Reinsurance premiums assumed worldwide amounted to a value of around USD $500 billion in 2022, according to global rankings recently updated by Insuramore.
As a result, this represents an increase of approximately 40% relative to 2019 or a compound annual growth rate over the time frame of just under 12%.
The firm also noted that these figures contrast with a 12% outright rise in the value of the world’s total direct insurance market between 2019 and 2022, converting to a compound annual growth rate of just under 4%.
It should be stated, that the considerable growth of the reinsurance sector in recent years may be attributed in part to the rapid expansion of several groups specialising in life and annuity reinsurance. Groups active only within this space – whose activity may also include health reinsurance – made up five of the top 20 reinsurance groups globally across 2022.
These groups were Great-West Lifeco (incorporating Canada Life Re), Global Atlantic Financial Group
(belonging to private equity firm KKR), Legal & General, RGA and Talcott Resolution (belonging to Sixth Street.
In addition, Insuramore also highlighted that life and annuity reinsurance specialists accounted for 30 of the world’s top 150 reinsurance groups as measured by reinsurance premiums assumed.
Interestingly, it also appears that P&C (non-life) reinsurance is likely to have accounted for between 54% and 60% of the global value of around $500 billion in total reinsurance premiums assumed in 2022 with the rest being accounted for life, annuity and health reinsurance.
However, looking past the division of fast-growing life and annuity reinsurance specialists, which includes Monument Insurance Group as well as other organizations, other reinsurance groups sitting in the top 150 achieving a compound annual growth rate of more than 50% in their premiums assumed between 2019 and 2022 included the likes of:
- Apollo Global (in the wake of its having taken full control of Athene Holding in 2021, adding to its preexisting ownership of Aspen Re)
- Ark Insurance Holdings (bought by White Mountains Insurance Group in 2021);
- China Pacific;
- Convex Group (launched in 2019)
- Covéa (following the completion of its purchase of Partner Re in 2022).
