Industry revenue of “reinsurance carriers“ in the U.S. 2011-2023

The reinsurance industry, which provides insurance to the primary insurance companies, is very small compared to both the life and non-life insurance industries in the U.S. However, it is getting more traction with the increase in natural disasters and volatility in the financial market. The industry remained resilient through much of the recent volatility and registered a strong growth to reach 64 billion U.S. dollars in 2018, increasing from 45.5 billion U.S. dollars in 2011. The National Indemnity Company, a subsidiary of Berkshire Hathaway Inc. is by far the largest reinsurer company holding more than 40 percent share in terms of gross premiums written, distantly followed by Everest Reinsurance Company and Munich Re America, Corporation.

Direct insurers are ceding higher portions to reinsurers

The property, casualty (P&C) and direct insurance industry is the most important market for reinsurance industry since most reinsurance is associated with protecting primary insurers from natural disasters and losses. An increase in the number of catastrophic events including Hurricanes Sandy, Maria and Irma over the last few years have forced the direct insurers to cede a higher a portion of their P& C coverage to reinsurers. The P&C and direct insurance market is stated to grow over the next few years, presenting a potential opportunity for the reinsurance industry. Thus, an estimated increase in the reinsurers revenue during 2019-2023 comes as no surprise.

Industry revenue of “reinsurance carriers“ in the U.S. from 2011 to 2023

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

The industry classification is based on the Naics 2017 - system in the U.S.. The industry “reinsurance carriers“ has the code “52413“.

Details on the methodology can be found here.

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Statistics on "Reinsurance"

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