S&P Global Ratings' Top 40 Global Reinsurers In 2024 And Reinsurers By Country
This report does not constitute a rating action.
Johannes BenderFrankfurt+49-693-399-9196
S&P Global Ratings' 2024 edition of Global Reinsurance Highlights includes data on 135 reinsurance organizations from 29 countries. As in previous years, the data are based on survey responses from reinsurance organizations worldwide.
For the purpose of our Top 40 Global Reinsurers ranking, we made estimates for companies that did not publish net premiums written for 2023 due to the introduction of International Financial Reporting Standard (IFRS) 17. Our estimates are based on 2022 net premiums written and adjusted by the growth rate of either gross premiums written or gross insurance revenue in 2023. In table 2--"Global reinsurers by country"--we added either net premiums written or net insurance revenue. Due to the accounting change, some of the growth rates in 2023 are not comparable and are marked as not meaningful (N.M.). Further details are in the respective footnotes.
To ensure consistency, we requested that respondents complied with clear guidelines on the definition of the financial items required. Where possible, we attempted to verify the data submitted against publicly available data.
This report aims to provide market participants with an indication of the ongoing reinsurance capacity available in each market. Hence, we tried to exclude intragroup reinsurance as much as possible.
Drawing a clear line between companies' reinsurance and primary insurance activities was among the main challenges when creating this report, especially in cases where the reinsurance operation is a division within a company and not a distinct business. Generally, premium data relate to a company's reinsurance premiums written. In some cases, however, other metrics include data from the primary insurance and the reinsurance business. Where this was the case, we added relevant footnotes to the tables. If we did not view the metrics provided by companies as representative of their reinsurance operations, we marked the relevant metrics as not available (N.A.).
For companies that report in currencies other than the U.S. dollar, we have converted the reported data at year-end exchange rates.
We calculated the combined ratios presented in our Global Reinsurance Highlights as: net losses incurred plus net underwriting expenses to net premiums earned or net insurance revenue. The combined ratio of any entity that writes only life reinsurance has been marked as N.M., because we do not consider this to be an accurate measure of a life reinsurer's profitability. For groups or entities that write both non-life and life reinsurance businesses, the combined ratio reflects non-life business only.
The main group and country listing for each entity surveyed is representative of that group or company's total reinsurance business written, be it life, non-life, or a combination of both.
For the purpose of our Top 40 Global Reinsurers ranking, we made estimates for companies that did not publish net premiums written for 2023 due to the introduction of IFRS 17.
Taoufik GharibNew York+1-212-438-7253taoufik.gharib@spglobal.com
Johannes BenderFrankfurt+49-693-399-9196johannes.bender@spglobal.com
