Munich Re tops the list of the world’s 50 largest reinsurers that use IFRS 17 reporting standards, while Swiss Re is the largest non-IFRS 17 reinsurer, according to AM Best.
Among the largest IFRS 17 reporting reinsurers, Munich Re is followed by Hannover Re and SCOR at numbers two and three. Topping the list of non-IFRS-17-reporting reinsurers are Swiss Re, Berkshire Hathaway and Lloyd’s. (See chart below).
In last year’s top 50 — pre-IFRS accounting rules — Munich Re ranked as the largest reinsurer while Swiss Re followed at number two. (For additional analysis of this year’s AM Best rankings, see related article in Carrier Management.)
The change from IFRS 4 to IFRS 17 diminished the comparability among reinsurers and shifted the traditional f