SCOR proclaims P&C progress following 1.1 renewals

As a part of its Ahead 2026 strategic plan unveiled in September 2023, SCOR reported vital progress in its property & casualty (P&C) enterprise through the January 2024 renewals.

The worldwide reinsurance agency achieved 13.6% progress in Anticipated Gross Premium Revenue (EGPI), surpassing the expansion projections set out in its strategic plan. This progress is attributed to a rise in most well-liked strains, together with engineering, marine, IDI (Revenue Incapacity Insurance coverage), and worldwide casualty, reflecting SCOR’s dedication to diversifying its portfolio and enhancing technical profitability in a persistently exhausting market.

SCOR’s strategic initiatives have led to a doubling of EGPI in various options, pushed by robust new enterprise and shopper demand for tailor-made insurance coverage options. The corporate additionally famous that it continues to train a cautious strategy to strains of enterprise which can be considerably uncovered to local weather change whereas concurrently assembly shoppers’ elevated property disaster capability wants.

In distinction, SCOR has maintained a conservative stance in direction of US casualty enterprise, the place it noticed a slight lower in EGPI.

Jean-Paul Conoscente, CEO of P&C at SCOR, emphasised the corporate’s success in leveraging favorable market situations to reinforce the standard and profitability of its P&C portfolio.

“I count on the engaging market situations to proceed over the rest of the 12 months, fueled by demand from cedants and continued self-discipline by reinsurers. SCOR’s groups proceed to lean into the exhausting market to generate worth and efficiently ship on the Ahead 2026 plan,” Conoscente mentioned.

Capitalizing on elevated demand

The January 2024 P&C reinsurance treaty renewals witnessed elevated demand for reinsurance protection amid a backdrop of rising capital provide. SCOR capitalized on this setting by specializing in most well-liked strains, securing favorable phrases and situations, and bettering the profitability of its P&C reinsurance e-book.

Notably, pure disaster premiums noticed a 9.9% improve, primarily resulting from worth changes, with SCOR sustaining cautious internet publicity. In distinction, the corporate’s disciplined strategy in US casualty led to a slight lower in EGPI and publicity discount on this phase.

SCOR’s strategic give attention to most well-liked and diversifying strains resulted in 9.4% progress in international strains EGPI, excluding various options. The exceptional 191.5% improve in various options EGPI underscores the robust demand for personalized insurance coverage merchandise throughout areas, it acknowledged.

Total, SCOR’s P&C enterprise is ready for enhanced profitability, marked by a 1.5-point discount within the internet underwriting ratio for the renewed portfolio, supported by a 3.1% general worth improve, together with a big 6.6% worth improve on non-proportional enterprise.

With agency phrases and situations and improved retrocession protection, the agency famous that it’s poised for continued progress and profitability within the P&C sector, aligning with its strategic targets for 2024 and past.

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