Kathmandu. Swiss relay has overtaken Munich Ri to become the world’s largest reinsurance company. Swiss Re has topped the list of reinsurance companies in the world reporting under IFRS-17.
Am Best’s 2024 data shows this. According to the data, Berkshire Hathaway topped the list of companies reporting under non-IFRS-17.
AM Best has now ranked the top 50 global reinsurance companies in the two lists. Companies reporting under IFRS-17 have been ranked 1-16 in terms of total reinsurance income. While companies reporting under non-IFRS-17 are ranked 1-34 in terms of total reinsurance premium.
In 2023, Swiss Ri topped the list of non-IFRS-17 companies. However, in 2024, The Swiss Relay changed its reporting.
At the end of 2024, Swiss re topped the list of IFRS-17 companies with revenues of $36.2 billion. Munich re is the only company after Swiss Re with revenues of more than $30 billion in 2024. Munich Ri has an income of $32.6 billion. However, Munich has dropped one place on the re-list.
Hannover Ri is third on the LIST of IFRS-17 companies with $27.5 billion in 2024. It was followed by SCOR with revenues of $16.8 billion and China Ri with revenues of $5.9 billion.
Berkshire Hathaway topped the list of non-IFRS-17 companies. It has a GWP of $26.9 billion in 2024.
Specialist Lloyd’s insurance and reinsurance market is second on the list of non-IFRS-17 companies. Its GWP is $23.5 billion. It was followed by Reinsurance Group of America ($15.6 billion) and Everest Group ($12.9 billion).
California’s wildfires in January had a major impact on first-quarter results. Many reinsurance companies investing in California have reported their worst quarterly underwriting experience in recent years. The impact of fires has reduced a large part of the disaster burden budgeted for the year.
As 2025 progresses, the market has seen rates soften in non-loss affected accounts. “However, rates in loss-affected accounts have improved or remained unchanged in general,” said Chris Pennings, financial analyst at AM Best.
