The United States ceded $58.4 billion in premium to offshore reinsurers in 2007 — compared to $54.7 billion in 2006 — an increase of 6.8 percent. Net recoverables totaled $113.0 billion, a decrease of 1.1 percent from $114.2 billion in 2006, and the total premium ceded to unaffiliated offshore reinsurers came in at $24.6 billion, a 10.7 percent increase compared to $22.2 billion in 2006, according to a recent analysis by the Reinsurance Association of America.
Since 1990, the RAA has reported annual statistics on offshore participation in the U.S. market in its “Offshore Reinsurance in the U.S. Market: 2007 Data” report to provide policymakers and the public with data and analysis about the U.S. reinsurance market. The report is prepared based on ceded reinsurance as reported in Schedule F, Part 3 data filed with the National Association of Insurance Commissioners (NAIC), and presents 2007 statistics on U.S. premiums ceded to, and net recoverables from, more than 4,700 reinsurers in 108 jurisdictions outside the U.S.
The report also ranks offshore jurisdictions with the largest participation in the U.S. market for both affiliated and unaffiliated reinsurance business, and provides historical market share trends of U.S. reinsurance companies versus offshore companies.
Source: RAA, www.reinsurance.org
Topics Trends USA Reinsurance
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