Recent hurricanes only an earnings event for SCOR

Hurricanes Harvey and Irma are expected to represent an earnings event rather than a capital event for SCOR in the third quarter of 2017, the reinsurer has said.

The French company has stressed that its solvency position remains strong, its dividend policy unchanged and its share buyback programme maintained; moreover, SCOR does not expect its financial ratings to be affected.

The impact of hurricane Maria is currently under assessment, but is not expected to change these perspectives, the company said.

The capital shield strategy put in place by the Group as one of its four cornerstones will protect the Group as expected, with ample unused capacity and no breach of the upper limits. It will remain effective to protect the Group from the occurrence of further events in 2017.

The likelihood of the Contingent Capital facility being triggered in 2017 is extremely remote, SCOR said.

Victor Peignet, chief executive of SCOR Global P&C, said: "SCOR is supportive of all those who have suffered as a result of these hurricanes. The associated economic disruption and protection gap raise important sustainability issues and challenges to societies throughout the world. SCOR is actively engaged in all actions to bridge the protection gap, to the benefit of all populations exposed to natural catastrophes."

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