Scor premiums up 17% at 1/4 with flat cat exposure
Scor’s gross premiums renewed amounted to €724m, excluding agriculture, where renewals are still in progress
Paris-based reinsurer says technical profitability of portfolio improved 'significantly' at the key reinsurance renewal on the back of rate increases and strong growth in global lines
Scor said it improved the technical profitability of its portfolio at the April 1 reinsurance renewals, as it benefited from increased rates and cedant retentions.
The Paris-based reinsurer booked rate increases of 23% on non-proportional treaties – in line with the trends at January 1.
Rates on catastrophe excess-of-loss programmes in Japan were up 20% on average, while pricing on US and India contracts was up 40% on average, Scor said.
Scor’s gross premiums renewed amounted to €724m ($793.4m), excluding agriculture, where renewals are still in progress. This represented a 17% increase at constant exchange rates.
Including the agriculture line, gross premiums renewed reached €928m, up 5% at constant exchange rates.
For treaty property and casualty lines, gross premiums renewed increased 12%.
Growth in non-proportional excess-of-loss treaties was concentrated on contracts where retention has increased significantly, while limits were decreased on property proportional treaties exposed to natural catastrophes, Scor said.
As a result, the reinsurer's natural catastrophe PML was stable.
In global lines, gross premiums were up 28%, excluding agriculture, with growth driven by the engineering and alternative solutions lines.
Scor said by deploying its capital in the most attractive segments, the company had "significantly" improved the expected technical profitability of its risk portfolio.
"We are very satisfied: our objectives in terms of technical profitability have been achieved and the volumes written are up," Scor P&C chief executive, Jean-Paul Conoscente, said.
"The outlook remains positive for the June and July 2023 renewals," he added.
