Line of Business Overviews
Life, Accident and Health
For the Life re/insurance sector, 2021 continued to be dominated by the impact of Covid -19 pandemic risk.
The Life insurance market experienced yet another year of single digit growth in mature markets, such as North America and Europe, but with higher rates of growth in regions with historically lower levels of insurance penetration, notably MENA, Latin America, and Asia.
With a market size estimated at between USD125 – USD135 billion and with a few established players having a predominant market share in Life reinsurance, the essence of Barents Re’s Life strategy is to be present where there are gaps in capacity for smaller deals or shares of treaties for ceding companies in regions with good growth prospects. Such deals are of less interest to established players, providing an opportunity for Barents Re to step in and fill the coverage void encountered by clients.
We are particularly pleased with our progress in regions with two of the fastest rates of growth: Latin America and Asia. In partnership with clients, our product development work over the past year has borne fruit with greater diversity of cover available for mortality, morbidity, disability, and some affinity programs. Although the saturated markets of the USA and Canada are not of interest, we continue to seek opportunities in Europe to work with like-minded insurers on niche reinsurance business.
For all parties active in the Life re/insurance sector, there are distinguishing traits which will mark out those who are ultimately successful in this space, regardless of size. A culture of innovation, embracing technology and ensuring regulatory compliance are at the core of the business are all fundamental to success. We have adopted these characteristics to complement our diligent and disciplined underwriting expertise.
With a solid year in 2021 and robust plans in place for the year ahead, Barents Re is well placed to achieve further success in the future.