APAC to lead global reinsurance growth through 2031

The global market is expected to register a CAGR of 10.8%.

The Asia-Pacific region is expected to post the highest growth in the global reinsurance market, with a forecast compound annual growth rate (CAGR) of 14.2% from 2022 through 2031, as developing markets adopt more advanced underwriting practices and innovations.

The global reinsurance market is forecasted to register a CAGR of 10.8% from 2022 through 2031, according to Allied Market Research.

This is also equivalent to a market value of $1.344t by 2031, driven by rising demand for insurance products and heightened risk awareness following the COVID-19 pandemic.

Treaty reinsurance led the market in 2021, accounting for over two-thirds of global market share. 

It is expected to maintain dominance with a projected CAGR of 11.9% through 2031, driven by its streamlined underwriting process.

In terms of application, property and casualty reinsurance held the largest share in 2021 at nearly two-thirds of the market. 

The segment remains strong due to its role in covering repair and replacement costs for damaged commercial assets. 

Meanwhile, life and health reinsurance is projected to grow at a faster pace, with a CAGR of 12.8%, supported by increased insurance uptake during and after the pandemic.