Global insurance market report [gimar]

particularly prominent in the US, supervisors in 
other jurisdictions are starting to observe a similar 
pattern, which suggests a need for coordinated 
supervisory monitoring.

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CHAPTER 4
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GLOBAL 
REINSURANCE 
MARKET 
SURVEY
T
he IAIS gathers data on the global 
reinsurance sector through its annual 
Global Reinsurance Market Survey 
of its Member jurisdictions.
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The survey 
was first conducted in 2003. The 2019 
survey
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covers 47 reinsurers in nine different 
jurisdictions.
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These are the same reinsurers 
that took part in the 2018 survey, as the 
participating reinsurers have remained largely 
consistent throughout the years. The survey 
captures data from reinsurers that have 
gross unaffiliated reinsurance premiums 
of more than $800 million. It mainly covers 
gross and net premiums written, claims paid 
and provisions, investments by asset class, 
business profitability, shareholders’ equity, and 
available and minimum capital requirements. 
This section of the report analyses the data 
collected from the 2019 survey.
4.1 REINSURANCE PREMIUMS
Between year-ends 2017 and 2018, gross 
reinsurance premiums written by survey 
participants sustained the growth observed 
over the past couple of years, increasing by 
12%. Net reinsurance premiums grew by 24%, 
while retrocession
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decreased by 12.5%. Life 
business increased more than non-life, by 15% 
compared with 11% respectively. Liability and 
financial business grew substantially, by 30% 
and 27% respectively, while property
decreased by 2%.
Figure 4.1a:
Gross and net reinsurance premiums written (USD billion, year-end 2003–2018)
Source: 2019 IAIS survey

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Overall, reporting reinsurers retroceded $70 billion 
in 2018 – 25% of total reported gross
written premiums. Non-life retrocession accounts 
for 64% of the entire reported volume,
while life retrocession accounts for 36%. As a 
result, in 2018 the change in retrocession was
mainly driven by non-life risks.
The development of the relative share of gross 
written premiums per business line is shown
in Figure 4.1c. The liability class of business 
accounted for 29% of the total share in 2018
(compared with 25% in 2017) and property 
accounted for 34% (compared with 39% the
previous year).
Figure 4.1b:
Distribution of gross written premiums by class of business (year-end 2018)
Property, 34%
Liability, 29%
Financial lines, 2%
Life insurance, 34%
Source: 2019 IAIS survey
Figure 4.1c:
Distribution of gross written premiums by class of business (2012–2018)
Source: 2019 IAIS survey

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Figures 4.1d and 4.1e show the proportional and 
non-proportional gross reinsurance premiums 
based on class of business and type of contract. 
Both total reported values have increased since 
2017, with non-proportional business growing 
by 19% and proportional by 7%. The largest 
year-over-year movements experienced were 
in proportional contracts: casualty business 
increased by 33% while life business decreased 
by 11%. Under non-proportional, life business 
increased by 32%.