Revealed – the world’s 50 largest reinsurance corporations

0

The firm warned, however, that the rise in GWP could be offset by the drop in property catastrophe premium as many reinsurers have begun shrinking their exposure to – if not withdrawing completely from – the market.

The appreciation of the US dollar against most other currencies, including the euro, has also dampened premium volume for several reinsurance companies.

Despite the significant catastrophe losses – most of which stemmed from secondary perils – the top 50 reinsurers posted an average combined ratio under 100 for the first time in five years. The average combined ratio of the 10 largest firms was 99.2 last year, significantly better than the 104.9 registered in 2020.

read more: What’s happening across the reinsurance market? – Gallagher Report

Top reinsurers retain leading spots

The three largest reinsurers from the last year retained their spots, with Munich Re, which clinched first place in 2021 following the exclusion of primary premiums in the rankings, remaining at the top of the list. The Germany-based company posted a 10.8% rise in GWP, driven exclusively by the expansion of its property and casualty (P&C) segment.

Securing the number two spot is Swiss Re. The Switzerland-based reinsurer saw premium growth in both its P&C (8%) and life and health (7%) segments. Munich Re and Swiss Re accounted for 24.3% of the top 50 firms’ GWP in 2021, down slightly from 25.6% from the year prior, likely due to the depreciation of the euro.

Hannover Rück SE also maintained its position at third after seeing premium volume jump by 12%. Growth was driven by the German reinsurer’s P&C segment, which rose more than 16% because of “favorable pricing trends.”

Although the top three were the same as last year, there was notable movement among the other companies in the top 10. Canada Life Re moved up to the fourth spot from number eight last year, leapfrogging SCOR, Berkshire Hathaway, China Re, and Lloyd’s . It also marked the first time that a solely life reinsurance group made the top four. Canada Life re-entered several new long-term reinsurance agreements, including a multi-billion-dollar block transfer of Japanese whole life policies and a deal to reinsure pension liabilities in the Netherlands and the UK last year.

read more: Reinsurers enjoy robust capital growth – Willis Re

Korean Re, which held tenth place in 2020, dropped to the 13th spot, owing to currency fluctuations. Despite premium growth of about 7%, China Re, in sixth place in 2021, slipped back to eighth, the position it held in 2020.

Also enjoying growth in GWP is Berkshire Hathaway at 3.5% – although the Warren Buffett-owned firm slipped one spot to sixth place – and UK insurance marketplace Lloyd’s at 17.2%, retaining its spot at number seven. France-headquartered SCOR slide to fifth from fourth last year, after a 1% decline in premium volume.

The 10 largest reinsurers in the rankings accounted for slightly over two-thirds of the total GWP at 67.9%, a marginal decline from 68.5% in 2020.

The world’s 50 largest reinsurers ranked

According to AM Best, the rankings are meant to “isolate a reinsurer’s business profile” using GWP.

To obtain the most accurate figures possible, the credit reporting agency said it made several “assumptions and adjustments as [it] navigated through different financial statements, accounting standards, and segment reporting,” with the most essential adjustment being “capturing only third-party business and excluding affiliated or intergroup reinsurance.”

AM Best also converted all reporting currencies to US dollars using the foreign exchange rate as of the date of the reinsurers’ financial statements. The firm said currency exchange rate fluctuations have a “meaningful effect” on the rankings.

read more: Gallagher reports on “challenging” January reinsurance renewals

When financial statements and supplementary data did not provide a proper breakdown of premiums, however, AM Best obtained information directly from the reinsurer, but cautioned that this may be unaudited.

Here are the 50 largest reinsurance companies in the world, according to the credit reporting agency’s annual report.

ranking

Company

Country

Previous ranking

GWP

(US$million)

Loss ratio

1

Munich Re

Germany

1

$46,836

99.6

2

Swiss Re

Switzerland

2

$39,202

97.1

3

Hanover Re

Germany

3

$31,443

98.0

4

Canada Life Re

Canada

8th

$23,547

N / A

5

SCOR

France

4

$19,933

100.6

6

Berkshire Hathaway

United States

5

$19,906

95.1

7

Lloyd’s

UK

7

$19,343

95.2

8th

China Re

China

6

$17,808

95.1

9

Reinsurance Group of America

United States

9

$13,348

N / A

10

Everest Re

bermuda

11

$9,067

98.1

11

PartnerRe

bermuda

12

$8,204

90.5

12

RenaissanceRe

bermuda

14

$7,834

102.1

13

Korean Re

south korea

10

$7,145

100.6

14

TransRe

United States

16

$6,034

99.5

15

General Insurance Corporation of India

India

13

$5,821

108.1

16

AXA XL

bermuda

15

$5,480

103.8

17

ArchCapital

bermuda

17

$5,094

94.2

18

MS&AD Insurance Group

Japan

18

$4,393

97.7

19

Pacific Life

United States

27

$4,098

N / A

20

Sompo International

bermuda

22

$3,855

93.1

21

MAPFRE RE

Spain

21

$3,719

98.1

22

Assicurazioni Generali

Italy

19

$3,670

111.4

23

R+V insurance

Germany

20

$3,421

102.2

24

Validus Re

bermuda

25

$3,171

101.0

25

The Toa Reinsurance

Japan

23

$2,988

110.2

26

Liberty Mutual

United States

Not ranked

$2,945

95.2

27

Odyssey Re

United States

28

$2,842

100.0

28

AXIS Capital

bermuda

24

$2,823

99.7

29

Taiping Reinsurance

China

29

$2,339

103.9

30

Peak Reinsurance

Hong Kong

30

$2,145

102.1

31

Caisse Centrale de Reassurance

France

26

$2,144

66.9

32

Qianhai Reinsurance

China

34

$1,994

100.5

33

QBE

Australia

36

$1,662

72.8

34

Aspen Insurance

bermuda

33

$1,597

93.6

35

German reinsurance

Germany

35

$1,577

105.5

36

IRB – Brasil Resseguros

Brazil

31

$1,552

132.0

37

Tokyo Marine & Nichido Fire Insurance

Japan

37

$1,483

100.9

38

SiriusPoint

bermuda

32

$1,350

116.2

39

Fidelis

bermuda

41

$1,289

111.6

40

Markel Corporation

United States

39

$1,246

105.3

41

WR Berkley

United States

44

$1,228

90.7

42

Lancashire

bermuda

43

$1,225

108.9

43

Allied World

bermuda

40

$1,201

101.1

44

American Agricultural Insurance

United States

38

$927

86.7

45

Chubb

Switzerland

42

$873

108.6

46

African Reinsurance

Nigeria

45

$845

93.5

47

Hiscox

bermuda

47

$808

70.6

48

Somers Re

bermuda

Not ranked

$783

104.3

49

DEVK right

Germany

48

$759

104.7

50

Central Reinsurance Corporation

Taiwan

49

$755

95.5

Source: AM Best, Best’s Market Segment Report 2022

You might also like

Leave A Reply

Your email address will not be published.