TOP 50 Largest Global Reinsurance Groups in the World

Top 50 World’s Largest Reinsurance Groups — 2024 is based on global rating agency AM Best data and research. The reinsurance groups ranked by unaffiliated gross reinsurance premiums written.

Many of the reinsurance companies reported that a third to half of their premium growth could be attributed to pricing increases, as opposed to exposure growth.

According to Global Reinsurance Market Report, global reinsurance groups are cutting back on the cover they provide against medium-sized natural catastrophe risks due to investor pressure after several years of large catastrophe losses and improved profitability in other parts of the reinsurance market.

Reinsurance rate increases for property catastrophe business are likely to slow to below 10% on average when contracts are renewed in January 2024.

TOP 50 Largest Global Reinsurance Groups in the World 2024

AM Best’s analysis indicates that the top global reinsurance groups experienced a nearly 17% reduction in shareholders’ equity due to rising interest rates, driving their available capital down from $475 bn to $411 bn.

With reinsurance gross premiums written of roughly $51.3 bn and net premiums writte of $48.6 bn, Munich Re tops the list of the world’s 50 largest reinsurers.

Swiss Re takes the 2nd spot, which the firm has held since being overtaken by Munich Re, with total reinsurance GPW of $39.8 bn and NPW of $37.3 bn. Hannover Re, remains in 3rd place with GPW of $35.5 bn and NPW of $29.7 bn, with year-on-year growth ensuring the top three has been the same for three consecutive years (see about Global Reinsurers Underwriting & Investments).

TOP 50 World’s Largest Reinsurance Groups

ReinsurersLife & Non-Life Re GWP, mn $Life & Non-Life Re NWP, mn $
1Munich Re$51,331$48,550
2Swiss Re$39,749$37,302
3Hannover Re$35,528$29,672
4Canada Life Re$23,414$23,414
5Berkshire Hathaway$22,147$22,147
6SCOR$21,068$17,055
7Lloyd’s$18,533$14,162
8China Re$16,865$15,395
9Reinsurance Group of America$13,823$13,052
10Everest Re$9,316$8,983
11RenaissanceRe$9,214$7,196
12PartnerRe$8,689$7,544
13Korean Re$7,804$5,797
14Arch Capital Group$6,948$4,924
15MS&AD Insurance Group$5,153N/A
16General Insurance Corp of India$4,519$4,108
17Sompo International$4,119$3,715
18MAPFRE Rå$3,849$3,273
19Assicurazioni Generali$3,822$3,822
20Odyssey Re$3,721$3,595
21AXA XL$3,385$2,812
22R+V Versicherung$3,158$3,158
23Validus Re$3,080$2,529
24Pacific Life$2,995$2,546
25The Toa Re$2,931$2,397
26Liberty Mutual$2,921$2,567
27Axis Capital$2,629$1,885
28Peak Re$2,295$1,758
29Taiping Re$2,276$2,035
30Caisse Centrale de Reassurance$2,206$2,007
31Qianhai Re$1,841$740
32Aspen Insurance$1,807$1,426
33QBE Insurance$1,784$1,580
34Tokio Marine & Nichoda Fire Insurance$1,656$1,321
35Deutsche Rueckversicherung$1,610$1,096
36American Agricultural Insurance$1,556$479
37SiriusPoint$1,521$1,200
38IRB – Brasil Resseguros$1,493$940
39Allied World Assurance$1,492$1,388
40Convex Group$1,492$1,139
41Markel Corp$1,231$1,168
42Chubb$1,095$943
43W.R. Berkley Corp$1,081$997
44Core Specialty$1,043$777
45Hiscox$1,038$268
46Somers Re$1,019$855
47African Re$952$773
48DEVK Re$848$759
49Lancashire$842$629
50Nacional de Reaseguros$737$610
© A.M. Best Company, Inc. — used by permission

While some reinsurers experienced pressure on their ratings due to disappointing operating performance, the overall balance sheet strength remained intact.

Life & Non-Life Reinsurers Written Premiums

Life & Non-Life Reinsurance Gross Written Premiums
Source: Beinsure.com

The bar chart comparing the Life & Non-Life Reinsurance Gross Written Premiums (GWP) and Net Written Premiums (NWP) for each company. The chart displays the companies along the x-axis and the dollar amounts (in thousands) along the y-axis. Each company has two bars representing the GWP and NWP respectively.

The prolonged period of low interest rates had previously maintained capital at comfortable levels for these reinsurers.

In recent years, AM Best estimated that companies held 15% to 20% of capital above the minimum required to maintain their Capital Adequacy Ratio (BCAR) at the “strongest” level.

According to S&P Global, the largest reinsurance groups in the world, based on various financial metrics, are as follows:

  1. Munich Re (Germany): With net reinsurance premiums written totaling $48.7 billion, Munich Re tops the list. It also reported a pretax operating income of $1.6 billion and total adjusted shareholders’ funds of $25.3 billion.
  2. Swiss Re (Switzerland): Swiss Re follows closely, with net premiums of $43.9 billion, a pretax operating income of $654 million, and total adjusted shareholders’ funds of $12.7 billion.
  3. Hannover Re (Germany): This group recorded $32 billion in net premiums, $2 billion in pretax operating income, and $8.5 billion in total adjusted shareholders’ funds.
  4. Berkshire Hathaway Insurance Group (United States): Known for its diverse business operations, Berkshire Hathaway’s insurance group had net premiums of $22.1 billion and total adjusted shareholders’ funds of a staggering $272 billion.
  5. SCOR Group (France): With $17 billion in net premiums and $5.4 billion in total adjusted shareholders’ funds, SCOR is another major player in the reinsurance market.
  6. China Reinsurance (Group) (China): It reported net premiums of $15.5 billion and total adjusted shareholders’ funds of $13.7 billion.
  7. Lloyd’s (United Kingdom): Lloyd’s reported $14.3 billion in net premiums and holds significant total adjusted shareholders’ funds of $47.6 billion.
  8. Reinsurance Group of America (United States): They reported net premiums of $13.1 billion and total adjusted shareholders’ funds of $4.1 billion.
  9. Everest Group (Bermuda): Everest Group had net premiums of $12.3 billion and total adjusted shareholders’ funds of $10 billion.
  10. PartnerRe Ltd. (Bermuda): They recorded $7.5 billion in net premiums and total adjusted shareholders’ funds of $6.3 billion.

This ranking gives a snapshot of the major players in the global reinsurance market as of 2024, based on their financial performance and scale​​.

The reinsurance industry is dynamic, and these positions can change with new financial data and market developments.

For the most current information on the rankings and financial performance of these groups for 2024, it would be advisable to consult the latest reports and financial statements issued by these companies or relevant financial news and analysis sources.

World’s Largest Non-Life Reinsurance Groups

Reinsurance CompanyNon-Life Re GWPNon-Life Re NWP
1Munich Re$36,729$35,290
2Hannover Re$25,884$21,637
3Swiss Re$23,763$22,826
4Lloyd’s$18,533$14,162
5Berkshire Hathaway$16,962$16,962
6SCOR$10,695$8,782
7Everest Re$9,316$8,983
8RenaissanceRe$9,214$7,196
9China Re$7,688$7,207
10PartnerRe$7,015$5,899
11Arch Capital Group$6,948$4,924
12Korean Re$6,129$4,195
13MS&AD Insurance Group$5,153N/A
14General Insurance Corp of India$4,332$3,927
15Sompo International$4,119$3,715
16Odyssey Re$3,721$3,595
17AXA XL$3,385$2,812
18MAPFRE Rå$3,201$2,631
19R+V Versicherung$3,158$3,158
20Validus Re$3,080$2,529
21Liberty Mutual$2,921$2,567
22Axis Capital$2,629$1,885
23Peak Re$2,113$1,587
24The Toa Re$2,090$1,661
25Caisse Centrale de Reassurance$2,002$1,813
26Aspen Insurance$1,807$1,426
27QBE Insurance$1,784$1,580
28Taiping Re$1,763$1,545
29Tokio Marine & Nichoda Fire Insurance$1,656$1,321
30American Agricultural Insurance$1,556$479
31SiriusPoint$1,521$1,200
32Deutsche Rueckversicherung$1,517$1,043
33Allied World Assurance$1,492$1,388
34Convex Group$1,423$1,139
35Assicurazioni Generali$1,372$1,372
36IRB – Brasil Resseguros$1,284$758
37Markel Corp$1,230$1,167
38Chubb$1,095$943
39W.R. Berkley Corp$1,081$997
40Core Specialty$1,043$777
41Hiscox$1,038$268
42Somers Re$1,019$855
43African Re$861$695
44Lancashire$842$629
45DEVK Re$841$752
© A.M. Best Company, Inc. — used by permission

Reinsurers play a fundamental role in the global insurance ecosystem by providing the necessary risk transfer solutions that help direct insurers manage their exposure and maintain solvency.

Non-Life Reinsurance Gross Written Premiums (GWP)

Non-Life Reinsurance Gross Written Premiums (GWP)
Inforgaphic source: Beinsure.com

Non-Life Reinsurance Net Written Premiums (NWP)

Non-Life Reinsurance Net Written Premiums (NWP)
Inforgaphic source: Beinsure.com

The capacity, financial stability, and expertise of these reinsurance giants enable them to support insurance companies across a wide range of risks, from natural catastrophes to complex liability scenarios.

The reinsurance sector combined ratio to be about 96% for 2024, though it observes that sustained high inflation and the effects of climate change can make claims trends less predictable.

Adverse trends in loss activity have pressured reinsurers’ results the last few years, as many have failed to generate returns that meet their cost of capital, testing investors’ risk tolerance (see Reinsurance Renewal by Regions).

The property reinsurance market had benefitted from an abundance of capital and participants in recent years. Competitive forces and a lack of catastrophic events in prior periods led to lower cedent retentions and loosened up terms and conditions.

Property lines may face margin pressure if prices do not keep up with repair and construction costs while long-tail casualty lines could meet reserve deficiencies, which in severe cases could weaken reinsurers’ capital.

Premium rate increases have accelerated in 2024 after a slowdown during the January renewal, with property premiums having increased the most in response to the effects of high inflation, more frequent natural catastrophes, and the war in Ukraine.

TOP 50 Largest Global Reinsurance Groups in the World 2023

Property premium rates to rise further in 2024 as high inflation and climate change continue to push up claims. In contrast, casualty premium rates are likely to remain stable as casualty business benefits from a higher reinsurance capital allocation. As climate change increases the likelihood of more severe natural catastrophe events, there may be rising costs for the industry and increasingly volatile earnings.

More reinsurers to reduce their property-catastrophe exposure or even to cease cover, moving the industry closer to a true hard market where demand will not be fully met.

The four main European reinsurers, Hannover Re, Munich Re, SCOR SE and Swiss Re, all reported very strong results with returns on capital significantly surpassing their cost of capital.

This is in contrast with 2023 when higher interest rates generated significant mark-to-market losses on investments.

Profits in life reinsurance returned to pre-pandemic levels thanks to significantly lower excess mortality claims linked to the coronavirus pandemic. Investment income also recovered from comparatively low levels recorded as equity markets performed well and interest rates stabilised on high levels.

High natural catastrophe claims, write-downs on equity investments and the strengthening of reserves due to high claims inflation were the drivers of the deterioration in earnings. Life and health reinsurance showed a stronger technical result at all four peers, partly due to lower Covid-19-related mortality claims.

All reinsurers benefitted from higher prices in non-life reinsurance and most reported double-digit premium growth.

Global reinsurance – estimated dedicated reinsurance capital

Global reinsurance - estimated dedicated reinsurance capital
© A.M. Best Company, Inc. — used by permission

Natural Catastrophe, Equity Write-Downs and Inflation Burden Earnings All four reinsurers were hit to various degrees by Hurricane Ian in the US, one of the costliest ever loss events, and reported natural catastrophe claims above budgets.

Reserve strengthening due to rising claims inflation and loss creep put additional strain on combined ratios at SCOR and Swiss Re. Write-downs on equity investments, in particular, depressed investment income at Munich Re and Swiss Re and could not be fully offset by rising reinvestment yields.

Underwriting results should remain favourable as rate increases stay ahead of loss cost trends. Non-life reinsurance net premiums written (NPW) grew by 9.8% year on year.

NPW growth is likely to continue, but at a slower pace as price increases fade and a potential recession dampens exposure growth. However, higher inflation will serve to boost premiums through increased exposure values in such lines as general liability, workers’ compensation and property.

The life and health reinsurers reported a lower USD1.6 billion of mortality losses from the pandemic. Losses were at the lowest level since the start of the pandemic as insured deaths have declined.

Life and health reinsurance net premiums earned (NPE) increased at six of the eight companies. Shareholders’ equity declined 22.2% as underwriting gains were more than offset by net unrealised investment losses on bonds as interest rates rose and equities as markets slumped.

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Edited & fact-checked by Oleg Parashchak – Editor-in-Chief Beinsure Media, CEO Finance Media Holding by AM Best data