African reinsurers: ranking according to turnover 2022 (2024)

FAQs

Who are the biggest reinsurers in Africa? ›

The top five – Munich Re, Swiss Re, Hannover Re, Canada Life Re and Berkshire Hathaway – accounted for almost 43.56% of total premium income (174.44 billion USD). Another significant figure is that the top 20 reinsurers accounted for 80.28% of all underwritten business.

Germany-based Munich Re nabbed the top spot, with a rating of AA- and the only positive outlook across all the 40 ranked. The company recorded $48.747 billion in net reinsurance premiums written as of 2022 and a pretax operating income of $1.623 billion.

Corneille KAREKEZI is the Group MD/CEO of Africa Re.

Ranked 36th in the 2019 Standard & Poor's Global Reinsurance Groups and 41st in the Top 50 Global Reinsurance Groups by AM Best in 2019, Africa Re has a broad-based shareholding comprising: 42 African member States (34.63%); the African Development Bank (8.38%); 114 African insurance and reinsurance companies (34.94%); ...

Reinsurance Revenue

It encompasses the insurance service expenses like claims and expenses as expected at the beginning of the period, as well as the release of contractual service margin and the risk adjustment for the period, representing the revenue component of the reinsurer's financial performance.

Reinsurance Market size was valued at USD 310.1 billion in 2022 and is anticipated to grow at a CAGR of 3.9% between 2023 and 2032. The reinsurance industry has a global reach with reinsurers operating across borders to enter new markets and diversify risks.

Doing business with a reinsurer allows an insurance company to do more business itself by being able to take on more risk than its balance sheet would otherwise allow. Insurance companies pay reinsurers premiums in the same manner that individuals pay insurance companies premiums.

What is the oldest reinsurance company in the world? ›

The development of Swiss Re

Swiss Reinsurance Company was founded in Zurich in 1863 as one of the earliest reinsurance companies. Today, it is the oldest still existing reinsurer in the world. Reinsurance developed as a means to provide direct insurers with capital relief and protect them from large losses.

Under proportional reinsurance, the reinsurer receives a prorated share of all policy premiums sold by the insurer. For a claim, the reinsurer bears a portion of the losses based on a pre-negotiated percentage. The reinsurer also reimburses the insurer for processing, business acquisition, and writing costs.

Reinsurers play a major role for insurance companies as they allow the latter to help transfer risk, reduce capital requirements, and lower claimant payouts. Reinsurers generate revenue by identifying and accepting policies that they believe are less risky and reinvesting the insurance premiums they receive.

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