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Reinsurance Market Trends

Report ID: GMI6139
Published Date: Jul 2024
Report Format: PDF

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Reinsurance Market Trends

AI empowers reinsurers to efficiently assess risks by translating text subjectivities and contract statements into numerical inputs for risk modeling. This accelerates access to crucial data insights, fostering a more strategic and informed approach to managing overall risk and consumer relationships. Furthermore, AI enables reinsurers to engage at earlier stages of the reinsurance value chain, forging closer partnerships with end customers.

In October 2023, Appian introduced the 'Connected Underwriting Life Workbench,' designed to streamline insurers' workflows and data management through an automated, end-to-end process. This solution simplifies underwriters' tasks by providing a unified interface for risk assessment, exception handling, and decision-making. By integrating advanced automation and data management features, it enables insurers to deliver faster and more accurate policy decisions.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of reinsurance reached USD 350.1 billion in 2023 and will record a CAGR of 6.5% between 2024 and 2032, owing to the factors like population growth, urbanization, and changing age profiles.

The treaty reinsurance segment was valued at over USD 207 billion in 2023, driven by the increasing size and complexity of insurance portfolios.

North America market held a dominant share of around 32% in 2023, backed by the increase in the frequency and severity of natural disasters, including hurricanes, wildfires, and floods.

AXA XL, Berkshire Hathaway Inc., China Reinsurance (Group) Corporation, Everest Re Group, Ltd., Hannover Re, Lloyd