In this article, we’ll take a closer look at the biggest reinsurance companies globally based on the insurance ratings agency’s market segment report. We’ll crunch the numbers to give you an idea of each reinsurer’s market performance. We’ll also explain IFRS 17’s impact on the rankings.
In past reports, the world’s largest reinsurers were ranked based on gross premiums written (GPW). The implementation of the new accounting standard, however, has prompted AM Best to split the list into two sets of reinsurers.
Swiss Re, for instance, topped the list of non-IFRS 17 reporting reinsurers. Munich Re, meanwhile, held the number one spot among reinsurance companies that used the new reporting standard. These firms were ranked based on gross revenue.
For clarity, we’ll also provide two sets of lists: one for reinsurers that used the old reporting standard and one for IFRS 17 reporting companies. You can learn more about how IFRS 17 impacts the insurance industry in this guide.
Unlike most of their European and Asian counterparts, many North American and Bermuda-domiciled reinsurers continued to use the US GAAP for their financial reporting. Swiss Re will transition to IFRS 17 in the next cycle.
These are the world’s largest reinsurance companies based on GPW:
Headquarters: Zürich, Switzerland
GPW: $40.5 billion
Although registering a modest 2 percent growth, Swiss Re reported the highest GPW among all reinsurers on the list. The reinsurance giant’s gross premiums accounted for almost a fifth of the industry’s total and a quarter of the top 10 firms. This could change in the next cycle when it adopts the new accounting standards.
Swiss Re offers reinsurance products covering risks for several sectors, including:
The reinsurer uses 200 proprietary natural catastrophe models to cover a wider array of risks.
During the 2023 financial year, Swiss Re reported more than 71,000 property and casualty reinsurance policies in force and over 57,000 facultative policies reinsured. It has also reinsured 212 million life insurance policies, covering more than 270 million family members.
2. Berkshire Hathaway Headquarters: Nebraska, USA
GWP: $27.4 billion
Berkshire Hathaway conducts its reinsurance business through several subsidiaries. These include General Re, Berkshire Hathaway Reinsurance Group, and National Indemnity Company (NICO). The Omaha-based conglomerate offers treaty and limited facultative reinsurance. It is also one of the biggest providers of catastrophe excess-of-loss reinsurance globally.
Berkshire Hathaway’s insurance/reinsurance business is considered among its “four giants.” The unit contributes around a quarter of its total revenue.
Warren Buffett, who owns the conglomerate, is known as among the insurance industry’s wealthiest people. The man who is known as the “Oracle of Omaha” is a constant fixture on Forbes’ billionaires list with a net worth of around $152 billion.
3. Lloyd’s Headquarters: London, United Kingdom
GWP: $22.1 billion
Lloyd’s posted a 19 percent jump in GPW, securing third spot on our biggest reinsurance companies’ global list. The insurance marketplace’s reinsurance premiums come entirely from its P&C unit.
Lloyd’s conducts business through specialist syndicates. These syndicates price and underwrite risks through 200 registered Lloyd’s brokers and a global network of more than 4,000 UK cover holders. The lines of business its reinsurance units cover include:
Lloyd’s has operations in over 200 countries and territories. The marketplace offers reinsurance policies to all types of businesses, from startups to small enterprises to multinational corporations and national governments.
4. RGA Headquarters: Missouri, USA
GPW: $14.3 billion
A 3.3 percent year-on-year increase from its $13.3 billion in GPW is enough for the Reinsurance Group of America (RGA) to rise to fourth spot in the rankings. It specializes in the life and health segment.
The reinsurer has an estimated $3.9 trillion worth of policies in force, according to its website. It offers reinsurance products covering:
RGA’s 4,100-strong workforce handles its operations.
5. RenaissanceRe Headquarters: Pembroke Parish, Bermuda
GPW: $12.3 billion
RenaissanceRe enters the top 10 after missing the cut last year, with its gross premiums rising 34 percent from $9.2 billion. Its recent acquisition of Validus Re helped drive the increase. The reinsurer offers coverage for property, casualty, and specialty risks through its branches in North America, Europe, Singapore, and Australia.
Its clients also enjoy access to its scientific team, RenaissanceRe Risk Sciences, which provides expertise on geophysical risk factors. The team has partnered with several national organizations to help optimize the coverages the reinsurer offers. Some of its partners include:
The team consists of scientists with at least two decades of industry experience, most of whom have PhDs.
6. Everest Re Headquarters: Hamilton, Bermuda
GPW: $11.5 billion
Everest Re caters exclusively to the P&C segment. The reinsurer posted a 23 percent year-on-year rise in GPW from $9.3 billion. This allowed it to secure the sixth spot on our list of the biggest reinsurance companies globally.
Everest Re offers treaty and facultative P&C reinsurance. Some of the segments its policies cover include accident and health, aviation, marine, and surety and credit. The reinsurer operates in over 100 countries. It employs more than 3,000 staff worldwide.
7. Arch Capital Headquarters: Hamilton, Bermuda
GPW: $9.1 billion
Arch Capital registered a 31 percent year-on-year jump in GPW from $6.9 billion. The company offers treaty and facultative P&C reinsurance products through its Arch Re unit. It provides coverage for risks facing various sectors, including:
Many of Arch Re’s underwriters are also professional actuaries, giving it a key advantage when assessing risks. The reinsurer caters to insurers in North America, Europe, Asia, and Australia.
8. PartnerRe Headquarters: Pembroke Parish, Bermuda
GPW: $9.1 billion
PartnerRe was acquired by French mutual insurer Covéa in 2022. More than a year later, it saw gross premiums rise 3.1 percent from $6.9 billion.
PartnerRe offers proportional and non-proportional reinsurance on a treaty basis. Coverage includes those for property and casualty, life and health, specialty, and capital management risks.
The reinsurer is a major player in the US health reinsurance and stop-loss markets. Clients there can also access a range of services, including consultative underwriting and actuarial support.
9. MS&AD Headquarters: Tokyo, Japan
GPW: $5.8 billion
MS&AD Insurance Group Holdings provides non-life treaty reinsurance products through its reinsurance arm, MS Reinsurance. In the 2023 fiscal year, the reinsurer reported a 12 percent year-on-year rise in GPW to secure a spot on our list of the biggest reinsurance companies globally.
MS Reinsurance caters to insurers in North America, Europe, the Middle East, and Africa. Its policies cover a range of agricultural and specialty risks. Coverage is tailored to the unique needs of each client.
10. GIC Re Headquarters: Mumbai, India
GPW: $4.5 billion
The General Insurance Corporation of India, popularly known as GIC Re, provides reinsurance solutions to domestic and foreign general insurers. Despite a marginal increase in gross premiums, the reinsurer claimed a spot in the top 10.
GIC Re offers facultative and proportional and non-proportional treaty reinsurance. It is India’s sole domestic reinsurer. Internationally, it provides a range of P&C and life and health reinsurance products to clients in the Afro-Asian region, SAARC countries, Southeast Asia, the Middle East, and Africa.
Here’s a summary of the world’s largest reinsurance companies based on GPW.
Get to know the reinsurance industry’s fastest-rising stars in our Top Global Reinsurance Professionals special report.
IFRS 17 reporting reinsurers were the minority in the latest rankings, which used 2023 financial data. In total, there were 15 firms that used the new financial reporting model. These are the biggest reinsurance companies in the world based on gross revenue.
1. Munich Re Headquarters: Munich, Germany
Gross revenue: $32.9 billion
Munich Re has been among the most dominant players in the industry. Before it adopted IFRS 17, it held the title as the biggest reinsurance company in the world from 2020. The industry giant still holds the top spot when it comes to gross revenue.
Revenue figures, however, are much lower than the previous year’s GPW of $51.3 billion, which is also much higher than that of then second-place Swiss Re’s $39.7 billion. One reason, according to AM Best’s report, is that the previous years’ results included global specialty insurance. Revenue from the line was excluded from reinsurance revenue in the 2023 financials.
Munich Re, however, remains one of the strongest performers in the industry. It offers a range of reinsurance options for various sectors, including:
2. Hannover Rück SE Headquarters: Hanover, Germany
Gross revenue: $27.0 billion
Popularly known as Hannover Re, the company ranks second among the world’s biggest reinsurers in terms of gross revenue. It ranked third overall in GPW in 2022, when it had underwritten $35.5 billion worth of reinsurance premiums.
The reinsurer offers P&C and life and health solutions for insurers across Europe, the Americas, Asia, Australia, and Africa. It holds offices in 27 cities worldwide and employs more than 3,900 staff.
3. SCOR Headquarters: Paris, France
Gross revenue: $17.6 billion
SCOR maintains its position as among the biggest reinsurance companies globally with steady performances in the past few years. GPW figures were no longer used in its latest financials as the reinsurer transitioned to IFRS 17. Recent gross premiums, however, showed stability, hovering at $21 billion in the previous two years, driven primarily by its non-life segment.
SCOR serves more than 5,000 clients worldwide. Its operations are backed by over 3,600 employees. The group has a presence in around 40 countries.
4. China Re Headquarters: Beijing, China
Gross revenue: $6.0 billion
China Re is the biggest reinsurance company in Asia and the only state-owned reinsurance group in China. It is also the first reinsurance company to be listed in the Hong Kong Stock Exchange.
The reinsurer’s GPW has been on a decline in the three years prior to transitioning to IFRS 17. During the period, it posted gross premiums of $17.8 billion, $16.9 billion, and $16.8 billion. 2023 gross revenues, however, were nowhere near these figures.
China Re operates domestically, and in the US, the UK, Hong Kong, and Singapore. It has around 50,000 employees worldwide.
5. Generali Headquarters: Trieste, Italy
Gross revenue: $4.2 billion
Assicurazioni Generali is known as the leading name in the global insurance and asset management space, but it is also a strong player in the reinsurance market. Prior to shifting to IFRS 17 reporting, its reinsurance business posted $3.8 billion in gross premiums.
Generali offers treaty and facultative reinsurance products, as well as parametric insurance. Its solutions aim to cover different business and life and health risks.
Here’s a summary of the biggest reinsurance companies globally based on revenue.
Get to know the reinsurance industry’s rising female leaders in our Elite Women special report.
Every year, AM Best releases a list of the 50 biggest reinsurance companies globally based on gross premiums written from the previous year. Its latest rankings, however, is noticeably different from previous years as some reinsurers shifted their reporting models to IFRS 17.
The new accounting standard is designed to provide a more accurate and transparent financial reporting framework for insurance contracts. The goal is for people to have a clearer picture of how companies’ insurance activities impact their financial position, performance, and cash flow. This also means that insurers/reinsurers will need to measure the impact of their reinsurance business separately, rather than netting it against their insurance business.
However, the uneven adoption of IFRS 17 forced AM Best to split its annual ranking into two. There is a non-IFRS 17 column for reinsurers who haven’t implemented the standard and another column for those who did. The non-IFRS 17 group continues to be ranked based on GPW while the IFRS 17 filers are listed based on gross revenue.
According to the ratings agency, Bermuda-domiciled reinsurers will continue to use GAAP accounting for their reports, so there’s a chance that the split might be permanent.
If you want to know more about the impact of IFRS 17 on the industry, you can check out our Reinsurance News Section. Don’t forget to bookmark this page for easy access to breaking news and the latest industry updates.
