Solid 2023 results for Europe's top reinsurers

According to Moody's, the four leading European reinsurers have achieved a combined net result of 10.2 billion EUR (11.3 billion USD) at end 2023, which is more than twice the overall profit recorded in 2022. These insurers are Munich Re, Swiss Re, Hannover Re and SCOR.

This improvement was driven by rate increases on recent renewals, stronger returns on investment and favorable financial market conditions.

Despite a high number of natural catastrophe claims, the companies concerned managed to reduce their exposure by setting stricter coverage limits.

The rating agency also noted that companies improved their performance in both the non-life (P&C) and life businesses.