Reinsurance: 2 to 3% global growth by 2024

Munich Re expects the global reinsurance market to grow by 2 to 3% between 2022 and 2024. Latin America will be the driving force with a 4 to 5% growth over this period. The alternative risk transfer market does not show any sign of growth and the capital invested in it remains almost stable at 100 million USD.

The German reinsurer explains that the demand for reinsurance is on the rise, which will also contribute to the growth of the property and casualty activity. The market is however expected to face headwinds due to inflation, the rise in interest rates, the war in Ukraine and the depreciation of the euro against the dollar.

It should be recalled that some reinsurance activities have already been affected by the lack of capacity or even the absence of coverage. This is the case for natural catastrophes in Florida.