Revealed – who are the top reinsurers?

Revealed – who are the top reinsurers? | Insurance Business Australia

Insurance News

Revealed – who are the top reinsurers?

New report shows what’s driving premium growth for reinsurance titans

Insurance News

By
Steven Byerley

Munich Reinsurance Company has maintained its position at the top of AM Best’s annual ranking of the top 50 global reinsurance groups in 2022.

The ranking is the latest report in AM Best’s comprehensive analysis of the global reinsurance industry, leading up to the Rendez-Vous de Septembre in Monte Carlo. The report highlights the dominance of Munich Re and Swiss Re Ltd., with both companies accounting for a quarter of the top 50 reinsurance gross premiums written in 2022.

According to the report, the total reinsurance gross premiums written by the top 50 reinsurers saw a 2.6% increase to US$363.6 billion in 2022. Premium growth for many reinsurers was primarily driven by strong rate increases rather than exposure growth. However, global reinsurers have expressed concerns about exchange rate fluctuations, as foreign exchange losses have had a dampening effect on premium volume.

The ranking also revealed that Hannover Rück SE and Canada Life Re maintained their positions at No. 3 and No. 4, respectively. Berkshire Hathaway Inc. moved up one spot to No. 5, pushing SCOR S.E. down to No. 6. Notable shifts in the rankings occurred below the top 10, predominantly driven by changes in reinsurance portfolios’ mix.

AM Best anticipates that Renaissance Re will climb the rankings once its acquisition of Validus from AIG is finalised. The combined entities reported gross life and non-life premiums written of US$12.3 billion at the end of 2022, which would have positioned them at No. 10 in the ranking.

It’s important to note that the ranking focuses solely on year-end gross reinsurance premiums written, excluding any primary premiums. Previous rankings included primary premiums that accounted for less than 25% of a reinsurer’s total premium volume.

AM Best’s comprehensive analysis of the global reinsurance market will continue with additional reports exploring insurance-linked securities, Lloyd’s, life/annuity, health, and regional reinsurance markets throughout August and September.

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