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Industria

Insurance — Reinsurance

La riassicurazione si colloca uno strato sopra l’assicurazione primaria, assorbendo i picchi di rischio e livellando la capacità del settore. Si tratta di un’attività di bilancio all’ingrosso in cui i prezzi, i punti di attacco, l’accesso alla retrocessione e la modellazione delle catastrofi contano molto più del riconoscimento del marchio. Gli investitori di solito controllano se i riassicuratori vengono pagati abbastanza per il rischio di coda e se il capitale entra nel mercato troppo rapidamente dopo anni redditizi.

Numeri reali

Insurance — Reinsurance in sintesi

Dedicated capital
Dedicated reinsurance capital at January 1 2025 according to Guy Carpenter.
$607B
Expected ROE
Projected average reinsurer ROE in Guy Carpenter's January 2025 renewal commentary.
17.3%
Premium growth
Swiss Re says reinsurance premiums grew at roughly 7% CAGR over the past decade.
7% CAGR
Traditional capital
Swiss Re estimate of global traditional reinsurance capital in 2025.
~$500B

What shapes this industry

Key factors

01
Rate versus Risk

A reinsurer can grow quickly in a hard market, but the key question is whether pricing actually clears the true tail-risk hurdle.

02
Capital Supply

Alternative capital, retrocession, and new entrants can compress pricing before underlying risk is fully normalized.

03
Catastrophe Modeling

The quality of model assumptions and portfolio construction drives whether headline combined ratios are durable.

How the business works

Reinsurance sells capacity exactly where the system becomes least comfortable

$607B
Dedicated capital
Dedicated reinsurance capital at January 1 2025 according to Guy Carpenter.
17.3%
Expected ROE
Projected average reinsurer ROE in Guy Carpenter's January 2025 renewal commentary.
7% CAGR
Premium growth
Swiss Re says reinsurance premiums grew at roughly 7% CAGR over the past decade.
~$500B
Traditional capital
Swiss Re estimate of global traditional reinsurance capital in 2025.
Layer 1
Portfolio intake
Primary carriers cede blocks of catastrophe, specialty, casualty, or life risk.
Layer 2
Treaty pricing
The reinsurer prices attachment points, limits, terms, and reinstatements against modeled loss distributions.
Layer 3
Retrocession and capital structuring
Part of the risk can be laid off again through retrocession or capital-markets structures.
Layer 4
Loss absorption
When events hit, the reinsurer provides the balance-sheet shock absorber for the rest of the chain.

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