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Reinsurer capital down 12% in 2022, but underlying ROE improves: Gallagher Re

New analysis from Gallagher Re, the global reinsurance broker, shows that total, dedicated reinsurance capital fell by 12% from the end of 2021 to $638 billion as at the end of December 2022, driven by a decline in the value of investments.

The broker’s latest reinsurance market report tracks the capital and profitability of the reinsurance sector at an interesting time for the marketplace.

While rates in many areas are on the rise, with some significant rises seen at the April 1st reinsurance renewals, notably for property catastrophe business in the Asia Pacific region, the financial market turmoil has challenged profitability.

According to Gallagher Re, the 12% dip in reinsurers’ accounting capital in 2022 represents the first time this has happened since at least 2015.


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