After taking the top spot from Swiss Re in 2020, the latest data from ratings agency AM Best confirms that German reinsurer Munich Re remains the world’s largest reinsurance company when ranked by gross life and non-life premiums written in 2022.
With reinsurance gross premiums written (GPW) of roughly $51.3 billion and net premiums written (NPW) of $48.6 billion in 2022, Munich Re tops the list of the world’s 50 largest reinsurers.
In terms of non-life premiums only, the reinsurer is also the largest, with GPW of $36.8 billion and NPW of $35.3 billion in 2022.
Swiss Re once again takes the second spot, which the firm has held since being overtaken by Munich Re in 2020, with total reinsurance GPW of $39.8 billion and NPW of $37.3 billion in 2022.
Another of Europe’s big four, Hannover Re, remains in third place with 2022 reinsurance GPW of $35.5 billion and NPW of $29.7 billion, with year-on-year growth ensuring the top three has been the same for three consecutive years.
Also unchanged from the 2021 ranking is Canada Life Re in fourth place, with 2022 GPW and NPW of $23.4 billion.
The only mover in the top 10 is Berkshire Hathaway as the carrier leapfrogged SCOR to become the fifth largest reinsurer based on 2022 premiums, with GPW and NPW of $22.1 billion.
Although SCOR has slipped one place to sixth, the French reinsurer still grew, with 2022 reinsurance GPW of $21.1 billion and NPW of $17.1 billion.
The rest of the top 10 is unchanged from the previous year. In seventh place, the specialist Lloyd’s insurance and reinsurance marketplace achieved 2022 GPW of $18.5 billion and NPW of $14.2 billion.
China Re is the only Asian company in the top ten once again, and sits in eighth place with GPW of $16.9 billion and NPW of $15.4 billion.
Life reinsurer, Reinsurance Group of America (RGA) held on to ninth position with 2022 GPW of $13.8 billion and NPW of $13.1 billion.
Everest Group completes the top 10 with GPW of $9.3 billion and NPW of roughly $9 billion.
As noted by AM Best, many of the significant year-on-year movers occurred outside of the top 10, including the additions of Convex Group and Core Specialty, which entered the top 50 list at 40th and 44th, respectively.
“Looking forward, AM Best expects RenaissanceRe to move up once its acquisition of Validus from AIG is completed,” said Christopher Pennings, financial analyst, AM Best. “In combination, the two entities had gross life and non-life premiums written of USD 12.3 billion at year-end 2022, which would have ranked No.10”
All in all, AM Best reports that total reinsurance GPW by the top 50 rose by 2.6% to $363.3 billion in 2022.
“For many reinsurers, premium growth was driven primarily by strong rate increases, not exposure growth. At the same time, global reinsurers have become somewhat concerned about exchange rate fluctuations, as foreign exchange losses have had a dampening effect on premium volume,” said Pennings.
