US reinsurance – what’s happened so far in 2022?
A group of US property and casualty reinsurers under the Reinsurance Association of America (RAA) had a total of $22.7 billion in net written premium in Q1 2022 – up 26.8% from this time last year.
The 17 firms involved are American Agricultural Insurance, Axis, EMC, Endurance Assurance, Everest, General Re, Munich Re America, National Indemnity, Odyssey Group, Partner, Renaissance, SCOR US, SiriusPoint American, Swiss Re, Toa, Transatlantic and XL.
National Indemnity led the scoreboard with a significant lead at $8.3 billion, followed by Endurance Assurance with $3.3 billion and Everest with $1.8 billion. However, not every firm experienced a favorable result, with some like EMC and General Re noting some falls.
Meanwhile, RAA also found that the gross written premium had increased 15.5% to $27 billion. This moves the combined ratio for the group from 98.4% to 95.1% in Q4 2021.
Policyholder surplus also edged up from $289 billion in Q4 2021 to $292 billion in Q1 2022.
In another report from insurance brokerage Aon, a group of 22 reinsurers had reported an annual premium increase of 16% to $134 billion in 2021. The report corresponds to more than 50% of the worldwide reinsurance premium, Aon said, showing that the rise in annual premium is consistent among several findings across recent years.
The RAA’s full quarterly underwriting report can be found here.
