SE, Society of Lloyd's, Munich Reinsurance Company, PartnerRe Ltd., Reinsurance Group of America Incorporated, SCOR SE, Swiss Reinsurance Company Ltd., AXA XL, MAPFRE Insurance, IRB-Brasil Resseguros S.A., Transatlantic Reinsurance Company, Arch Capital Group Ltd., AXIS Capital Holdings Limited, RenaissanceRe Holdings Ltd., Validus Holdings Ltd., Aspen Insurance Holdings Limited, Endurance Specialty Holdings Ltd., Alleghany Corporation, Markel Corporation, Fairfax Financial Holdings Limited, White Mountains Insurance Group Ltd., Korean Reinsurance Company, Transatlantic Holdings Inc., Arch Reinsurance Company, Endurance Reinsurance Corporation of America.

North America was the largest region in the property and casualty reinsurance market in 2023. The regions covered in the property & casualty reinsurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the property & casualty reinsurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of property and casualty reinsurance are categorized as direct selling and intermediary selling. Direct selling refers to the practice of selling goods outside of a traditional retail environment, such as online, at home, or in other locations. The modes of selling involved include online and offline methods, which are commonly utilized by small reinsurers and mid-sized reinsurers for life and health reinsurance, as well as non-life or property and casualty reinsurance.

The property and casualty reinsurance market research report is one of a series of new reports that provides property and casualty reinsurance market statistics, including property and casualty reinsurance industry global market size, regional shares, competitors with property and casualty reinsurance market share, detailed property and casualty reinsurance market segments, market trends, and opportunities, and any further data you may need to thrive in the property and casualty reinsurance industry. This property and casualty reinsurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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