CEO Kessler says COVID-19 impact on reinsurer is ‘limited’ and points to a hardening market as ‘perfect’ conditions for SCOR to prosper.
“For the P&C markets, we see COVID-19 has been an accelerator of market hardening observed in 2019/20.” Jean-Paul Conoscente, chief executive officer of SCOR Global P&C.
· Global reinsurance group remained profitable in the first half of 2020
· Second quarter shows a €136 million loss as a result of COVID-19
· SCOR exhibits ‘extraordinary resilience’ in P&C and life
· Main global P&C exposures from credit, surety, political risk and property business interruption
SCOR’s global P&C business sees claims driven by specific lines and drop in premium income in economically sensitive lines of business but said other market events, such as the US riots, were “immaterial to our results”.
SCOR, COVID-19, 2020 H1 results, Q2, , property, life, P&C, credit, surety, political risk and property business interruption, reinsurance, Kessler