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Munich Re ranked largest reinsurer for third year running by AM Best

After taking the highest spot from Swiss Re in 2020, the newest information from scores company AM Best confirms that German reinsurer Munich Re stays the world’s largest reinsurance firm when ranked by gross life and non-life premiums written in 2022.

With reinsurance gross premiums written (GPW) of roughly $51.3 billion and web premiums written (NPW) of $48.6 billion in 2022, Munich Re tops the listing of the world’s 50 largest reinsurers.

In phrases of non-life premiums solely, the reinsurer can be the largest, with GPW of $36.8 billion and NPW of $35.3 billion in 2022.

Swiss Re as soon as once more takes the second spot, which the agency has held since being overtaken by Munich Re in 2020, with complete reinsurance GPW of $39.8 billion and NPW of $37.3 billion in 2022.

Another of Europe’s large 4, Hannover Re, stays in third place with 2022 reinsurance GPW of $35.5 billion and NPW of $29.7 billion, with year-on-year progress making certain the highest three has been the identical for three consecutive years.

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Also unchanged from the 2021 rating is Canada Life Re in fourth place, with 2022 GPW and NPW of $23.4 billion.

The solely mover within the high 10 is Berkshire Hathaway because the service leapfrogged SCOR to turn out to be the fifth largest reinsurer based mostly on 2022 premiums, with GPW and NPW of $22.1 billion.

Although SCOR has slipped one place to sixth, the French reinsurer nonetheless grew, with 2022 reinsurance GPW of $21.1 billion and NPW of $17.1 billion.

The remainder of the highest 10 is unchanged from the earlier year. In seventh place, the specialist Lloyd’s insurance coverage and reinsurance market achieved 2022 GPW of $18.5 billion and NPW of $14.2 billion.

China Re is the one Asian firm within the high ten as soon as once more, 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 place with 2022 GPW of $13.8 billion and NPW of $13.1 billion.

Everest Group completes the highest 10 with GPW of $9.3 billion and NPW of roughly $9 billion.

As famous by AM Best, most of the vital year-on-year movers occurred exterior of the highest 10, together with the additions of Convex Group and Core Specialty, which entered the highest 50 listing at 40th and 44th, respectively.

“Looking forward, AM Best expects RenaissanceRe to move up once its acquisition of Validus from AIG is completed,” mentioned Christopher Pennings, monetary 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 studies that complete reinsurance GPW by the highest 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,” mentioned Pennings.

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