Kathmandu: Munich Reinsurance, a global reinsurer headquartered in Germany, has once again become the world’s number one reinsurance company. According to data released by international rating agency AM Best, Munich Re has overtaken Swiss Re in terms of GWP in 2020.
In terms of gross written premium(GWP), Munich Re has risen to the top position, overtaking Switzerland’s Swiss Reinsurance, which has consistently topped the world for three consecutive years.
The Munich Re had earned a total of USD 45.9 billion in reinsurance fees in 2020. Swiss Re earned USD 36.58 billion during the same period. These two reinsurance companies occupy 25 percent of the market share of the global reinsurance market.
Munich Reinsurance, which dropped from first place in 2017, has managed to return to first place after 3 years. Munich Re’s rise to first place is also due to the fact that AM Best has made some amendments to the method used in the ranking of the global reinsurers. AM Best has taken only the year-end GWP, excluding any primary premium income.
Hanover Reinsurance remains the third-largest global reinsurer with an income of UDS 30 billion GWP. Indian global reinsurer, General Insurance Corporation of India (GIC) is ranked 13th with a GWP of USD 6.48 billion.
Most of the old Nepalese Life Insurers get reinsurance supports from Hannover Re and Scor Se while Non-life insurers get reinsurance support from General Insurance Corporation India.