Swiss Re has overtaken Munich Re to become the world’s largest reinsurer, according to the latest AM Best rankings for 2024. The Zurich-based company reported $36.2 billion in revenue under IFRS-17 standards, moving to the top of the global reinsurer list.

Munich Re, which had long dominated the sector, slipped to second place with $32.6 billion in revenue. Hanover Re followed with $27.5 billion, while SCOR posted $16.8 billion and China Re reported $5.9 billion, completing the top five under IFRS-17.

The report distinguishes between reinsurers reporting under IFRS-17 and those under alternative standards. Berkshire Hathaway led the non-IFRS-17 category with $26.9 billion in gross written premiums (GWP), ahead of Lloyd’s market ($23.5 billion), Reinsurance Group of America ($15.6 billion), and Everest Group ($12.9 billion).

Notably, Swiss Re had topped the non-IFRS-17 list in 2023 but transitioned its reporting framework in 2024, which enabled its ascent to global leadership.

The sector faced challenges earlier this year, with California wildfires significantly impacting first-quarter results. Several reinsurers recorded their worst quarterly underwriting losses in years, with catastrophe costs eroding much of their allocated budgets. As 2025 progresses, however, the market has observed softening rates on loss-free accounts.