Reinsurance giant Swiss Re has taken over from Munich Re at the top of AM Best’s ranking of the world’s largest reinsurers for companies that report under IFRS 17, with Berkshire Hathaway taking the top spot for non-IFRS 17 reporters, based on year-end 2024 figures.
It’s important to remember that AM Best now ranks the top 50 global reinsurers in two lists.
Companies that report under IFRS 17 are ranked 1-16 based on gross reinsurance revenue, while companies that report under non-IFRS 17 are ranked 1-34 based on gross written reinsurance premium (GWP).
The rating agency highlighted how reinsurers’ performance continued to be strong throughout 2024, after the market saw significant hardening in January 2023 in the wake of Hurricane Ian in September 2022, as well as a sustained period of rate inadequacy, and reinsurers’ inability to meet their cost of capital.
