Global reinsurance premiums rise by 9.8%; Munich Re retains top spot

Written by Adam Cadle

18/08/2022

Total reinsurance gross premiums written by the top 50 global reinsurers increased in 2021 by 9.8% to US$353bn from US$321bn in the previous year, according to AM Best, with Munich Re retaining top spot for a second-straight year.

AM Best senior financial analyst Clare Finnegan said: “Many of the reinsurance companies AM Best rates reported that a third to half of their premium growth could be attributed to pricing increases, as opposed to exposure growth. Rate increases in many of the reinsurance lines are expected in 2023, although they will vary by line of business and territory.”

Swiss retained second spot in the rankings, and together with Munich Re accounts for 24.3% of the top 50 reinsurance gross premiums written in 2021. Hannover Ruck SE retained third spot. There was movement among the other companies in the top 10, notably Canada Life Re which moved up to fourth spot, the first time a solely life reinsurance group has ever made the top four.

The average combined ratio of the top 10 reinsurers was 99.2, an improvement from the 104.9 posted in 2020.

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