Revealed – the world's major reinsurance players

Revealed – the world’s major reinsurance players | Insurance Business America

Insurance News

Revealed – the world’s major reinsurance players

AM Best report reveals 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 $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 finalized. The combined entities reported gross life and non-life premiums written of $12.3 billion at the end of 2022, which would have positioned them at No. 10 in the ranking.