Top 50 World’s Largest Reinsurance Groups — 2023 is based on global rating agency AM Best data and research. The reinsurance groups ranked by unaffiliated gross reinsurance premiums written.
Total reinsurance gross premiums written by the top 50 reinsurers increased by 9.8% to $353 bn from $321 bn in the previous year.
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.
World’s Largest Reinsurance Groups
| № | Reinsurance Company Name | Gross Life & Non-Life Reinsurance Premiums Written | Net Life & Non-Life Reinsurance Premiums Written | Gross Non-Life Only Reinsurance Premiums Written | Net Non-Life Only Reinsurance Premiums Written |
|---|---|---|---|---|---|
| 1 | Munich Re | $46,836 | $44,417 | $32,610 | $31,482 |
| 2 | Swiss Re | $39,202 | $36,965 | $23,131 | $22,381 |
| 3 | Hannover Re | $31,443 | $27,344 | $21,773 | $18,827 |
| 4 | Canada Life Re | $23,547 | $23,514 | N/A | N/A |
| 5 | SCOR S.E. | $19,933 | $16,242 | $9,319 | $7,939 |
| 6 | Berkshire Hathaway | $19,906 | $19,906 | $14,285 | $14,285 |
| 7 | Lloyd's | $19,343 | $14,263 | $19,343 | $14,263 |
| 8 | China Re | $17,808 | $16,181 | $6,956 | $6,608 |
| 9 | Reinsurance Group of America | $13,348 | $12,513 | N/A | N/A |
| 10 | Everest Re | $9,067 | $8,536 | $9,067 | $8,536 |
| 11 | PartnerRe | $8,204 | $7,134 | $6,557 | $5,511 |
| 12 | RenaissanceRe Holdings | $7,834 | $5,939 | $7,834 | $5,939 |
| 13 | Korean Re | $7,145 | $5,102 | $6,043 | $4,078 |
| 14 | Transatlantic Holdings | $6,034 | $5,387 | $6,034 | $5,387 |
| 15 | GIC (General Insurance Corporation of India) | $5,821 | $5,172 | $5,630 | $4,987 |
| 16 | AXA XL | $5,480 | $4,313 | $5,480 | $4,313 |
| 17 | Arch Capital Group | $5,094 | $3,254 | $5,094 | $3,254 |
| 18 | MS&AD Insurance Group Holdings | $4,393 | N/A | $4,393 | N/A |
| 19 | Pacific Life | $4,098 | $3,620 | N/A | N/A |
| 20 | Sompo International Holdings | $3,855 | $3,417 | $3,855 | $3,417 |
| 21 | MAPFRE RE | $3,719 | $3,165 | $3,080 | $2,534 |
| 22 | Assicurazioni Generali | $3,670 | $3,670 | $1,242 | $1,242 |
| 23 | R+V Versicherung | $3,421 | $3,421 | $3,421 | $3,421 |
| 24 | Validus Re | $3,171 | $2,452 | $3,171 | $2,452 |
| 25 | The Toa Re | $2,988 | $2,453 | $2,127 | $1,690 |
| 26 | Liberty Mutual | $2,945 | N/A | $2,945 | N/A |
| 27 | Odyssey Re | $2,842 | $2,709 | $2,842 | $2,709 |
| 28 | Axis Capital | $2,823 | $2,032 | $2,823 | $2,032 |
| 29 | Taiping Re | $2,339 | $2,051 | $1,447 | $1,229 |
| 30 | Peak Re | $2,145 | $1,794 | $1,899 | $1,591 |
| 31 | Caisse Centrale de Reassurance | $2,144 | $1,964 | $1,968 | $1,792 |
| 32 | Qianhai Re | $1,994 | $1,154 | $410 | $350 |
| 33 | QBE Insurance Group | $1,662 | $1,482 | $1,662 | $1,482 |
| 34 | Aspen Insurance Holdings | $1,597 | $1,199 | $1,597 | $1,199 |
| 35 | Deutsche Re | $1,577 | $1,042 | $1,475 | $1,000 |
| 36 | IRB - Brasil Re | $1,552 | $984 | $1,552 | $984 |
| 37 | Tokio Millennium Re | $1,483 | $1,178 | $1,483 | $1,178 |
| 38 | SiriusPoint | $1,350 | $1,125 | $1,350 | $1,125 |
| 39 | Fidelis | $1,289 | $573 | $1,289 | $573 |
| 40 | Markel Corp | $1,246 | $1,126 | $1,246 | $1,126 |
| 41 | W.R. Berkley | $1,228 | $1,119 | $1,228 | $1,119 |
| 42 | Lancashire | $1,225 | $816 | $1,225 | $816 |
| 43 | Allied World | $1,201 | $1,106 | $1,201 | $1,106 |
| 44 | American Agricultural Insurance Company | $927 | $247 | $927 | $247 |
| 45 | Chubb | $873 | $873 | $873 | $873 |
| 46 | African Re | $845 | $666 | $783 | $612 |
| 47 | Hiscox | $808 | $274 | $808 | $274 |
| 48 | Somers Re | $783 | $705 | $783 | $705 |
| 49 | DEVK Re | $759 | $699 | $754 | $694 |
| 50 | Central Reinsurance Corporation | $755 | $702 | $645 | $595 |
Source: A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED
Reinsurers will be able to maintain underwriting profits around the 2022 level over the next 12 to 18 months. The reinsurance sector combined ratio to be about 96% for 2023, though it observes that sustained high inflation and the effects of climate change can make claims trends less predictable.
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 2022 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.
Property premium rates to rise further in 2023 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 reported a decline in net income return on equity of 6pp to 3% on average for 9M2022. However, differences in risk appetite and steering led to a wide variation of results among the four.
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 four reinsurers benefitted from higher prices in non-life reinsurance and most reported double-digit premium growth in 9M22 – except for Swiss Re, which took a more cautious stance on certain quota-share treaties as it deemed their pricing to be insufficient.
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 for 9M22.
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 in 2H2022 and 2023 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 in 2022. Losses in 2Q22 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.
