<p>This paper investigates the strategic interactions among policyholders, insurers, and reinsurers in the insurance market by proposing a two-layer hybrid game model to analyze the equilibrium strategies of the three parties. In this tripartite game, policyholders optimize their insurance strategies to minimize their risks and costs, while insurers determine optimal premium and risk allocation strategies based on the pricing strategies of reinsurers. Reinsurers, in turn, adjust their competitive reinsurance premium strategies to maximize their profits. Through theoretical derivation and analysis, this paper proves the existence and uniqueness of the equilibrium strategies and provides semi-explicit expressions for these strategies. Finally, numerical simulations reveal that the equilibrium strategies are influenced not only by risk preferences, but also by market structure and the interactions among participants.</p>