Even insurance companies need insurance, and that’s provided by reinsurance companies or reinsurers.
A reinsurance company’s measure of performance and size can either be the amount of gross written premiums (GWP) and their market share. These are typically the basis for the rankings of each of the biggest reinsurance companies in Canada.
In this article, Insurance Business provides a list of the top reinsurance companies in the country, plus some information on the Canadian reinsurance market and other relevant topics.
There are several large reinsurance companies operating in Canada today, with some also in the list of the top 50 reinsurance companies in the world.
Based on the latest financial data and projections for 2025, here are the top 10 reinsurance companies in Canada based on their gross written premiums:
Gross written premiums: $40.5 billion (global)
Swiss Re is recognized as one of the top reinsurance firms in the world. It operates extensively in the Canadian reinsurance market. Although specific numbers for their GWP in the country are not disclosed, Swiss Re boasts a diversified portfolio that includes P&C, life, and health lines.
Gross written premiums: $32.5 billion
This is a leading player in the Canadian reinsurance market, boasting a robust portfolio with GWP estimated at $32.5 billion, and net insurance premiums written (NIPW) amounting to $25.6 billion.
Established in 1985 and with offices in Toronto, Fairfax operates via multiple subsidiaries that are primarily invested in P&C insurance and reinsurance, coupled with investment management.
Gross written premiums: $27.4 billion (global)
As another leading reinsurance company with a global presence, Berkshire Hathaway offers a wide range of reinsurance solutions. While its reinsurance division exhibits substantial market strength, its direct financial figures for the Canadian market are not explicitly stated.
The company focuses on long-term relationships and product innovation, enabling it to adapt quickly to market shifts and provide solutions that best serve clients’ needs.
Gross written premiums: $22.1 billion (global)
Apart from being a renowned global insurance and reinsurance corporation, Lloyd’s is also integral to the Canadian reinsurance market. Specific gross written premiums are not detailed for their Canadian operations, but its market participants have a critical role in covering complex risks in various sectors.
Lloyd’s of London is heavily invested in Canadian maritime, aviation, and cyber insurance. This famous reinsurance company’s syndicate model allows for significant flexibility in underwriting and claims handling, giving it a unique market position.
Net written premiums: $14.5 billion (global; GWP undisclosed)
A subsidiary of Berkshire Hathaway, General Re provides extensive reinsurance solutions across multiple insurance lines in Canada. Specific financial statements for its Canadian operations are not disclosed, but the firm remains a critical player in P&C, life, and health reinsurance.
Gross revenue: $3.6 billion (GWP figures undisclosed)
As a branch of Canada Life, this entity provides comprehensive reinsurance solutions across various product lines, including life, health, and property & casualty. Canada Life Re makes their focus on innovation and customer-centred solutions evident through tailored products that match the evolving needs of their reinsurance clients.
Gross written premiums: $1.65 billion
Arch Capital registered GWP of $1.65 billion, according to its latest financial data. The company offers specialized insurance and reinsurance products across the globe, with its focus spread across diverse markets.
Arch Capital’s underwriting approach combines complex risk assessment methods, allowing them to provide competitive terms while effectively managing loss exposures. This reinsurance company is particularly known for its agile response to emergent risks, giving it a favourable position in the reinsurance industry.
Gross written premiums: $408.8 million
One of the world’s largest reinsurance groups and a subsidiary of the Talanx Group, Hannover Re has approximately $408.8 million in GWP. Known for its strong market presence, this reinsurance entity offers tailored solutions in various sectors and employs innovative risk management techniques. Hannover Re also integrates technology in underwriting and claims management to enhance operational efficiency and offer improved customer service.
Gross written premiums: $299.7 million
The Canadian branch of the leading global reinsurance company SCOR, this entity reports gross written premiums of almost $300 million in the latest financial year. SCOR Canada Re specializes in various lines or reinsurance including life, health, and P&C risks. SCOR focuses on innovative products and risk modeling, using advanced analytics to come up with tailored solutions.
Gross written premiums: $259.4 million
Munich Re's latest GWP has reached $259.4 million. The company is renowned for its extensive reinsurance offerings and robust financial capacity. It also has a global presence, providing life, health, and P&C reinsurance, while also maintaining a strong commitment to risk management and underwriting expertise.
Munich Re has consistently demonstrated adaptive strategies to changing market conditions, proving their resilience even in challenging environments.
A note on the Canadian reinsurance market: the Canadian reinsurance landscape remains vibrant and competitive, featuring a mixture of established players and innovative newcomers. The figures disclosed and the companies on this list are based on a mix of data from 2024 to early 2025. This section has been updated to reflect the latest figures and rankings as of March 31, 2025.
As with other reinsurance markets, the Canadian reinsurance market is characterized by its own unique mix of trends, challenges, and emergent opportunities. The following is an overview of the key aspects of this market.
The market showed signs of stabilizing throughout 2024, with reinsurance companies in Canada demonstrating greater flexibility and a selective appetite for growth. However, significant losses incurred by major catastrophes in recent years have complicated renewal discussions, prompting the industry to enforce more restricted underwriting practices.
The Canadian reinsurance industry has maintained a positive return on equity (ROE), averaging 17.6% in the first half of 2024. This is despite substantial natural catastrophe payouts totaling $58 billion during the period, which is notably higher than the ten-year average. This financial performance indicates resilient market dynamics and underscores the potential for growth amid challenges.
In 2024, Canada experienced record losses due to catastrophes. Thankfully, these were insured, although the losses incurred were of a staggering amount, amounting to over $7.6 billion by September. These were due to the prevalence of severe weather events, which led to sustained pressure on underwriting and pricing strategies. This also prompted the market to adapt its approach to risk selection.
2024's reinsurance renewal season started off more stable compared to 2023. But in the summer of 2024, Canada experienced record-breaking insured losses from four national catastrophes. This will undoubtedly cause greater demand for carriers' reinsurance. However, reinsurance supply may not grow commensurately.
Gradually decreasing reinsurance pricing is another trend. This is influenced partly by an influx of alternative capital, which reached $110 billion, according to a report by Aon. This influx has initiated a competitive market environment, evidenced by reinsurance companies in Canada beginning to grant rate reductions for top-performing risks. In that same article, Aon forecasts that pricing competition will further intensify in 2025, enhancing Canadian insurers' flexibility in terms of capacity and coverage.
Despite the overall positive market conditions, the Canadian reinsurance market is facing increased challenges from rising catastrophe claims and losses. Aon noted that 2024 set a record for insured catastrophe losses exceeding $7.6 billion by September. This is significantly pressuring insurers as they navigate stricter underwriting and risk selection due to the surge in claims. The first half of 2024 also witnessed natural catastrophe payouts that surpassed previous averages, underscoring the need for reinsurance companies in Canada to adapt to these evolving risks.
Regulatory changes are also vital in shaping the Canadian reinsurance landscape, with the Office of the Superintendent of Financial Institutions (OSFI) enhancing oversight related to capital calculations, climate risk management, and operational resilience. These regulations necessitate increased compliance measures, which could add complexity to an already challenging market environment.
Furthermore, economic factors like inflation and high claims costs force insurers to raise premiums to protect underwriting profitability while balancing consumer sensitivity amid a cost-of-living crisis. With these economic pressures, insurers are grappling with maintaining competitive pricing strategies.
There are several types of reinsurance products that insurers in Canada can access, including:
This type of reinsurance covers individual risks or specific policies. Facultative reinsurance allows primary insurers to seek reinsurance for particular exposures that may exceed their underwriting limits.
Each transaction is negotiated separately.
Treaty reinsurance involves agreements between insurers and reinsurers that cover a portfolio of risks.
This type of reinsurance is further divided into these sub-categories:
Proportional reinsurance: Here, the reinsurer receives a percentage of the premiums and pays the same percentage of losses incurred.
Non-proportional reinsurance: The reinsurer only pays out when losses exceed a certain threshold, giving a layer of protection for the reinsurer over a specified limit.
Check out this guide to know more about the key differences between facultative and treaty reinsurance.
This is a form of non-proportional reinsurance where the reinsurer only pays for losses that exceed a specified amount, known as the retention limit. Excess-of-loss reinsurance is typically used to protect against catastrophic losses.
This is a type of proportional reinsurance where the reinsurer agrees to accept a fixed percentage of all business written by the ceding insurer. This generally includes premiums and claims.
This is similar to quota share reinsurance but applies to policies that exceed a certain amount. Insurers may retain some portion of the risk while ceding the surplus to the reinsurer.
This is a type of reinsurance that is specifically designed to cover significant losses due to catastrophic events like natural disasters. This reinsurance often uses non-proportional arrangements to protect against large aggregated losses.
Reinsurance in Canada is more important than ever, no thanks to the rising incidence of calamities.
This form of secondary insurance plays a vital role in Canada's insurance sector by providing multiple benefits that enhance the stability and efficiency of primary insurance companies. Here are some of the key functions that reinsurance serves within the Canadian insurance industry:
Reinsurance helps insurance companies manage their exposure to large claims and catastrophic events by transferring portions of their risk to reinsurers. This not only cushions the potential impact of significant losses but also stabilizes the insurers' financial performance.
By ceding a portion of their risks to reinsurance companies, insurers can reduce their capital requirements. This allows them to free up capital and maintain solvency ratios in compliance with regulatory standards. With greater solvency with life reinsurance, for example, life insurance companies can write additional business and expand their operations.
Reinsurance enables insurance companies to write more policies and cover larger risks than they would otherwise not be able to do alone. This is particularly important for smaller insurers, which may typically not have the finances to assume significant liabilities.
Reinsurance can smooth out the financial results of insurance companies over time. By lessening the volatility associated with unpredictable claims events, it leads to more predictable earnings and financial stability. This can result in reinsurance supporting long-term planning and investment strategies.
Reinsurers can bring specialized knowledge and experience in underwriting and risk assessment, allowing for more customized reinsurance solutions and providing valuable insights for primary insurers.
Their expertise helps primary insurers enhance their product offerings and underwriting processes, particularly in emerging or complex risk areas like catastrophes, cybersecurity, or even launching satellites into space.
Here’s an interesting tidbit when it comes to pricing reinsurance premiums: the process is, for lack of a better term, “democratic”. Watch this short video to know why:
Natural disasters such as floods and wildfires pose significant risks in the country. Fortunately, reinsurance companies in Canada provide essential catastrophe coverage. This protection helps insurers maintain their financial integrity in the face of substantial, aggregate losses arising from multiple events.
The reinsurance market helps provide overall stability in the insurance sector, allowing insurers to remain resilient amid economic stresses, regulatory changes, and evolving risk environments. In the Canadian insurance market, this form of stability is a crucial element for consumer confidence.
The oversight frameworks established by regulatory bodies like the OSFI encourage the use of reinsurance as a risk management tool. Insurers must comply with specific practices when enlisting the services of reinsurance companies in Canada. This, in turn, helps ensure overall market integrity.
Climate change continues to influence the frequency and severity of extreme weather events. As a result, reinsurance companies in Canada now play a critical role in risk management and pricing strategies. This is particularly true in vital lines like property and casualty coverage, while also ensuring the stability of Canada's insurance industry.
This ongoing evolution necessitates adaptive strategies in both the reinsurance and primary insurance sectors to ensure resilience against the challenges posed by climate change.
Perhaps now more than ever, reinsurance companies in Canada serve as a crucial mechanism in the country’s insurance sector., They play an important role in facilitating better risk management, enhancing underwriting capacity, and promoting stability. Reinsurance allows and empowers insurers to provide coverage for a broader range of risks while keeping them solvent and capable of meeting their financial obligations.
The benefits of reinsurance in Canada and the rest of the world will likely become more apparent, as the global reinsurance industry raised over $500 billion in capital last June 2024. This strategic partnership ultimately benefits the entire insurance ecosystem, including policyholders, insurers, and regulators.
If you need to know more about reinsurance trends, news, and products, bookmark our Reinsurance News Section and browse its pages from time to time.
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