Best’s Market Segment Report: Adoption of New Industry Accounting Standard Forces Change in AM Best’s Annual Ranking of Top Reinsurers
The implementation of IFRS 17 accounting standards in the insurance industry has forced a modification to AM Best’s annual ranking of top reinsurance groups for 2023.
The re-engineering of this highly watched industry ranking has been necessitated by the lack of comparability created through the adoption of IFRS 17, which shifts the traditional focus from premiums written and earned to one based on insurance revenue that gauges the amount an insurer has earned for service rendered.
In this year’s ranking, companies that report under IFRS 17 are ranked 1 to 15 based on gross reinsurance revenue; companies that report under non-IFRS 17 are ranked 1 to 35 based on the more-traditional gross written reinsurance premium.
Under this approach,
The Best’s Market Segment Report, “World’s 50 Largest Reinsurers,” is a highly recognized part of AM Best’s overall look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in
This report notes that over the past two decades, AM Best’s annual global reinsurance report has outlined major developments in the segment, as well as ranking the players in the market. Most years, changes in the ranking have been modest. “This year’s list of the top reinsurers looks different than it has in prior years, as the analysis has evolved to provide the most relevant rankings possible,” said Carlos Wong-Fupuy, senior director, AM Best.
To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=346088.
For all other global reinsurance reports ahead of Rendez-Vous de Septembre, please visit Best’s Research.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Financial Analyst
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Director, Market Development
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Associate Director
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Associate Director, Public Relations
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Carlos Wong-Fupuy, FIA, FRM
Senior Director
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[email protected]
Source: AM Best
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