In 2014, about 70 billion have been paid out in life reinsurance premiums. This represents an increase of 27% in comparison to 2013, where 55 billion have been paid out in life reinsurance premiums.
In both 2012 and 2013, the world spent 50 billion each year in life reinsurance premiums.
I've unsuccessfully searched online for the reason(s) of this noticeable increase. Because 80% of the 70 billion paid in 2014 come from the US, Canada and the UK, I suspect that the reason is linked to one of these countries.
Can anyone offer an explanation? If it can be backed by an article or a report, that would be perfect since I need this information for my Bachelor thesis.
I attached a graph showing worldwide primary and reinsurance estimated premiums in both life and non-life sectors. The data comes from Swiss Re's annual report of respective years.
Category: Funding longer lives: Health/medicine, Long-term care, Longevity risk, Pension/retirement, Social contract, Other