Insurance Day is part of Maritime Intelligence

This site is operated by a business or businesses owned by Maritime Insights & Intelligence Limited, registered in England and Wales with company number 13831625 and address c/o Hackwood Secretaries Limited, One Silk Street, London EC2Y 8HQ, United Kingdom. Lloyd’s List Intelligence is a trading name of Maritime Insights & Intelligence Limited. Lloyd’s is the registered trademark of the Society Incorporated by the Lloyd’s Act 1871 by the name of Lloyd’s.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support +44 (0)20 3377 3996 / APAC support at +65 6508 2430

Printed By


Hannover Re now second-largest P&C reinsurer

Risk-adjusted rate increases and 'robust' demand for risk transfer contributed to an average 15% growth in property/casualty premiums in 2022

German reinsurance giant leapfrogs Swiss Re on gross written premiums as Munich Re maintains pole position, according to analysis by Aon

Hannover Re is now the world’s second-largest property/casualty (P&C) reinsurer after overtaking Swiss Re.

The German reinsurance giant reported P&C reinsurance gross written premiums of close to $25bn in 2022, marginally ahead of Swiss Re’s total of $24bn, according to analysis by Aon.

Munich Re maintained its position as the largest P&C reinsurer with gross written premiums slightly ahead of Hannover Re.

The three carriers were well ahead of their peers, with fourth-placed Everest Re writing P&C reinsurance premiums of less than $10bn last year, closely followed by RenaissanceRe and Scor, the Aon analysis revealed.

Including P&C insurance premiums written, Munich Re was also the largest carrier with nearly $45bn of premiums, followed by Swiss Re, Fairfax and Hannover Re.

Risk-adjusted rate increases and “robust” demand for risk transfer contributed to an average 15% growth in P&C premiums in 2022, according to the Aon data.

Lancashire Holdings reported the highest growth of 35%, followed by Arch Capital at 27% and Hannover Re with premium growth of 26%.

Aon analysed the financial results of 19 companies that together underwrite more than half of the world’s life and non-life reinsurance premiums.

Total P&C gross premiums written by the group increased 9% last year to $272bn.

Despite Hurricane Ian and other catastrophe losses, the group of companies reported an underwriting profit of $8bn, representing a 13% increase on the previous year.

The net combined ratio improved 0.1 points to 96.2%, taking the six-year average since 2017 to 100.3%.

Last year was the fifth-most expensive year for insured natural catastrophe losses. In addition to Hurricane Ian, re/insurers also faced losses from record floods in Australia and South Africa, hailstorms in France, winter storms in Europe and the US, and droughts in Brazil.

Overall, reinsurers' pre-tax profit more than halved to $12.5bn in 2022, driven by mark-to-market losses on bond portfolios.

“Reinsurers’ underlying underwriting results were generally strong in 2022 despite the unusual amount of volatility in the capital markets. Significant unrealised investment losses on bond portfolios weighed heavily on overall earnings and reported capital positions,” Mike Van Slooten, Aon’s head of business intelligence, said. “However, these losses are viewed as temporary and largely non-economic in nature.”

Van Slooten added: “Looking ahead, renewal outcomes in 2023 and the tailwind of higher interest rates have improved the outlook for reinsurers and we expect new capital inflows to begin relieving current capacity constraints when earnings delivery is confirmed in reported results.”

Related Content





Ask The Analyst

Ask The Analyst - Ask Your Question Send your question to our team of expert analysts. You can: • Ask for background information on/explanation of articles in Insurance Day * • Find out more about our views on industry developments • Ask for an interpretation of market trends • Source supplementary data relating to articles • Request explanations to further your understanding of current issues (* This relates to any Insurance Day that is included as part of your subscription) We will do the research and get back to you personally with the information you need.

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts