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Reinsurance hubs are becoming preferred locations for international reinsurers to operate in both domestic and offshore markets. Favorable regulatory frameworks, improved tax environments, well-developed infrastructure and the availability of skilled workforces are key factors which support the inflow of foreign reinsurers to these hubs. The US remained the world-s largest reinsurance market. However, the reinsurance industry in Europe contributes a large proportion of the global gross written premium, with the UK, France and Germany being the key reinsurance markets in the region. Further, natural disasters proved to be a challenging factor for the Asia-Pacific insurance industry, shifting global attention on risk assessment and management to that region.
Growth in the main direct insurance segments of life, non-life and personal accident and health insurance is expected to fuel the growth of reinsurance, as direct insurers cede proportions of their written premiums.
The frequent occurrence of natural disasters across the world has impacted the profitability of reinsurers. Several major catastrophes resulted in substantial losses and an exceptionally high number of fatalities across all the key markets during the review period.
The global financial crisis, sovereign debt crisis and economic uncertainties have resulted in the introduction of stringent regulatory regimes for the effective regulation and management of the financial services sector. New regulatory standards, including risk-based solvency and capital requirements, were introduced in many countries- insurance and reinsurance industries. The implementation of Solvency II is expected to lead to significant growth in the reinsurance industry as a result.
Reinsurers generate most of their business through intermediaries such as agents or brokers. They also extend their underwriting businesses across the world through regional offices, subsidiaries, affiliated companies, branch offices, representative offices and liaison offices.
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