This past year, global gross reinsurance premiums written increased 2.6%, according to AM Best, which reported the total reached $363.6 billion. According to AM Best financial analyst Christopher Pennings, the premium growth was mostly driven by rate increases and not exposure growth. "At the same time, global reinsurers have become somewhat concerned about exchange rate fluctuations, as foreign exchange losses have had a dampening effect on premium volume," Pennings said in a release. The currency with the most effect on global reinsurance in 2022 was the yen, which depreciated 8.1% against the U.S. dollar, AM Best reported. The South Korean won, the euro and the Canadian Dollar, which also all depreciated, also had a dampening effect. The above slideshow highlights the 10 largest reinsurers based on gross written premiums from non-life insurance sectors during 2022. While premiums were up this past year, rocky global investment markets combined with severe catastrophe losses have left some reinsurers short when it came to meeting their cost of capital in recent years, according to AM Best. The rating agency anticipates further hardening of the reinsurance market, which will also see stiffer terms and conditions, to perpetuate through 2024. Related: |

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