The 2020 reinsurers’ ranking [4], established by AM Best based on the gross life and non-life premiums combined, places Munich Re [5] at the top of the podium with a premium income of 45.846 billion USD, that is, a 21.1% progression in one year. The Bavarian giant is followed by Swiss Re [6] with 36.579 billion USD of premiums and Hannover Re with 30.421 billion USD.
As in 2019, the Scor [7] group occupies the 4th place in the ranking with 20.106 billion USD of premium income. Berkshire Hathaway [8] (USA) comes in 5th position with 19.195 billion USD.
Notable change within the top 10: With a 26.6% increase in premiums in 2020, China Re [9] is edging closer to the leaders, thus moving from the 7th to the 6th place. This breakthrough achieved by the Chinese reinsurance leader is made at the expense of Lloyd's, which has dropped one place. China Re's progress is supported by the appreciation of the Yuan against the dollar and by the acquisition of Chaucer in 2019.
Canada Life Re, Great-West Lifeco [10]'s reinsurance subsidiary, moves up to eighth place with 14.552 billion USD in premiums. This is followed by Reinsurance Group of America, ranked ninth, and Korean Re, which closes the top 10 largest reinsurers of 2020.
The gross written premiums of the top ten reinsurers had gone up from 197 billion USD in 2019 to 220 billion USD in 2020 while their market share remained stable at 68.5%.
This premium growth is largely accounted for by rate increases and tighter market conditions.