10 February 2015 Insurance

SCOR delivers 2.4% growth at January renewals

Reinsurer SCOR has recorded gross written premium growth of 2.4 percent at the January 2015 renewals.

It added that it saw a pricing decrease contained at -0.7 percent across the entire renewed portfolio, which SCOR said benefitted from primary insurance price increases, being mainly composed of proportional reinsurance.

Deterioration in the gross underwriting ratio limited to just 0.2 percentage points. SCOR said this confirmed that the teams have successfully achieved their targets in terms of slowing down the deterioration in expected profitability.

The reinsurer said that it had successfully resisted the broader loosening of terms and conditions, particularly certain contract clauses, thanks to a technical and consistent underwriting approach that has enabled it to contain the extension of hour clauses and to maintain event aggregation conditions within acceptable limits for non-proportional contracts.

The premiums up for renewal at 1 January represent 70 percent of the total annual volume of treaty premiums and are distributed between P&C treaties (72 percent) and specialty treaties (28 percent).

Victor Peignet, chief executive officer of SCOR Global P&C, said: "In an environment that is becoming increasingly competitive on the supply side, and increasingly restricted by budgets on the demand side, and where a number of reinsurance market segments are under pressure from challenging economic and financial factors, SCOR Global P&C has taken advantage of the quality of its organisational structure and the cohesion of its teams to consolidate its position among the leading reinsurers.

“The strategic initiatives implemented by SCOR Global P&C rely on these differentiating assets to anticipate changes in demand and to offer targeted clients the global and innovative solutions that they need. These renewals confirm the relevance of our organisational and strategic choices and contribute to strengthening the competitive positioning of SCOR Global P&C."

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