Global reinsurance capital rose 5.4% in H1 2024, reaching $766 bn. Since 2020, capital growth (+14%) has lagged behind premium growth (+21%) due to rising demand and inflationary pressures.
The reinsurance capital of INDEX reinsurance companies, which account for 82% of total reinsurance capital, increased by 5.6% to $627 bn.
Non-life alternative capital grew by $6 bn (+5.6%) to $113 bn, driven by higher earnings and capital inflows, particularly in catastrophe bond mandates.
Global reinsurance industry earned a 7% margin over the cost of capital on an underlying ROE basis at 2024 HY, with the underlying ROE at almost 2x the cost of capital.
As a result of the strong profit improvement over the past 2-3 years, the industry has now fully recouped for weaker profit years (2017-2020) and on a cumulative basis for 2017-2024 the SUBSET generated a ROE that is approximately 110% of the cost of capital.
TOP 40 Global Reinsurers by Total Capital
| Rank | Reinsurer | Capital 2024 | Change, % |
| 1 | National Indemnity | 249 916 | 10.8% |
| 2 | Munich Re | 39 546 | 3.7% |
| 3 | Swiss Re | 29 033 | 3.7% |
| 4 | Fairfax | 27 713 | 0.0% |
| 5 | Great West Lifeco | 22 555 | -0.5% |
| 6 | Arch Capital | 20 665 | 12.6% |
| 7 | Markel | 15 949 | 5.9% |
| 8 | Hannover Re | 15 784 | 0.2% |
| 9 | General Re | 15 528 | 7.3% |
| 10 | China Re | 14 061 | |
| 11 | QBE | 12 959 | 1.6% |
| 12 | AXA XL | 12 651 | |
| 13 | MAPFRE | 12 106 | -2.9% |
| 14 | RGA | 11 244 | 6.2% |
| 15 | Pacific LifeCorp | 10 816 | |
| 16 | Renaissance Re | 10 179 | 7.7% |
| 17 | Partner Re | 9 046 | 0.7% |
| 18 | WR Berkley | 8 797 | 3.8% |
| 19 | SCOR | 7 576 | -6.6% |
| 20 | Axis Capital | 6 081 | 7.0% |
| 21 | WMIG Ark | 5 027 | 5.9% |
| 22 | Hiscox | 3 715 | 1.9% |
| 23 | CCR, France | 3 516 | |
| 24 | Aspen | 2 909 | |
| 25 | DEVK Re | 2 752 | |
| 26 | Fidelis | 2 712 | 3.0% |
| 27 | Convex | 2 619 | |
| 28 | R&V Versicherung | 2 569 | |
| 29 | Korean Re | 2 403 | -5.6% |
| 30 | Lancashire | 2 028 | 3.8% |
| 31 | RSUI Indemnity | 1 947 | 6.7% |
| 32 | Hamilton Re | 1 918 | |
| 33 | Ascot | 1 869 | |
| 34 | Toa Re | 1 801 | |
| 35 | Peak Re | 1 282 | |
| 36 | GIC India | 1 028 | |
| 37 | PICC Re | 557 | |
| 38 | Transatlantic Re | 501 | 6.2% |
| 39 | Deutsche Re | 484 | |
| 40 | Sirius Point Re | 296 | 5.8% |
| Index aggregate | 627 399 | 5.6% | |
| Subset aggregate | 221 408 | 3.9% |
