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Sales on the global reinsurance market are set at 378 billion USD in 2023, compared with 363 billion USD a year earlier, an increase of 4%.
Direct insurance and reinsurance premiums: 2014 - 2023
Figures in millions USD
| 2014 | 2016 | 2018 | 2020 | 2022 | 2023 | Δ 2014-2023 | |
|---|---|---|---|---|---|---|---|
| Insurance premiums (1) | 4 754 710 | 4 702 841 | 6 149 020 | 6 291 834 | 6 772 753 | 7 186 174 | 51% |
| Reinsurance premiums (2) | 207 294 | 222 603 | 268 060 | 347 699 | 363 477 | 378 543 | 83% |
| % reinsurance/ insurance | 4.36% | 4.73% | 4.36% | 5.53% | 5.37% | 5.27% | 19% |
(1) Direct insurance premiums
(2) Source: Atlas Reinsurance Reports 2025
Source: Atlas Magazine
Over the last ten years, 2014-2023, the reinsurance market has grown faster than the direct market, with 83% growth for reinsurance versus 51% for direct insurance. Reinsurance premiums, which accounted for 4.44% of direct premiums in 2014, will total 5.27% of primary market underwriting by 2023.
This growth is due to the development of reinsurers' premiums in new markets, portfolio diversification and the establishment of cross-border partnerships, a strategy that has paid off in the long term.
It should be noted that, following the introduction of the new IFRS 17 accounting standards on 1 January 2023 and for comparative purposes, reinsurers have been required to retroactively restate their 2022 financial statements. Data from European, Asian and Middle Eastern reinsurers were primarily affected by this revision. As a result, premiums, shareholders' equity and net income declined in 2022.
Global reinsurance market in 2023: life and non-life premiums
In 2023, non-life reinsurance accounted for 73.72% of worldwide premiums across all classes, compared with 70.64% in 2022.
This surge in non-life premiums is due to increased underwriting of natural catastrophe risks. It is, in fact, the market's response to the strong demand for coverage as a result of climate change.
Figures in millions USD
| Life business | In% | Non-life business | In% | Total premiums | In% | |
|---|---|---|---|---|---|---|
| Direct insurance premiums | 2 888 998 | 40% | 4 297 176 | 60% | 7 186 174 | 100% |
| Reinsurance premiums | 99 475 | 26% | 279 068 | 74% | 378 543 | 100% |
Sources: Sigma and Atlas Magazine
Read also | Ranking of European insurers and reinsurers
Reinsurance market concentration :1980-2023
Reinsurance remains a highly concentrated market. In 2023, the world's top ten reinsurers controlled 61% of the market versus a 22% share in 1980. This dominance of the top 10 reinsurers has remained more or less stable over the last three years 2021-2023.
Maximum concentration was reached in 2017, with a market share of 76% for the top ten.
The same applies to the top five reinsurers in the market. In continuous growth from 1980 to 2017, that is, over 37 years, the stranglehold of the top five players in the industry rose from 17% of total reinsurance premiums in 1980 to 55% in 2017.
Since then, the share of the top five reinsurers has fallen year on year until 2022. It does, however, pick up slightly in 2023, as it rises to 42% from 40% a year earlier.
