All the top three Asian reinsurers, China Re, Korean Re and GIC Re, have lost their global rankings in 2022. Korean Re, which have been in the 10th place in 2020, fell off to 13th this year owing to currency position. Despite premium growth of around 7 per cent, China Re in sixth place in 2021 slipped to eighth in 2022, the position it had held in 2020
India’s GIC Re, which of late have been pruning its topline growth to become profitable, has further fallen by one notch to 15th in 2022. However, on the basis of only non-life reinsurance premium, it is still the 10the largest global reinsurer
Munich Reinsurance Company for a second-straight year holds the top spot in AM Best’s annual ranking of the Top 50 Global Reinsurance groups in 2021, followed again by Swiss Re.
The two global reinsurers together account for 24.3% of top 50 reinsurance gross premiums written in 2021.
Total reinsurance gross premiums written by the top 50 reinsurers increased in 2021 by 9.8 per cent to $ 353 billion from $ 321 billion in the previous year.
In addition, the average combined ratio of the top 10 reinsurers was 99.2, significantly better than the 104.9 posted in 2020. Overall, the top 50 reinsurers posted an average combined ratio under 100 for the first time in five years, despite notable catastrophe losses in 2021.
Although the top three reinsurers occupied the same spots from last year’s ranking, there was movement among the other companies in the top 10 in the latest ranking. Notably, Canada Life Re moved up to No. 4, the first time a solely life reinsurance group has ever made the top four.
“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,” said Clare Finnegan, senior financial analyst, AM Best.
“Rate increases in many of the reinsurance lines are expected in 2023, although they will vary by line of business and territory.”
The report notes that reductions in property catastrophe reinsurance premium also could counter growth, as some reinsurers have begun to withdraw or substantially reduce their participation in that market.
Asian Reinsurers
All the top three Asian reinsurers, China Re, Korean Re and GIC Re, have lost their global rankings in 2022. Korean Re, which have been in the 10th place in 2020, fell off to 13th this year owing to currency position. Despite premium growth of around 7 per cent, China Re in sixth place in 2021 slipped to eighth in 2022, the position it had held in 2020.
India’s GIC Re, which of late have been pruning its topline growth to become profitable, has further fallen by one notch to 15th in 2022. However, on the basis of only non-life reinsurance premium, it is still the 10the largest global reinsurer.
The report notes that for this new ranking, as well for as the previous one, the analysis included just year-end gross reinsurance premiums written, eliminating any primary premiums. Rankings prior to 2021 had included primary premium that was less than 25 per cent of a reinsurers’ total premium volume.
The ranking appears in the new Best’s Market Segment Report, “World’s 50 Largest Reinsurers,” and is part of AM Best’s look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in Monte Carlo.