Largest reinsurance companies in the world | Statista (2024)


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Dec 18, 2023

German reinsurer Munich Re was the largest reinsurance company worldwide in 2022. In 2022, the net premiums written by Munich Re amounted to approximately 48.6 billion U.S. dollars. Swiss Re was the second-largest reinsurer with 37 billion U.S. dollars in net premiums.

Who are Munich Re?

Munich Re Group was founded in 1880 and is headquartered, unsurprisingly, in Munich, Germany. The gross reinsurance premiums written by Munich Re have been trending upwards since 2008. Munich Re's number of employees worldwide has mostly decreased during the same period.

Reinsurance losses

Reinsurers take on a portion of the risk portfolios of insurers, which reduces the losses suffered by insurers in the case of large insurance claims, e.g. after property damage from a hurricane. The reinsurance losses incurred by Munich Re were especially high in 2011 and 2017, due to the earthquakes and flooding of 2011 and the 2017 hurricanes, as well as from 2020 to 2022.

Largest reinsurers worldwide from 2020 to 2022, by net premiums written (in billion U.S. dollars)


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Largest reinsurance companies in the world | Statista (2024)


What is the largest reinsurance company in the world? ›

Munich Re

How many reinsurers are there in the world? ›

How many businesses are there in the Global Reinsurance Carriers industry in 2024? There are 7,984 Global Reinsurance Carriers businesses as of 2024, an increase of 3.4% from 2023.

How big are reinsurance companies? ›

The global reinsurance market remains robust, with the 50 largest reinsurers posting an almost 10% rise in combined gross written premiums (GWP), which amounted to $353 billion in 2021, up from $321 billion in the previous year, the latest market segment report from AM Best has revealed.

Why are reinsurance companies important? ›

Reinsurance reduces the net liability on individual risks and catastrophe protection from large or multiple losses. The practice also provides ceding companies, those that seek reinsurance, the chance to increase their underwriting capabilities in number and size of risks.

Who is the father of reinsurance? ›

Guy Carpenter, the “Father of Modern-Day Reinsurance,” disrupted the cotton trade with a data-based approach to analyzing risk that lowered rates for his clients.

What is the oldest reinsurance company in the world? ›

The world has changed dramatically since Swiss Re was founded in 1863 in a two-room office in Zurich's old town. Today, we are the oldest independent reinsurer still in operation, with 14,000 employees in more than 80 offices globally.

Where do reinsurers get their money? ›

Under proportional reinsurance, the reinsurer receives a prorated share of all policy premiums sold by the insurer. For a claim, the reinsurer bears a portion of the losses based on a pre-negotiated percentage. The reinsurer also reimburses the insurer for processing, business acquisition, and writing costs.

How big is the US reinsurance market? ›

The U.S. reinsurance market size was valued at USD 202.35 billion in 2023 and is expected to reach USD 526.05 billion by 2032, growing at a CAGR of 11.20% from 2023 to 2032.

How does a reinsurer make money? ›

Reinsurers play a major role for insurance companies as they allow the latter to help transfer risk, reduce capital requirements, and lower claimant payouts. Reinsurers generate revenue by identifying and accepting policies that they believe are less risky and reinvesting the insurance premiums they receive.

What are the disadvantages of reinsurance? ›

Disadvantages of Reinsurance:
  • Can be expensive, as reinsurers charge a premium for assuming a portion of the insurer's risk.
  • This may result in a loss of control for the insurer, as they are relying on the reinsurer to manage a portion of their risk.
Apr 10, 2023

What are 4 reasons for reinsurance? ›

Insurers purchase reinsurance for essentially four reasons: (1) to limit liability on specific risks; (2) to stabilize loss experience; (3) to protect against catastrophes; and (4) to increase capacity.

What is the 2nd largest insurance company? ›

  • #1: United Health Group (UNH)
  • #2: Berkshire Hathaway Inc. ( BRK.B)
  • #3: CVS Health Corp Group (CVS)
  • #4: The Cigna Group (CI)
  • #5: Elevance Health Inc. ( ELV)
  • #6: Centene (CNC)
  • #7: Ping An Insurance (PNGAY)
  • #8: Allianz (ALIZY)

Which is the 3rd strongest insurance brand globally? ›

Top 10 Strongest Insurance Brands Globally, Check List Here
RankInsurerBrand Strength Index
2Cathay Life Insurance87.7
3NRMA Insurance87.0
6 more rows
Mar 27, 2024

What is the world's largest insurance marketplace? ›

Lloyd's is the world's leading insurance marketplace.

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