Best’s Market Segment Report: Europe’s Big Four Reinsurers Benefit from Hard Market Conditions

Source: AM Best | Published on September 1, 2023

Property/Casualty insurance
P&C underwriting performance improves except Person Lines

Heightened demand and higher prices contributed to a 6% increase in net premiums written in 2022 (when measured in USD) by Europe’s Big Four reinsurance groups—Munich Re, Hannover Re, Swiss Re and SCOR—according to a new AM Best report.

The Best’s Market Segment Report, “Global Reinsurance – The European Big Four,” is part of AM Best’s look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in Monte Carlo. Additional reports, including AM Best’s annual ranking of the Top 50 global reinsurance groups and in-depth looks at the insurance-linked securities, life/annuity, health and regional reinsurance markets, will be available during September.

The report notes that the European Big Four are benefiting from the hard reinsurance market conditions evident during the 2023 renewals with improved pricing and terms and conditions across reinsurance lines of business and geographies.

“The European Big Four are also aiming for growth in specialty segments, where price increases achieved since 2018 allow for good returns,” said Mathilde Jakobsen, senior director, analytics, AM Best. “The growth in these lines is not purely opportunistic, but also aimed at achieving increased levels of diversification and in turn more stable earnings. Within specialty lines, the appetites for different types of business varies, but generally there is more caution around risks associated with cyber, war and recession, given the potential for a systemic loss.”

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=335173 .

For additional global reinsurance reports ahead of Rendez-Vous de Septembre, please visit Best’s Research pages.